Spices Market Size is Projected to Reach USD 26.65 billion by 2033, Growing at a CAGR of 5.5% | Straits Research

The global spices market size was valued at USD 16.46 billion in 2024 and is estimated to reach from USD 17.36 billion in 2025 to USD 26.65 billion by 2033, growing at a CAGR of 5.5% during the forecast period (2025–2033).

/EIN News/ -- New York, United States, Jan. 27, 2025 (GLOBE NEWSWIRE) -- Spices are commonly employed in gastronomic contexts to augment the sensory characteristics of edibles and beverages, encompassing flavor, fragrance, hue, and gustatory perception. The market growth can be attributed to a notable change in consumer preferences regarding taste. The prevalence of novel chili flavors and combinations is evident in developed and developing regions. Spices are derived from botanical sources and are predominantly employed for their ability to enhance the flavor profiles of various culinary preparations. Apart from its traditional uses, this substance provides health benefits by providing anti-oxidative and anti-inflammatory agents.

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Market Dynamics

Increasing Awareness of the Medical Benefits of Spices Drives the Global Market

Spices are used as medicine to treat various illnesses and add flavor and aroma to food. As a result, they possess various qualities and are used in food to treat a wide range of medical issues. For instance, turmeric is one of the best ingredients and a powerful antioxidant that can treat various diseases and joint inflammation. Cumin seeds are a similar ingredient with some antiseptic qualities that support immune system development. Not just turmeric and cumin seeds are rich in antioxidants and benefit people's overall health. These elements fuel market expansion.

Rising Popularity of Ethnic Cuisines Creates Tremendous Opportunities

Spices greatly influence the distinctive flavors of these cuisines. This increase in demand for the spices essential to making these dishes is great news for the companies that grow and export those spices. Ethnic cuisines are also greatly popularized and promoted by the rise in food-related activities like food shows, blogs, and social media platforms. Chefs and food enthusiasts display a variety of dishes, highlighting the flavors and techniques used to make them. People become curious due to this exposure and are enticed to try new foods at home, which presents opportunities for market expansion over the forecast period.

Regional Analysis

Asia-Pacific is the most significant global spices market shareholder and is predicted to rise significantly during the forecast period. Asia-Pacific is where most spices and herbs are produced and exported. Asia-Pacific has the largest population in the world compared to other regions, and the demand for spices has been impressively rising. Asia-Pacific is home to most of these plants as the world's largest exporter of spices and herbs, thanks to India, Vietnam, China, and Thailand. In addition, India is well known for its spices, which are used for domestic and commercial purposes. Kerala is frequently referred to as "God's own country," and it is well known as India's main spice garden. Kerala, also known as the "Land of Spices," produces spices of the highest quality in terms of flavor.

Additionally, Kerala's climate is perfect for growing various savory spices. Recent years have seen a large-scale increase in the quantity and quality of spices produced in the state. Due to growing consumer wealth, the introduction of several homegrown brands, and increased marketing and promotional efforts, consumption in the area is expanding quickly.

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Key Highlights

• The global spices market size was valued at USD 16.46 billion in 2024. It is estimated to reach USD 26.65 billion by 2033, growing at a CAGR of 5.5% during the forecast period (2025–2033).
• Based on the form, the global spices market is divided into powder, whole, crushed, and chopped. The powder segment is the highest contributor to the market share and is expected to grow significantly over the forecast period.
• Based on the product type, the global spices market is divided into pepper, turmeric cardamom, cinnamon, cumin, cloves, and others. The pepper type owns the highest market share and is expected to grow significantly over the forecast period.
• Based on the application, the global spices market is divided into food and beverages, meat and poultry products, snacks and convenience food, soups, sauces, dressings, bakery and confectionery, and frozen products. The food and beverages segment is the highest contributor to the market share and is expected to grow significantly over the forecast period.
• Based on the end-user, the global spices market is divided into household, food services, and industrial. The household segment is the highest contributor to the market share and is expected to expand significantly over the forecast period.
• Asia-Pacific is the most significant global spices market shareholder and is predicted to rise significantly during the forecast period.

Competitive Players

1. McCormick & Company (United States)
2. Olam International (Singapore)
3. Everest Spices (India)
4. MDH Spices (India)
5. Catch (United States)
6. Dharampal Satyapal Group (India)
7. Baria Nutrixplus (India)
8. Mahashian Di Hatti Limited (India)
9. Reshad Spice Company (Bangladesh)
10. Munsha Bazaar (Pakistan)
11. Ramdev Food Products (India)
12. Virdhara International (India)
13. Rocky Mountain Spice Company (United States)
14. Fuchs North America (United States)
15. Rani Spice (United States).

Recent Developments

• February 2023 - Kerry announced new partnerships to consolidate the European distribution network. The company chose Azelis and Caldic as distribution partners for Kerry products to selected customers in the European region. The appointment of these two well-recognized and experienced distributors will extend the reach of Kerry’s portfolio in the market, enabling the supply of more customers with Kerry’s industry-leading products and technologies.
• May 2020 - Ajinomoto Co., Inc. launched the Ajinomoto Group Nutrient Profiling System. ANPS-P will cover approximately 500 products at nine Ajinomoto Group companies in seven countries, including Japan.

Segmentation

By Form

• Powder
• Whole
• Crushed
• Chopped

By Product Type

• Pepper
• Turmeric
• Cumin seeds
• Cloves
• Cinnamon
• Cardamon
• Others

By Applications

• Food and beverages
• Meat and Poultry
• Snacks and Convenience Food
• Soups
• Dressings Bakery and Confectionery
• Sauces
• Frozen Products
• Others

By End-User

• Households
• Food services
• Industrial

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