Global Spice Market Analysis Projects US$ 87.28 billion Valuation by 2034

Growing Popularity of Home Cooking with Influence of Cooking Shows and Social Media Driving Up Spices Demand: Fact.MR Report

ROCKVILLE PIKE, MD, UNITED STATES, December 18, 2024 /EINPresswire.com/ -- According to a new study published by Fact.MR, a market research and competitive intelligence provider, the worldwide spice market¹ is approximated to generate a revenue of US$ 53.08 billion in 2024 and is projected to touch a value of US$ 87.28 billion by the end of 2034.

Customers' desire for a broad variety of genuine and authentic flavors is driven by the growing popularity of home cooking, which is mostly attributable to social media, cookery shows, food blogs, and other sources. This trend is increasing people's curiosity about trying out new recipes and discovering new cuisines. This is one of the main causes behind the spice market growth.

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The market is expanding as a result of home cooks and chefs utilizing spices more widely to produce artisanal and gourmet meals and to improve their culinary creations. This shift reflects a desire for bold and unique flavors as well as a commitment to enhancing home cooking in general.
North America is projected to account for a leading position in the market throughout the assessment period, primarily due to rising demand for clean-label and organic products. The growth of the market in the region is also pushed by the expanding e-Commerce platforms. Due to its status as one of the world's leading producers of spices, the market in East Asia is analyzed to provide lucrative opportunities in the future.

Key Takeaways from Market Study
• The global market for spices is forecasted to expand at a 5.1% CAGR from 2024 to 2034.
• In 2024, North America is approximated to hold 23.9% of the worldwide market share.
• The market in East Asia is evaluated to reach a valuation of US$ 20.16 billion by 2034-end.
• Based on nature, the conventional segment is estimated to account for 53.9% of revenue share in 2024.
• The market in Japan is projected to touch a value of US$ 5.93 billion by 2034.
• Demand for powdered spices is forecasted to reach US$ 39.8 billion by 2034-end.

“Due to the increasing customer demand for clean-label and organic products, prominent spice producers are focusing on offering organic spices. They are attempting to draw in more business by promising that their spices are free of chemical pesticides, additives, and preservatives,” reports a Fact.MR analyst.

Leading Players Driving Innovation in the Glycol Pumps Market
Key players in the Spice Market include Badia Spices, Inc.; Sunrise International; S&B Foods Inc.; Indian Spice Company; Taj Gourmet Foods; Royal Spice; Kane Spice Company; Penzeys Spices; Frontier Co-op; Olam International; McCormick & Company, Inc.; Aust & Hachmann; Bennett's Herbs & Spices.

Market Development & Industry News
Leading players in the spice market are prioritizing the introduction of organic spices to meet the rising consumer preference for clean-label and organic products. By ensuring their spices are free from artificial pesticides, additives, and preservatives, these businesses aim to attract a larger customer base.

In September 2024, Good Foods, a prominent brand in healthier dips and guacamole, launched its first limited-edition seasonal dip flavors—Pumpkin Spice and Cranberry Jalapeno—catering to trendy consumer tastes. Additionally, in August 2024, the Spices Board of India unveiled the SPICED plan ("Sustainability in Spice Sector through Progressive, Innovative and Collaborative Interventions for Export Development"). This strategic initiative aims to boost spice production and exports and will be implemented throughout the remaining period of the 15th Finance Commission.

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Popularity of Powdered Spices Continuously Growing Worldwide
Compared to other forms, powdered spices are becoming more popular around the world as they are quickly and simply added to meals without requiring extensive preparation. For home chefs, powdered spices are more useful because it is comparatively easier to store them than whole spices. Because home cooking is becoming more popular and people are interested in other cuisines, they are looking for a wider variety of flavors, which powdered spices easily provide. Innovations in spice processing and packaging are also improving the quality and strength of powdered spices, making them more desirable for use in culinary applications.

More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the spice market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on type (cinnamon [cinnamon, cassia], cloves, nutmeg, cardamom [large, small], chilies [naga chilies {with stem, without stem, flakes/crushed, powder}, bird’s eye {with stem, without stem, flakes/crushed, powder}, paprika pepper {with stem, without stem, flakes/crushed, powder}], turmeric, cumin seeds, mustard, black pepper, fennel, coriander seeds), form (whole, powder, oil), nature (organic, conventional), end use (food processing [soups, sauces & dressings, processed foods, bakery & confectionery, meat & seafood, dairy & frozen products], beverages, foodservice, retail/household), and distribution channel (business to business, business to consumers), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).

Check out More Related Studies Published by Fact.MR Research
According to a recently updated research study by Fact.MR, the global seasoning and spice market² is projected to be valued at US$ 42.7 billion in 2024. Over the forecast period from 2024 to 2034, the market is anticipated to grow at a CAGR of 5.5%, reaching a valuation of US$ 73 billion by the end of 2034.

The global dried spices market³ is projected to grow at a CAGR of 4.7% between 2023 and 2033, reaching a value of US$ 5.8 billion in 2023 and rising to US$ 9.2 billion by the end of 2033. Pepper demand is expected to increase at a CAGR of 6% during the same period. Widely consumed for its rich flavor and essential role in cooking, pepper remains a staple in kitchens worldwide.

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¹ https://www.factmr.com/report/spice-market
² https://www.factmr.com/report/348/seasonings-spices-market
³ https://www.factmr.com/report/349/dried-spices-market