The dried spices market may observe stellar growth during the forecast period of 2019-2029. Rising demand for dried spices owing to the health benefits and the potential to improve the taste of the food is expected to fuel the growth of the dried spices market. Dried spices enhance the quality of the food by adding aroma and taste to the food.
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Some examples of dried spices areturmeric, caraway, nutmeg, cinnamon, cloves, coriander, juniper berries, pepper, saffron, dried kaffir lime leaves, dried avocado leaves, and fenugreek. On the distributional channel basis, the dried spices market is categorized into online channels, hypermarkets, supermarkets, groceries, and others. The consistent rise observed in the food and beverages industry is also a significant factor that may accelerate the dried spices market to a great extent. Other factors contributing to the growth are favorable climatic conditions and globalization.
Medicinal benefits boost dried spices market
Numerous medicinal benefits are tied with dried spices. Some of the dried spices are used as home remedies for various health conditions such as body aches, rashes, high blood pressure, cough, and fever. Many of the dried spices possess anti-inflammatory, antioxidant, anti-carcinogenic, and anti-tumorigenic properties. Hence, these benefits make them a preferred remedy for varied health conditions.
A recent study has also suggested that Ayurveda helps boost immunity and makes the body more efficient for preventing COVID-19. Dried spices such as cinnamon and black pepper aid in boosting the immune system and thus provide a shield against the novel coronavirus. Hence, this factor may prove to be a turning point for increasing the growth rate of the dried spices market.
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Lockdown in various nations serving as great growth opportunity for dried spices market Because of the COVID-19 outbreak, a large chunk of the global population has been confined to their homes due to nationwide lockdowns imposed by a plethora of nations across the world. Therefore, cooking food at home as well as trying different recipes has been a trend that’s being followed by many. Hence, this may serve as a great opportunity for the dried spices market to multiply its growth rate. There has been a 15-20 percent rise in the demand for spices last month due to the coronavirus outbreak. Hence, this sets the stage for the high growth of the dried spices market over the forecast period.
A rise in organic seasonings and spices is expected to develop good revenue generation opportunities for the dried spices market. Manufacturers in the dried spices market constantly focus on offering consumers the best quality dried spices. For this numerous quality checks are thoroughly conducted. There is intense competition among the manufacturers in the dried spices market. For maintaining their dominance in the dried spices market, a string of mergers and acquisitions are frequently undertaken. Key players in the dried spices market are Olam
International, McCornick, MDH Pvt. Ltd., Everest, Biova GMBH, Associated British Foods Plc,
and Baria Pepper.
The dried spices market is geographically spread across North America, Latin America, Middle East and Africa, Asia Pacific, and Europe. Europe is expected to show exponential growth across
the forecast period due to the high demand for dried spices owing to changes in dietary patterns and penetration of spices in various countries of this region.
The Pharmaceutical Industry in the European region is also expecting high dried spices demand due to the medicinal benefits dried spices have. The Asia Pacific region is also expected to observe great growth during the forecast period due to rising disposable income and increasing demand for traditional food among ther egional population.
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