The Latest Spices Industry Statistics Explained
The global spices and seasonings market size was valued at USD 13.77 billion in 2019.
The statistic indicates that the total market value of spices and seasonings worldwide was $13.77 billion in the year 2019. This figure represents the collective revenue generated by sales of various spices and seasonings across different regions and markets globally during that year. The market size serves as a key indicator of the economic significance and consumer demand for spices and seasonings on a global scale, highlighting the substantial value and market opportunity within this industry. This data can be used by businesses, industry analysts, and policymakers to understand the size and growth trajectory of the spices and seasonings market, informing strategic decisions and investment opportunities in the sector.
The global spice market is expected to grow at a CAGR of 4.7% from 2021 to 2026.
The statistic that the global spice market is expected to grow at a compound annual growth rate (CAGR) of 4.7% from 2021 to 2026 indicates that the market for spices is projected to increase steadily at an average annual rate of 4.7% over the specified period. This growth rate suggests a positive trend in the demand for spices on a global scale, potentially driven by factors such as increasing consumer awareness of health benefits, evolving culinary preferences, and expanding food industry applications. The CAGR serves as a useful metric to assess the market’s growth trajectory over time, providing insights into the expected expansion and opportunities within the spice industry for stakeholders and businesses in the coming years.
Pepper was the most heavily exported spice from India in 2020, at approximately 281 thousand metric tons.
The statistic indicates that in 2020, pepper emerged as the spice with the highest export volume from India, amounting to approximately 281 thousand metric tons. This data highlights the significant role of pepper as a major spice commodity in the international market and underscores India’s strong position as a leading exporter of this spice. The substantial export volume also points towards the demand for Indian pepper globally, reflecting its popularity and widespread use in various cuisines worldwide. Additionally, the statistic signifies the economic significance of pepper exports for India’s agricultural sector, contributing to the country’s export revenue and trade balance.
As of 2016, China produced approximately 5 million metric tons of dried, crushed, and ground spices.
The statistic indicates that in the year 2016, China’s production of dried, crushed, and ground spices amounted to around 5 million metric tons. This information highlights the significant scale of the spice industry in China and underscores the country’s role as a major player in global spice production. The data suggests that China’s spice production is substantial and plays a crucial role in meeting both domestic and international demand for spices. Additionally, it gives insight into the important contribution that the spice industry makes to China’s economy and its position in the global market for spices.
The consumption of spices globally is expected to reach 350,000 tons by 2020.
The statistic that the consumption of spices globally is expected to reach 350,000 tons by 2020 indicates a significant increase in the demand for spices worldwide. This projection suggests a growing preference for spices in various cuisines and food products across different regions. Factors contributing to this expected rise in consumption could include shifting consumer tastes towards more diverse and exotic flavors, as well as increasing awareness of the health benefits associated with the use of certain spices. The data also highlights the potential opportunities for spice producers and suppliers to capitalize on this trend by expanding their production capacities and distribution networks to meet the growing demand for spices in the market.
The United States is the largest importer of spices globally, importing 1.1 billion pounds in 2019.
The statistic that the United States is the largest importer of spices globally, importing 1.1 billion pounds in 2019, highlights the significant role that the country plays in the global spice market. This data point indicates that the United States has a high demand for spices, whether for culinary, medicinal, or other purposes. The sheer volume of spice imports underscores the diversity of cuisines and cultural influences present in the country, as spices are essential ingredients in a wide range of dishes. Additionally, the statistic suggests that the United States holds considerable purchasing power in the global spice trade, potentially influencing prices and sourcing practices in spice-producing regions around the world.
The spices market in the Asia Pacific region is expected to grow at a CAGR of 5.0% during the period 2018-2023.
This statistic states that the spices market in the Asia Pacific region is forecasted to experience a Compound Annual Growth Rate (CAGR) of 5.0% between 2018 and 2023. The CAGR represents the steady annual growth rate that would be required for the market to reach its predicted size at the end of the period. In this case, a 5.0% CAGR indicates that the market is expected to expand by an average of 5.0% per year over the next five years. This suggests a positive trend in the demand for spices in the Asia Pacific region, indicating potential opportunities for market players and reflecting a growing consumer preference for these products.
The cardamom market size was valued at USD 647.64 million in 2019.
The statistic “The cardamom market size was valued at USD 647.64 million in 2019” indicates the total estimated worth of the cardamom market in terms of US dollars for the year 2019. This figure represents the value of all cardamom products sold and traded within that market during that specific time frame. Market size is a key metric used to understand the scale and importance of an industry, and in this case, it highlights the significant economic impact of the cardamom market globally. Tracking market size over time allows analysts and policymakers to assess trends, make informed decisions, and develop strategies to support the growth and sustainability of the industry.
The chili & pepper segment held the largest share of 60.8% in terms of revenue in 2019 in the spices and seasonings market.
The statistic “The chili & pepper segment held the largest share of 60.8% in terms of revenue in 2019 in the spices and seasonings market” highlights the dominance of the chili and pepper category within the spices and seasonings industry during the specified year. This means that out of all the different types of spices and seasonings available in the market, chili and pepper products accounted for the majority of revenue generated. The high market share of 60.8% suggests that consumers have a strong preference for chili and pepper-based seasonings, indicating their popularity and widespread use in various cuisines and food preparations. This statistic underscores the significant role that chili and pepper play in the spices and seasonings market, both in terms of consumer demand and economic value.
As of 2019, Vietnam was the world’s leading producer of pepper, with a production volume of about 273,000 metric tons.
The statistic indicates that in 2019, Vietnam held the top position as the leading producer of pepper globally, with a production volume of around 273,000 metric tons. This signifies that Vietnam significantly contributes to the overall pepper production output in the world. The high production volume suggests that Vietnam has a competitive advantage in pepper cultivation, potentially due to factors such as favorable climate, soil conditions, and agricultural practices. Being the top producer of pepper also implies that Vietnam likely plays a crucial role in the international pepper market, influencing prices and supply dynamics. Overall, this statistic highlights Vietnam’s strong position in the global pepper industry and its importance as a major player in meeting the worldwide demand for this commodity.
During 2020, over 136,000 metric tons of seed spices were exported from India.
The statistic states that in the year 2020, India exported more than 136,000 metric tons of seed spices. This quantity of seed spices encompasses a significant portion of India’s agricultural production and showcases the country’s prominence as a major player in the global spice market. The export of such a substantial amount of seed spices highlights the importance of this industry to India’s economy and trade relationships with other countries. Additionally, this statistic provides insight into the scale of India’s spice production capabilities and its role as a key supplier of spices to international markets.
Wholesale spices market reached a value of nearly USD 12.7 billion in 2019.
The statistic “Wholesale spices market reached a value of nearly USD 12.7 billion in 2019” indicates the total revenue generated from the wholesale trading of spices in the market during the year 2019. This figure reflects the significant economic activity in the wholesale spices industry, highlighting the large scale of transactions and the monetary value associated with the buying and selling of spices in bulk quantities. The high value of USD 12.7 billion showcases the importance of the spice market in the global economy, pointing towards the demand for spices both domestically and internationally, and suggesting potential growth opportunities in the industry.
In 2020, dry omega spices accounted for a 74.7% share of the total omega spice market, in terms of revenue.
The statistic indicates that in 2020, dry omega spices made up 74.7% of the total revenue generated in the omega spice market. This suggests that dry omega spices were the dominant product within the market during that year, outperforming other types of omega spices in terms of generating revenue. The high market share of dry omega spices could be attributed to factors such as consumer preferences, ease of storage and transportation, longer shelf-life, or specific uses in culinary and medicinal applications. This statistic provides valuable insights into the competitive landscape of the omega spice industry and sheds light on the popularity and economic significance of dry omega spices within the market.
The US spice and extract manufacturing industry revenue was USD 6bn in 2021.
The statistic indicates that the revenue generated by the spice and extract manufacturing industry in the United States amounted to USD 6 billion in the year 2021. This figure represents the total sales income generated by companies within this industry through the production and sale of spices and extracts during that specific period. The revenue figure gives insight into the economic performance and significance of the industry, showcasing its contribution to the overall market and economy. This statistic can be used to analyze trends, market share, and growth opportunities within the spice and extract manufacturing sector.
Demand for ethnic food, which often require a wider and more exotic range of spices, is expected to fuel a 5% annual growth in the spice market from 2018 through 2022.
The statistic suggests that the growing demand for ethnic food, which typically involves a diverse and exotic range of spices, is projected to drive a 5% annual growth in the spice market over the period of 2018 to 2022. This growth in demand for spices can be attributed to the increasing popularity of ethnic cuisines and the exploration of global culinary flavors by consumers. The trend indicates a shift towards more adventurous and diverse food preferences, leading to an expanded market for spices catering to a variety of cuisines. The projected growth highlights the potential opportunities for spice producers and suppliers to capitalize on the rising demand for ethnic flavors and ingredients in the food industry.
The Indian spices industry attained a growth of 8% in volume terms and 20% in value terms in 2020-2021.
The statistic indicates that the Indian spices industry experienced significant growth in both volume and value terms during the 2020-2021 period. Specifically, the industry expanded by 8% in terms of volume, suggesting an increase in the quantity of spices produced or traded. Additionally, there was a notable 20% growth in value terms, implying that the industry saw a substantial rise in the overall worth or revenue generated from the sale of spices. This robust growth underscores the strong performance and demand for Indian spices during the specified period, reflecting positive market dynamics and consumer preferences for these products.
Conclusion
The spices industry is a thriving sector with impressive statistics that showcase its growth and importance in various global markets. By examining key figures and trends, it is evident that consumers have a strong demand for spices, leading to increased production and trade. With advancements in technology and changing consumer preferences, the industry is poised for further expansion and innovation in the years to come.
References
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