Market Insights Consumer Food Sauces & Spices

Spices & Culinary Herbs - Peru

Peru

Revenue in the Salt & Other Spices market amounts to US$295.30m in 2024. The market is expected to grow annually by 6.59% (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$8.63 are generated in 2024.
In the Salt & Other Spices market, volume is expected to amount to 16.70m kg by 2029. The Salt & Other Spices market is expected to show a volume growth of 6.0% in 2025.
The average volume per person in the Salt & Other Spices market is expected to amount to 0.4kg in 2024.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Spices & Culinary Herbs Market in Peru has seen slight growth due to demand for traditional spices and herbs, as well as the rising trend of incorporating more exotic flavors into dishes. However, the minimal growth rate is impacted by the country's economic downturn and consumer preference for locally sourced, fresh ingredients.

Customer preferences: The growing popularity of plant-based and clean eating diets in Peru has led to a rise in demand for natural and organic spices and culinary herbs. Consumers are seeking out high-quality, ethically-sourced products that align with their values and health goals. This trend is also influenced by a growing interest in traditional Peruvian cuisine and its use of native herbs and spices. Additionally, there has been an increase in demand for pre-packaged spice blends and seasonings as busy consumers look for convenient and flavorful options to enhance their meals.

Trends in the market: In Peru, 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 products, driven by consumer preference for healthier and more environmentally friendly options. This trend is expected to continue as consumers become more conscious of the origin and quality of their food. This presents opportunities for industry stakeholders to invest in sustainable sourcing and production methods, as well as to cater to the growing demand for organic products. Additionally, the use of traditional Peruvian spices and herbs in international cuisine is gaining popularity, providing an avenue for market expansion and diversification.

Local special circumstances: In Peru, the Spices & Culinary Herbs Market of the Sauces & Spices Market within The Food market is heavily influenced by traditional Peruvian cuisine, with the use of local herbs and spices such as aji amarillo and huacatay. Additionally, the country's diverse geography, ranging from coastal to mountainous regions, allows for a wide variety of native herbs and spices to be grown and used in cooking. Furthermore, the growing demand for organic and natural products in Peru has led to the rise of small-scale, locally sourced herb and spice producers, adding to the unique flavors and offerings of the market.

Underlying macroeconomic factors: The Spices & Culinary Herbs Market of the Sauces & Spices Market within The Food market in Peru is affected by various macroeconomic factors. The country's economic growth, stability, and fiscal policies play a crucial role in shaping the market. Peru has experienced steady economic growth in recent years, driven by its strong mining and agriculture sectors. This has led to an increase in disposable income and consumer spending, which has positively impacted the demand for spices and culinary herbs. Additionally, the country's growing tourism industry has also contributed to the market's growth, as tourists are increasingly seeking out authentic local flavors and dishes. Furthermore, Peru's favorable trade agreements with other countries have facilitated the import and export of spices and herbs, further boosting the market. However, the recent political turmoil and economic uncertainty in the country may have a negative impact on the market's growth in the short term. Overall, the market is expected to continue its growth trajectory, driven by the country's improving economic conditions and growing demand for unique and diverse flavors in the food industry.

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.