LONDON--(BUSINESS WIRE)--The global berbere spices market is expected to post a CAGR of close to 6% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the rising number of organized retailing outlets. Organized retailers have grown worldwide with the establishment of supermarkets, hypermarkets, and specialty stores. Supermarkets is a major distribution channel that makes berbere spices easily accessible and available to consumers. Given the rise in population, the demand for these supermarkets is also growing. Other countries that have a high degree of penetration of marts are the UK, Australia, France, and Canada. The marts alone account for over one-third of the packaged berbere spices sales. Moreover, it is expected that by 2020, sales through hypermarkets and supermarkets in countries like the UK, Canada, and the US will account for around 60% sales of berbere spices. Therefore, with such an increase in sales, the market is expected to register a positive outlook during the forecast period.
This market research report on the global berbere spices market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the rising demand for indigenous and ethnic food products as one of the key emerging trends in the global berbere spices market:
Global berbere spices market: Rising demand for indigenous and ethnic food products
Since 2010, the demand and popularity for ethnic food products have grown considerably in Europe and North America. The primary reason behind this growth is the growing multicultural population in both of these regions in the world. European and American visitors have traveled more frequently over the past decade to more exotic destinations in the world and this has helped them in increasing their awareness about exotic spices used in different cuisines worldwide. Currently, some of the ingredients and cuisines gaining popularity in these two regions are Indian fishes like curries, and chilies and cardamoms; Thai products like cassia cinnamon, nutmegs, and cloves; and Vietnamese products like ginger, chilies, fennel, and pepper. Moreover, there has been a significant rise in small and medium-sized retailers venturing into the indigenous and ethnic food sector in Europe and the Americas, which, in turn, has been instrumental in driving the growth of ethnic and exotic food ingredients like berbere spices in these regions.
“Apart from the rising demand for indigenous and ethnic food products, the growing influence of online retailing and health benefits of berbere spices are some other major aspects that are expected to boost the growth of the global berbere spices market during the forecast period,” says a senior analyst at Technavio.
Global berbere spices market: Segmentation analysis
This market research report segments the global berbere spices market by end-user (producers market-based berbere spices, local assemblers and wholesalers market-based berbere spices, and retailers market-based berbere spices) and geographical regions (APAC, EMEA, and the Americas).
The EMEA region led the market in 2017 with a market share of over 92%, followed by the Americas and APAC respectively. However, during the forecast period, the Americas is expected to register the highest incremental growth, followed by the APAC region.
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Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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