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How is the Global Hospitality Industry Spurring Demand for Dried Spices – Exclusive Report by Fact.MR
Dried Spices Market
The unprecedented COVID-19 pandemic has affected the global economy to a great extent. Considering the food industry, one of the most important sectors of the economy, a tremendous impact has been witnessed on the entire process from the field to the consumer. The restrictions in the movement of workers, closure of food production facilities, and changes in consumer demand have put excessive pressure on the food industry.
The report offers actionable and valuable market insights of Dried Spices. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Dried Spices Market across various industries and regions.
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The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Dried Spices market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Dried Spices
This newly published and insightful report sheds light on Market Insights of Dried Spices, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Dried Spices Market.
Market Snapshot
Newly released data states the global sales of dried spices surpassed US$ 5.5 Bn in 2020. Prominent players involved in the dried spices market hold a nominal share, as the market is driven by local and domestic market players. Nearly 70% of the market is held by unorganized players, and the remaining market has been captured by prominent market players that are operational across several geographies around the world.
Demand for dried herbs, fresh herbs and whole spices are expected to remain prominent. Moreover, the rising usage of spices in bakery products and packaged food is expected to leave a long lasting imprint on the dried spices market. Thus, the dried spices industry is expected to exceed US$ 8.6 Bn to register a positive CAGR of 4.6% during the forecast period (2021–2031).
Market Size Value in 2021 US$ 5.5 Mn
Project Market Forecast Value in 2031 US$ 8.6 Bn
Global Growth Rate (2021-2031) 4.6%
Market Share of Asia 45%
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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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Competitive Landscape
Prominent market players are reliant on forging collaborative agreements and acquisition of existing small, medium and large scale dried spices and seasonings manufacturers as some of their primary expansion strategies. Other key approaches include introducing new flavors and combinations of various spices. Notable developments are as follows:
In September 2021, McCormick & Company, Inc and Heifer International announced a partnership that would support sustainable incomes for Spice Farmers in Guatemala. Through this partnership, the companies are focusing on investing in cardamom and allspice. This, in turn, will increase income for farmers in the region
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 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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Key Question answered in the survey of Dried Spices market report:
Sales and Demand of Dried Spices
Growth of Dried Spices Market
Market Analysis of Dried Spices
Market Insights of Dried Spices
Key Drivers Impacting the Dried Spices market
Which are the Key drivers impacted by Dried Spices market
Restraints Shaping Market Growth
Market Survey of Dried Spices
More Valuable Insights on Dried Spices Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Dried Spices, Sales and Demand of Dried Spices, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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