How much is the spice industry worth?
In 2020, the global spices market was valued at about 12 billion U.S. dollars. The global market for spices is likely to witness a 3.89% CAGR from 2019 to 2025, expanding its valuation to about 14.5 billion U.S. dollars by the end of 2025.
Is the spice industry competitive?
The global spices and seasonings market is highly fragmented and competitive with the presence of various players. The companies are making themselves more competitive by strengthening their distribution systems, entering into partnerships, acquisitions, entering new regions, expanding product range, etc.
How many people buy spices?
The data has been calculated by Statista based on the U.S. Census data and Simmons National Consumer Survey (NHCS). According to this statistic, 300.62 million Americans used seasonings / spices in 2020.
Why is there a demand in spices?
The rapid urbanization, increasing disposable incomes, and growing economic stability has surged the demand for processed foods in the region. The increasing popularity of Middle Eastern and African cuisines has led to a rise in the demand for various spice blends utilized in cuisines.
What country exports the most spices?
India
India is the world’s largest producer, consumer and exporter of spices; the country produces about 75 of the 109 varieties listed by the International Organization for Standardization (ISO) and accounts for half of the global trading in spices.
How big is the seasoning industry?
The global seasoning and spices market size was estimated at USD 13.77 billion in 2019 and is expected to reach USD 15.44 billion in 2020.
What is the most common spice in the world?
cumin
The infographic above shows that, surprisingly, cumin is the most popular spice in the world, and coriander (or cilantro) is the most commonly used herb. In Europe and Africa, garlic is the most common among all dishes considered, and—no surprises here—oregano is common in the Mediterranean regions.
Who controlled the spice trade?
For the next two-and-a-half centuries, Spain controlled a vast trade network that linked three continents: Asia, the Americas and Europe. A global spice route had been created: from Manila in the Philippines (Asia) to Seville in Spain (Europe), via Acapulco in Mexico (North America).
Which country is the largest importer of spices?
USA was the largest world importer of spices in 2017, followed by Germany and Vietnam. India was the largest exporter of spices to USA, preceded by Vietnam. The top export of India to USA was crushed or ground pepper. Countries such as Germany and France largely imports Vanilla, followed by Pepper.
Which country is largest importer of spices?
In 2019, the top importers of Spices were United States ($307M), Netherlands ($169M), Germany ($159M), Saudi Arabia ($129M), and United Kingdom ($120M).
What is the most expensive spice in the world?
Most expensive spice Across the world, saffron is used in products ranging from food to medicine and cosmetics. A kilogram (2.2 pounds) requires the stigmas of about 150,000 flowers and can easily sell for $3,000-$4,000.
How is the global spice market segmented?
Global Spice Market: Segmentation On the basis of product type, the global spice market can be segmented into cardamom, pepper, cumin, clove, and ginger. On the basis of application, the market can be segmented into sauces, soups, frozen food, meat, convenience foods, poultry food, and bakery.
What are the drivers of the spice market?
One of the key drivers of the global spice market is the increased usage of spices as natural preservatives in variety of poultry and meat products. Additionally, the significant rise in demand for healthy and nutrition-rich foods from the health-conscious young population globally has widened the consumer base of this segment of food products.
How big is the seasoning and spices market?
The global seasoning and spices market size was valued at USD 15.09 billion in 2017. It is likely to progress at a CAGR of 3.9% during the forecast period. Transition in global consumption trends and growing consumer inclination towards ethnic cuisines are some of the primary growth stimulants for the market.
Which is the fastest growing market for spices?
Asia-Pacific is the fastest-growing market in the global spices and seasonings market. China is the largest market in the region followed by the Indian market. The climatic conditions of the region are favorable for the growth of various spices and seasonings.
https://www.youtube.com/watch?v=LZo5x4zgRgw