“The market for spices is observed to be growing at a low rate in developed economies such as Europe and North America as compared to developing companies due to the matured industrial sector in the former. The meat and poultry industry is still consuming the majority of spices and consumption will continue to grow at the healthy rate. As spices are the best natural preservatives and consumer preference for chemical preservatives is declining, the spice market for the meat industry will continue to grow. The North American region formed the largest market for spices, and was valued at $3,159.4 million in 2013.
Asia-Pacific is projected to be the fastest-growing market for spices, at a CAGR of 8.2% annually from 2014 to 2019. The industrial sector usage of spices is very less in this region as compared to those in developed countries, which presents food processing industries with immense untapped potential in this region. Majority of spices consumed in this region are through the retail or catering sector.
The level of food processed in Asian countries, which are growing economically, is low. However, the processed food industry is expected to prosper in the near future. The positive growth in food processing industry and growing demand for processed meat products in the Asia-Pacific region will drive the spice market here.
The market is dominated by a many large companies and comprises various regional large- and medium-scale players. The key players identified in the spice industry are McCormick & Company (U.S.), Associated British Foods (U.K.), Ajinomoto Co., Inc. (Japan), and Olam International (Singapore). “
