Market Insights Consumer Food Sauces & Spices

Spices & Culinary Herbs - Bangladesh

Bangladesh

Revenue in the Salt & Other Spices market amounts to US$286.40m in 2024. The market is expected to grow annually by 11.55% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (US$10,530m in 2024).
In relation to total population figures, per person revenues of US$1.64 are generated in 2024.
In the Salt & Other Spices market, volume is expected to amount to 15.30m kg by 2029. The Salt & Other Spices market is expected to show a volume growth of 6.8% in 2025.
The average volume per person in the Salt & Other Spices market is expected to amount to 0.1kg in 2024.

Key regions: United Kingdom, Spain, Japan, India, South Korea

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Analyst Opinion

The Sauces & Spices Market in Bangladesh is facing subdued growth, influenced by factors such as limited consumer awareness and traditional cooking practices. Despite this, the market is expected to grow moderately due to rising demand for convenient and flavorful food options.

Customer preferences: Consumers in Bangladesh are increasingly seeking convenience and flavor in their cooking, leading to a rise in demand for pre-packaged spice blends and ready-to-use sauces. This trend is driven by hectic lifestyles, as well as a desire for traditional flavors without the time and effort required for homemade preparations. Furthermore, the introduction of international cuisines and fusion dishes has also contributed to the growth of the spices and culinary herbs market.

Trends in the market: In Bangladesh, the Spices & Culinary Herbs Market of the Sauces & Spices Market within The Food market is experiencing a surge in demand for organic and locally sourced spices and herbs. This trend is being driven by a growing awareness of the health benefits of natural ingredients and a desire for sustainable and ethically produced products. As consumers become more health-conscious, there is a potential for increased competition among industry players to offer high-quality, organic options. Additionally, the rise of e-commerce and social media platforms is making it easier for small-scale farmers and producers to reach a wider market, presenting opportunities for growth and innovation in the industry.

Local special circumstances: In Bangladesh, the Spices & Culinary Herbs Market is heavily influenced by the country's rich agricultural heritage and diverse cuisine. The use of traditional spices and herbs in everyday cooking is deeply ingrained in the culture, making this market unique compared to others. Additionally, the strict Halal certification requirements for food products have a significant impact on the production and distribution of spices and herbs in the country. These factors contribute to the dynamic and thriving market for spices and culinary herbs in Bangladesh.

Underlying macroeconomic factors: The Spices & Culinary Herbs Market of the Sauces & Spices Market within The Food market in Bangladesh is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. The country's GDP growth rate, inflation rate, and exchange rates can significantly impact consumer spending and the overall demand for spices and culinary herbs. Additionally, government policies related to trade and agriculture can affect the availability and pricing of these products. Furthermore, factors such as population growth, urbanization, and changing dietary preferences also play a role in shaping the market for spices and culinary herbs in Bangladesh.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.