According to newly disclosed figures, global sales of dried spices would exceed US$ 5.5 billion in 2020. The dried spices market is dominated by local and domestic firms, hence major players only have a small part of the market.
Dried herbs, fresh herbs, and whole spices are predicted to continue to be in high demand. Furthermore, the increased use of spices in bakery and packaged foods is projected to have a long-term impact on the dried spices market. Thus, throughout the projection period (2021–2031), the dried spices business is predicted to approach US$ 8.6 billion, with a positive CAGR of 4.6 percent.
Key Segments Covered
- Other Dried Spices
- Conventional Dried Spices
- Organic Dried Spices
- Convenience Stores
- Speciality Stores
- Department Stores
- Online Stores
- Other Sales Channels
- Powdered Dried Spices
- Granule Dried Spices
- Whole Dried Spices
As part of their key expansion strategy, leading market participants rely on forming collaboration agreements and acquiring existing small, medium, and large-scale dried spice & seasonings businesses. Other important strategies include experimenting with novel flavours and spice combinations. The following are noteworthy developments:
McCormick & Company, Inc. and Heifer International established a cooperation in September 2021 to support sustainable incomes for Guatemalan spice farmers.
In December 2018, Kerry Group announced the acquisition of two seasonings companies: Ariake USA, Ariake Japan Co.’s North American Division, and Southeastern Mills’ North American coatings and seasonings business, bolstering the company’s original taste and clean label portfolio.
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