(MENAFNEditorial) According to Fact.MR, the global dried spices market is expected to represent a value of over US$ 17,400 Mn by the end of 2026. As the need to enhance flavor in food products continue to increase, manufacturers in the food industry are increasingly focusing on using dried spices as an important ingredient. Apart from boosting flavor of various food products, dry spices are witnessing significant demand for dried spices attributed to health-benefitting properties. Fact.MR states that the is expected to reflect a CAGR of 3.2% over the forecast period, 2017-2026.
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Factors Fuelling Global Market Growth
Growth of the global dried spices market is mainly bound to various macro-economic and micro-economic factors. As the need for enhancing flavors in various food products continue to increase, demand for dried spices is projected to rev up in the global market. Bound to various healthy properties, consumption of dried spices is projected to remain in the food industry. Moreover, attributed to properties such as sodium and calorie-free flavors, consumption of spices helps in controlling heart diseases, diabetes and weight gain. Demand for the dried spices also continue to remain high as it helps in preventing cancer. Bound to such factors, the global dried spices market is expected to witness significant growth during the forecast period.
Besides increasing demand in the food industry, dried spices is expected to witness significant demand in various personal care products and medicines. As dried spices have antioxidant properties, manufacturers in the cosmetic and personal care industry are increasingly using dried spices during production process. In addition, healing, soothing, cleaning and protecting properties has led to surge in demand for dried spices while manufacturing various aromatherapy products. Moreover, dried spices will continue to witness significant demand in various oil products used for aromatherapy and spas globally. Surge in demand for dried spices is projected to impact growth of the global dried spices market during the forecast period.
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Sales to Remain Through Supermarkets/Hypermarkets
As preference for consuming spices that helps in losing weight and improves the digestion process increases, demand for pepper is projected to increase in the global market. On the basis of product type, the pepper segment is projected to witness significant revenue growth, accounting for more than US$ 2,000 Mn by 2026-end. However, the cinnamon product type segment is projected to reflect a healthy CAGR throughout the forecast period. By end users, the conventional end user segment is projected to represent the highest revenue growth, recording more than US$ 2,400 Mn by 2017-end. In contrary to this, the organic end users segment is projected to reflect a robust CAGR by 2026-end.
In terms of revenue, the supermarkets/hypermarkets sales channel segment is expected to witness the highest growth, representing more than US$ 2,400 Mn during the forecast period. Based on form, the powder form segment is projected to reflect a significant CAGR throughout the forecast period. On the other hand, the whole dried form segment is projected to represent significant revenue growth, accounting for more than US$ 2,400 Mn by 2026-end.
Market Players
Leading market players operating in the global dried spices market include Symrise AG, McCormick & Company, Inc., Sensient Technologies Corporation, Naturex S.A., Synthite Industries Ltd., Olam International, Doehler GmbH, Kancor Ingredients Limited, Kalsec Inc., Takasago Corporation, Frutarom Industries Ltd., Foodchem International Corporation, International Taste Solutions Ltd., Robertet SA, Ajinomoto Co., Inc., Firmenich SA, Dohler GmbH, Archer Daniels Midland Company, Givaudan S.A and Kerry Group Plc.
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