Tuesday, 22 October 2019

New Report Examines the Growth of Dried Spices Market Forecast to 2029

The latest study done by Fact.MR on the dried spices market opines that dried spices have a positive perception among consumers, as these are thought to be beneficial to health and well-being. In Asia Pacific, dried spices have been used for centuries in household cooking owing to their benefits in flavoring as well as their medicinal properties. Their popularity has witnessed an increase in Europe and North America, with many households and restaurants adopting dried spices in cooking. Increasing awareness about the benefits of dried spices is likely to contribute to the growth of the market during the assessment period.

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Recent transactions show that leading F&B companies are attempting to shift their business models towards small-sized packaging to drive sales through affordability and convenience. Emerging players tend to challenge legacy brands by enriching their portfolios with organic, local, fresh, and healthy products, while leading and prominent players continue to show a marked preference for inorganic growth through the acquisitions of start-ups with high growth potential.

For a long time, the use of dried spices was limited to only Asia Pacific and the Middle East. However, globalization led to the creation of multiethnic cultures in many parts across the globe, which brought fame to cultural foods. Households in Europe and North America are now well aware of foods from the Middle East and Asia Pacific, which has led to a balanced surge in ingredients utilized for cooking.

Clean Label Foods to Create Lucrative Opportunities


Food processors and restaurants have always been reliant on synthetic compounds to flavor their food products. Inducing particular aromas, flavors, and color in foodstuffs surges their demand among customers, and several times, hotels and restaurants utilize these artificial aromas and flavors to improve food products.

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Adulteration of Dried Spices will Affect Consumer Confidence


Food adulteration has been a longstanding challenge for the global F&B industry. As many dried spices are expensive, the industry has become the target of adulteration. Consumers lack the sophisticated know-how to identify fake products that claim to have the same benefits as original dried spices. The issue has the potential to eat into the revenue share of companies. A concerted effort from regulatory authorities, enforcements, and industry associations is necessary to deal with the growing problem of food adulteration in this sector.

Asia Pacific Excluding Japan to Dominate the Regional Landscape


Asia Pacific excluding Japan’s dominance in the dried spices market is expected to continue with a market share of more than 45% by the end of 2029 owing to emerging food service industries, together with increasing number of convenience food services and growing street food industry, particularly in India, China, and ASEAN countries. This factor is projected to bolster the demand for dried spices in the APEJ region. Countries from Asia Pacific excluding Japan are involved in the production, trade, and export of dried spices to the world.

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