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.
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.
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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. Processors and manufacturers of dried spices have also promoted the trend of experimenting with a wide range of cuisines across different geographies, and it is expected to thrive as more people are familiarized to worldwide cuisines.
Clean Label Trends Creating 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. However, as consumer consciousness on organic and clean label products has surged, food producers have been enforced to eliminate these unsafe compounds and incorporate organic and natural compounds. Increase in the demand for natural flavoring is an opportunity that dried spice manufacturers can leverage to their advantage.
Distribution of Adulterated Dried Spices Hampering 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.