SAN FRANCISCO, Oct. 12, 2020 /PRNewsCentre/ — The global spices market size is expected to reach USD 9.70 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.5% from 2020 to 2027. Growing demand for authentic flavored food at the global level is expected to remain a favorable factor for industry growth. Furthermore, increasing spending on dining out among millennials during their weekends is expected to expand the scope of the foodservice industry, which, in turn, will fuel the demand for spices over the next few years.
Key suggestions from the report:
Read 80 page research report with ToC on "Spices Market Size, Share & Trends Analysis Report By Product (Pepper, Turmeric), By Form (Powder, Whole, Chopped & Crushed), By Region (North America, Europe, APAC, CSA, MEA), And Segment Forecasts, 2020 – 2027” at: https://www.grandviewresearch.com/industry-analysis/spices-market.
Most of the key market players are focusing on enhancing their distribution channels by establishing distribution centers, engaging in acquisitions & mergers, and forming new agreements with local distributors. Forward integration is not only limited to distribution networking. Key market players are developing new products owing to the increasing demand for different and ethnic tastes and flavors.
Key manufacturers of spices include McCormick; Associated British Food plc; Ajinomoto Co, Inc.; and Kerry Group. Product innovation in terms of the development of new spices and seasonings by manufacturers is projected to be a critical success factor over the next seven years. Manufacturers across the globe are focused on achieving optimum business growth and establishing a strong market position by implementing various strategies, such as distribution and marketing, acquisitions, production capacity expansion, intensive investments, and product licensing in research & development. The technological breakthrough is likely to offer significant scope for the seasoning and spices market.
The location of distribution and sales is a vital factor for the companies to enhance their overall positioning in the market. Prominent market players such as McCormick; Associated British Foods; and Ajinomoto Co. Inc. have set up distribution networks for the supply of their products in developing regions, including Central and South America and Asia Pacific, owing to the increasing demand from these regions.
Grand View Research has segmented the global spices market on the basis of product, form, and region:
List of Key Players of Spices Market
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE: Grand View Research, Inc.