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World - Spices - Market Analysis, Forecast, Size, Trends and Insights
Report Update: Apr 1, 2024

World - Spices - Market Analysis, Forecast, Size, Trends and Insights

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Article Publishing Date: Jan 16, 2023

Rising Consumer Attention to Ethnic Cuisines Propel the Global Spice Market

Spice Market Overview

The global spice market is forecast to reach a value of $54.1 billion by 2030, growing at a CAGR of around 4.1% during 2022-2030. The major drivers for the growth of the spice market include the growing demand for natural and healthy food ingredients, the changing consumer preference towards ethnic cuisines, and the increasing disposable income.

Spices are widely used in food and beverage applications as they add flavor, aroma and color to the products. The health benefits associated with the consumption of spices are expected to drive the growth of the market over the forecast period. Spices such as ginger, garlic, turmeric, black pepper and chili peppers are known to have medicinal properties. They are effective in treating various ailments such as colds, coughs, arthritis and digestive disorders. The demand for natural and organic spices is also increasing among health conscious consumers.

The competitive landscape of the global spice market is fragmented with the presence of many small and medium sized companies. Some of the major players operating in the market include McCormick & Company Inc., D'Artagnan Inc., Frontier Co-op, Goya Foods Inc., Silva International Investments Ltd., Olam International Ltd., Associated British Foods plc, Nilgiris Supermarkets Pvt Ltd and MDH Spices Pvt Ltd.

Top Producing Countries

The spice market is one of the oldest and largest markets in the world. The market is believed to have originated in India, and it is still one of the biggest spice suppliers in the world. Other major suppliers include Indonesia and China. These countries hold a significant share in the global spice market due to the large production of spices such as pepper, ginger, cardamom, cloves, and turmeric.

India is the leading producer and exporter of spices in the world with a production volume of 6.6 million metric tons in 2021. India produces a wide variety of spices including black pepper, cardamom, cloves, cumin, and turmeric. The country has a strong presence in the global spice market with an export share of around 28%.

China is the second-largest producer of spices with a production volume of 1.2 million metric tons in 2021. The country produces a wide variety of spices including aniseed, cinnamon, fennel seed, ginger, and nutmeg. The country is also one of the leading exporters of spices with an export share of 20%.

Indonesia is one of the leading producers as well as exporters of cloves in the world. The country produced 0.7 million metric tons of cloves in 2021. The country produces a wide variety of spices including black pepper, cardamom, chili pepper, cloves, nutmeg, and vanilla.

Spice Market Opportunities

The demand for spices is driven by the growing food & beverage industry, changing consumer preferences, and health benefits associated with spices.

The food & beverage industry is the major driver of the spice market. The changing lifestyle of consumers and their preference for healthy and flavorful food are expected to drive the demand for spices in the food & beverage industry. Additionally, the health benefits associated with certain spices are also fuelling the demand from the food & beverage industry.

The cosmetics & personal care industry is another major driver of the spice market. The rising awareness about the benefits of natural ingredients in cosmetics & personal care products is driving the demand for spices in this industry. Moreover, the trend of using organic and Ayurvedic ingredients in cosmetics & personal care products is expected to boost the demand for spices over the forecast period.

The pharmaceuticals industry is also a significant driver of the spice market. Spices have been used in traditional medicines for centuries and are known to have various medicinal properties. The increasing research and development activities in this field are expected to create new opportunities for spice suppliers in this industry.

Spice Market Restraints

The international spice market has been restrained by a number of factors in recent years. One of the most significant has been the proliferation of protectionist trade policies by various governments. This has led to higher tariffs and other barriers to spice trade, making it more difficult and costly for companies to import and export spices.

These restrictions on international trade are having a negative impact on the global spice market. They are causing prices to rise and quality to decline. If these trends continue, it could lead to serious problems for the economies of many countries that rely on the spice trade.

Another restraint on the spice market is food safety concerns. With the rise of globalisation, there has been an increase in incidences of food fraud, where unscrupulous traders attempt to sell adulterated or counterfeit spices. This not only puts consumers at risk, but also damages the reputation of the entire industry. In order to combat this problem, stricter regulation and testing procedures have been put in place by governments and international organisations.

Another major factor restraining the spice market has been the outbreak of diseases such as avian flu and foot-and-mouth disease, which have led to bans on the movement of certain spices from infected areas. These diseases have also caused consumers to be wary of buying certain spices, further reducing demand.

Finally, another significant restraint on the spice market is climate change. As global temperatures rise, many traditional spice-producing regions are becoming increasingly unsuitable for cultivation. This is leading to shortages of key spices such as chili peppers and cardamom, which are essential ingredients in many cuisines around the world.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the global spice market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

  • FCL 687 - Pepper
  • FCL 689 - Pimento
  • FCL 692 - Vanilla
  • FCL 693 - Cinnamon (canella)
  • FCL 698 - Cloves
  • FCL 702 - Nutmeg, mace, cardamoms
  • FCL 711 - Anise, badian, fennel
  • FCL 720 - Ginger
  • FCL 723 - Spices nes

Country coverage:

Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:

+ the largest producing countries

Data coverage:

  • Global market volume and value
  • Per Capita consumption
  • Forecast of the market dynamics in the medium term
  • Global production, split by region and country
  • Global trade (exports and imports)
  • Export and import prices
  • Market trends, drivers and restraints
  • Key market players and their profiles

Company coverage:

Ajinomoto Co., Inc., Ariake Japan Company Limited, Ariake Japan Company Limited, Asenzya, British Pepper & Spice Co., Ltd., B&G Foods, Inc., CaJohns Fiery Foods

Reasons to buy this report:

  • Take advantage of the latest data
  • Find deeper insights into current market developments
  • Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

  1. How to diversify your business and benefit from new market opportunities
  2. How to load your idle production capacity
  3. How to boost your sales on overseas markets
  4. How to increase your profit margins
  5. How to make your supply chain more sustainable
  6. How to reduce your production and supply chain costs
  7. How to outsource production to other countries
  8. How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. CONSUMPTION BY COUNTRY
    3. MARKET FORECAST TO 2030

  4. 4. MOST PROMISING PRODUCT

    Finding New Products to Diversify Your Business

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. COUNTRIES WITH TOP YIELDS
    4. TOP EXPORTING COUNTRIES
    5. LOW-COST EXPORTING COUNTRIES

  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS

  7. 7. GLOBAL PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE
    2. PRODUCTION BY COUNTRY
    3. HARVESTED AREA AND YIELD BY COUNTRY

  8. 8. GLOBAL IMPORTS

    The Largest Importers on The Market and How They Succeed

    1. IMPORTS FROM 2012–2023
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY

  9. 9. GLOBAL EXPORTS

    The Largest Exporters on The Market and How They Succeed

    1. EXPORTS FROM 2012–2023
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO

  11. 11. COUNTRY PROFILES

    The Largest Markets And Their Profiles

    This Chapter is Available Only for the Professional Edition PRO
    • United States
    • China
    • Japan
    • Germany
    • United Kingdom
    • France
    • Brazil
    • Italy
    • Russian Federation
    • India
    • Canada
    • Australia
    • Republic of Korea
    • Spain
    • Mexico
    • Indonesia
    • Netherlands
    • Turkey
    • Saudi Arabia
    • Switzerland
    • Sweden
    • Nigeria
    • Poland
    • Belgium
    • Argentina
    • Norway
    • Austria
    • Thailand
    • United Arab Emirates
    • Colombia
    • Denmark
    • South Africa
    • Malaysia
    • Israel
    • Singapore
    • Egypt
    • Philippines
    • Finland
    • Chile
    • Ireland
    • Pakistan
    • Greece
    • Portugal
    • Kazakhstan
    • Algeria
    • Czech Republic
    • Qatar
    • Peru
    • Romania
    • Vietnam

  12. LIST OF TABLES

    1. Key Findings In 2023
    2. Market Volume, In Physical Terms, 2012–2023
    3. Market Value, 2012–2023
    4. Per Capita Consumption, By Country, 2018–2023
    5. Production, In Physical Terms, By Country, 2012–2023
    6. Harvested Area, By Country, 2012-2023
    7. Yield, By Country, 2012-2023
    8. Imports, In Physical Terms, By Country, 2012–2023
    9. Imports, In Value Terms, By Country, 2012–2023
    10. Import Prices, By Country Of Destination, 2012–2023
    11. Exports, In Physical Terms, By Country, 2012–2023
    12. Exports, In Value Terms, By Country, 2012–2023
    13. Export Prices, By Country Of Origin, 2012–2023

  13. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2023
    2. Market Value, 2012–2023
    3. Consumption, By Country, 2023
    4. Market Volume Forecast to 2030
    5. Market Value Forecast to 2030
    6. Products: Market Size And Growth, By Type
    7. Products: Average Per Capita Consumption, By Type
    8. Products: Exports And Growth, By Type
    9. Products: Export Prices And Growth, By Type
    10. Production Volume And Growth
    11. Yield And Growth
    12. Exports And Growth
    13. Export Prices And Growth
    14. Market Size And Growth
    15. Per Capita Consumption
    16. Imports And Growth
    17. Import Prices
    18. Production, In Physical Terms, 2012–2023
    19. Production, In Value Terms, 2012–2023
    20. Area Harvested, 2012–2023
    21. Yield, 2012–2023
    22. Production, By Country, 2023
    23. Production, In Physical Terms, By Country, 2012–2023
    24. Harvested Area, By Country, 2023
    25. Harvested Area, By Country, 2012-2023
    26. Yield, By Country, 2012-2023
    27. Imports, In Physical Terms, 2012–2023
    28. Imports, In Value Terms, 2012–2023
    29. Imports, In Physical Terms, By Country, 2023
    30. Imports, In Physical Terms, By Country, 2012–2023
    31. Imports, In Value Terms, By Country, 2012–2023
    32. Import Prices, By Country, 2012–2023
    33. Exports, In Physical Terms, 2012–2023
    34. Exports, In Value Terms, 2012–2023
    35. Exports, In Physical Terms, By Country, 2023
    36. Exports, In Physical Terms, By Country, 2012–2023
    37. Exports, In Value Terms, By Country, 2012–2023
    38. Export Prices, 2012–2023

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