Global Blended Spices Market Set to Reach $33.48 Billion by 2030, Driven by Demand for Exotic Flavors
Dublin, Oct. 03, 2023 (GLOBE NEWSWIRE) -- The "Global Blended Spices Market Size, Share, Growth Analysis, By Type, By Distribution Channel - Industry Forecast 2023-2030" report has been added to * ResearchAndMarkets.com's* offering.
The global blended spices market, which was valued at USD 20.5 billion in 2021, is on track for significant growth. Projections indicate that the market will expand from USD 21.65 billion in 2022 to USD 33.48 billion by 2030, reflecting a robust compound annual growth rate (CAGR) of 5.6% during the forecast period of 2023-2030.
*Market Overview*
The global blended spices market encompasses spice blends used for seasoning and flavoring various food products. Blended spices consist of a combination of several spices in precise proportions, meticulously blended to create distinct flavor profiles for each blend.
These blends play a crucial role in a wide range of cuisines worldwide, and the market for blended spices is witnessing steady growth, driven by the increasing popularity of exotic and ethnic cuisines. The market's purpose is to cater to the rising demand for flavor and taste enhancement in diverse food products.
*Key Market Trends*
The blended spices market is witnessing several notable trends:
1. *Demand for Organic and Natural Blends:* Consumers are increasingly seeking organic and natural spice blends, aligning with the broader trend toward healthier and sustainable food choices.
2. *Popularity of Fusion Cuisine:* Fusion cuisine, which combines elements from different culinary traditions, is gaining traction. This trend drives the need for unique spice blends that can deliver distinctive and harmonious flavors.
3. *Spices in Functional Foods:* There is a growing trend of incorporating spices into functional food products due to their potential health benefits, such as anti-inflammatory properties and antioxidant effects.
4. *Exotic and Lesser-Known Spices:* The use of exotic and lesser-known spices in various cuisines is becoming more popular, encouraging the demand for unique spice blends.
*Market Segmentation*
· *By Type:* The market includes garam masala, berbere, 5 Chinese spices, shichimi togarashi, and others.
· *By Distribution Channel:* It comprises both B2B and B2C channels.
*Regional Insights*
In 2021, the Asia Pacific region led the market with over 55% of the revenue share. This leadership is driven by substantial domestic consumption and a thriving food service industry. China has secured a significant share in the global market due to the high quality of its blended spices, while India is known for its rich diversity of blended spices that enhance various cuisines and cultures.
*Market Drivers*
The market's growth is primarily fueled by:
· *Consumer Preference for Exotic and Ethnic Flavors:* Consumers increasingly favor spices and blends commonly used in ethnic and international cuisines.
*Market Restraints*
Challenges faced by the market include:
· *Fluctuations in Raw Material Prices:* The prices of raw materials used in blended spices, such as peppers and cinnamon, can be volatile due to factors like weather conditions and geopolitical tensions.
*Competitive Landscape*
The global blended spices market is highly competitive, with numerous players, including major corporations and regional companies. Major players have a strong brand presence, extensive product portfolios, and global reach. Regional players focus on innovation to cater to local preferences. For instance, Everest Spices offers blended spices tailored to regional tastes in India.
*Market Trends*
Key trends in the market include:
· *Sustainable and Ethical Sourcing:* Manufacturers are increasingly adopting sustainable and ethical sourcing practices to align with consumer preferences for environmentally and socially responsible products.
*Key Attributes:*
*Report Attribute* *Details*
No. of Pages 157
Forecast Period 2022 - 2030
Estimated Market Value (USD) in 2022 $21.65 Billion
Forecasted Market Value (USD) by 2030 $33.48 Billion
Compound Annual Growth Rate 5.6%
Regions Covered Global
*Companies Mentioned*
· McCormick & Company, Inc. (US)
· Ajinomoto Co., Inc. (Japan)
· Everest Spices (India)
· Olam International (Singapore)
· Unilever (UK/Netherlands)
· MDH Spices (India)
· Associated British Foods plc (UK)
· Worlee Gruppe GmbH (Germany)
· Kerry Group plc (Ireland)
· Fuchs Gruppe (Germany)
· Badia Spices Inc. (US)
· Frontier Co-op (US)
· Baria Pepper (Vietnam)
· Synthite Industries Ltd. (India)
· SHS Group (UK)
· DS Group (India)
· Bart Ingredients (UK)
· Goya Foods, Inc. (US)
· The Kraft Heinz Company (US)
· ACH Food Companies, Inc. (US)
For more information about this report visit https://www.researchandmarkets.com/r/1dg6nm
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· Global Blended Spices Market
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