Spices & Culinary Herbs - BRICS | Statista Market Forecast

The Spices & Culinary Herbs Market in the BRICS countries is experiencing minimal growth due to factors such as low consumer awareness and limited availability of online services. Despite this, the market is expected to see steady growth in the coming years driven by the increasing popularity of ethnic cuisines and growing demand for natural and healthy ingredients in food.

Customer preferences: The growing demand for natural and organic products is influencing the Spices & Culinary Herbs Market within the Sauces & Spices Market in The Food market. Consumers are becoming more health-conscious and are seeking products with no artificial ingredients or preservatives. Additionally, there is a rise in interest for globally-sourced spices and herbs, as consumers are seeking new and unique flavors to enhance their culinary experiences. This trend is also driven by the growing popularity of international cuisines and the desire for authentic and exotic flavors.

Trends in the market: In the Spices & Culinary Herbs Market of the Sauces & Spices Market within The Food market, there is a noticeable trend towards clean label products, with consumers demanding more natural and organic options. This trend is driven by increasing health consciousness and a desire for transparency in ingredients. As a result, companies are incorporating clean label certifications and highlighting clean label ingredients in their marketing strategies. This trend is expected to continue, with potential implications for industry stakeholders including the need for reformulation and sourcing of clean label ingredients, as well as consumer education on the benefits of clean label products.

Local special circumstances: In the Spices & Culinary Herbs Market of the Sauces & Spices Market within The Food market, local factors play a crucial role in shaping the market dynamics. For instance, in India, the market is heavily influenced by the country's rich cultural heritage and diverse cuisine, leading to a high demand for traditional spices and herbs. In China, the market is driven by the country's large population and their preference for natural and organic ingredients, resulting in a surge in demand for premium quality spices and culinary herbs. On the other hand, in South Africa, the market is influenced by the country's strict regulations on food safety and quality, leading to a growing demand for certified organic spices and herbs.

Underlying macroeconomic factors: The Spices & Culinary Herbs Market of the Sauces & Spices Market within The Food market is impacted by various macroeconomic factors, including global economic trends, national economic health, fiscal policies, and financial indicators. Countries with stable economic conditions and favorable fiscal policies are experiencing higher market growth compared to those with economic challenges and restrictive fiscal policies. Furthermore, the increasing demand for natural and organic food products is driving the growth of the Spices & Culinary Herbs Market, as consumers become more health-conscious and seek healthier alternatives. Additionally, the rising popularity of international cuisines and the growing trend of home-cooked meals are also contributing to the growth of the market. The increasing disposable income and changing lifestyles of consumers in emerging economies are also playing a significant role in the growth of the Spices & Culinary Herbs Market within the Sauces & Spices Market, as consumers are willing to spend more on premium and exotic spices and herbs to enhance their dining experiences.

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.