Organic Natured Dried Spices to Procure 2/5th Market Share for Dried Spices: Fact.MR Study

Fact.MR predicts the global sales of dried spices to surpass US$ 8.6 Bn by registering a CAGR of 4.6% in the assessment period 2021-2031. Availability of dried spices in various forms such as granules and fine powder along with their medicinal properties are positively influencing the sales of dried spices.

Historically, from 2016 to 2020, the global sales of dried spices expanded at a CAGR of 4%. Although many industries witnessed growth prospects dipping in the initial quarters of the pandemic, the dried spices industry observed increasing demand due to its immunity-boosting qualities. In addition, consumption of dried spices in everyday dishes is further augmenting the demand for the same.

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Furthermore, presence of regional and international market players is playing a key role in adding market value to the dried spices industry. Companies are focusing on offering a variety of dried spices in different quantities and packaged forms. This, in turn, is expected to augment the demand for dried spices in the forthcoming forecast period.

Key Takeaways from the Market Study

  • Organic nature dried spices expected to possess more than 40% market share
  • Conventional dried spices to retain popularity, registering a CAGR of 4% through 2031
  • Supermarkets/hypermarkets remain key distribution channels, accounting for more than 2 out of 5 sales
  • North America expected to hold more than a quarter share for dried spices
  • Prevalence of hybrid cultures encouraging dried spices uptake in Europe, possessing 20% revenue share
  • Asia to dominate the dried spices market, accounting for 2/5th of global revenue share
  • Global market for dried spices to reach US$ 5.5 Bn by 2021-end

 “Globalization along with migration is playing an important role in the wide use of dried spices in everyday cooking. In addition, application of spices not only for food but also for medicines has upsurged the demand for dried spices.” states a Fact.MR analyst

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Competitive Landscape

Prominent players of dried spices industry are Sensient Technologies Corporation, Synthite Industries Ltd, McCormick & Company, Inc, Kerry Group Plc, Dohler GmbH, Takasago International Corp, Olam International Limited, Firmenich SA, Ajinomoto Co., Inc and Robertet SA.

  • In March 2021, McCormick & Company, Inc announced that they are restoring retail store shelves with their products. Due to the pandemic in 2020, the company offered products which were popular and in demand from customers. Due to work stations gaining normalcy, the company reached at a ‘halfway point’ in restoring spices
  • In December 2018, Kerry Group announced an agreement to acquire two seasonings companies- Ariake USA, the North American Division of Ariake Japan Co., and Southeastern Mills North American coatings and seasonings business, enhancing the company’s authentic taste and clean label portfolio

Key Segments Covered

  • Product

    • Pepper
    • Paprika
    • Cardamom
    • Cloves
    • Turmeric
    • Cumin
    • Nutmeg
    • Ginger
    • Cinnamon
    • Other Dried Spices
  • Nature

    • Conventional Dried Spices
    • Organic Dried Spices
  • Sales Channel

    • Supermarkets/Hypermarkets
    • Convenience Stores
    • Speciality Stores
    • Department Stores
    • Online Stores
    • Other Sales Channels
  • Form

    • Powdered Dried Spices
    • Granule Dried Spices
    • Whole Dried Spices

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