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North America is leading in the global spices market followed by Europe and Asia Pacific.

North America is leading in the global spices market followed by Europe and Asia Pacific.

Spices are dry aromatic and pungent ingredients used to enhance taste and nutritional value of food. Spices are available in different forms such as seed, berry, fruit, root, bark, bud or vegetable substance. Some spices are also used for coloring or preserving food items, for example, turmeric is used as an antiseptic. Generally, spices used in food item are typically in dried form which leads to longest shelf life.

Global spices market is accounted as recession proof market as consumers prefer in house prepared food during unstable economic conditions. Owing to globalization, scope for spices market has grown significantly. Increasing consumer awareness regarding the medicinal properties of various spices such as cloves, cinnamon and turmeric is another reason for growth of spices market. These spices are used to treat various diseases such as fungal infections, fever and cough and they work faster than antibiotics with no side-effects.

Traditionally, spices were being produced and consumed widely in Asian countries, such as India. However, due to the changing demographics in the western countries is expected to promote the demand for spices in western markets. Growing demand from industries such as confectionery, prepared food and bakery also helps to drive the spices market. The global spices market is expected to witness revenue growth at an exponential pace, due to its rising demand for convenience foods. A great opportunity for spices market lies in its usage as natural preservative for meat and poultry. However, uncertain climatic conditions in various spice producing countries and unorganized logistics, and stringent government regulations for manufacturing spices are major retraining factors. Another factor detaining growth of spices market is stringent government policies that restricts on importing spices.

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North America is leading in the global spices market followed by Europe and Asia Pacific. Due to remedial nature of spices and awareness among population will continue to keep the demand for spices high in North America over the forecast period. However, the global spices demand has increased substantially in Asia Pacific region over the past few years and is expected to rise at a high pace owing to the flourishing food and beverages industry in the region.

Key players include Ajinomoto Co., Inc., Ariake Japan Co., Ltd., Associated British Foods PLC, Döhler Group, DS Group, Everest Spices, Kerry Group PLC, Mccormick & Company, MTR Foods Private Limited, Olam International, Sensient Technologies, SHS Group, and Worlée Gruppe.

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