A new research report by Transparency Market Research (TMR), titled “Spice Market - Global Industry Analysis, Size, Share, Trends and Forecast 2015–2023,” offers a detailed analysis, providing vital information related to the key growth drivers, limitations, and latest trends in the market. The research study throws light on the market dynamics that are estimated to influence the existing scenario and future position of the global spice market throughout the forecast period. In addition, the study aims to provide updates on potential opportunities, value forecast, and challenges for manufacturers operating in the global market.
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The rising demand for convenience foods is one of the primary factors estimated to fuel the growth of the spice market across the globe. In addition, the tremendous rise in the consumption of fried foods, confectionery, and ready-to-eat foods worldwide is driving the demand for different spices. The increasing number of distribution channels and network and the rising focus on marketing activities are further expected to accelerate the market growth. However, stringent government regulations concerning safety standards for different spices are restricting the growth of the global spice market.
On the basis of product type, the global spice market has been classified into cumin, clove, pepper, ginger, cardamom, and others. By application, the market has been divided into sauces, convenience foods, frozen food, soups, bakery, meat, poultry food, and others. The market size, share, and projected growth rate have been included the research study to offer a strong understanding of the global spice market.
From the geographical viewpoint, North America is considered as one of the most lucrative markets across the globe. The growing investment by a large number of leading players is augmenting the growth of the spice market in North America. In addition, the rising awareness regarding the medicinal benefits of spices is expected to boost the demand for spices in the next few years. North America is closely followed by Europe, which stands second in the global spice market in terms of revenue generation.
Furthermore, the global spice market is extremely fragmented in nature with a presence of a large number of players operating in it. Key players are focusing on developing new flavors and products in order to attract a large number of consumers. Some of the prominent players included in the research report are Ariake Japan Company Ltd., Mccormick & Company, DS Group, Associated British Foods, Kerry Group Plc, Olam International, Worlee Gruppe, MTR Foods Private Limited, Ariake Japan Company Ltd., Sensient Technologies, Everest Spices, SHS Group, Doehler Group, and Ajinomoto Co., Inc. Detailed profiles of these players have been discussed at length in the research report.
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