Egypt Herbs and Spices Market: Key Factors Impacting Growth During 2020– 2027
Market Research Future (MRFR) has revealed in its
latest study that the Egypt herbs and
spices market is expected to register a steady CAGR of 3.27% during the assessment period 2018 to 2023. The market
is currently valued at USD 97.79 Mn
and is estimated to reach a valuation of USD 114.84 Mn by 2023-end. The shifts
witnessed in the trade policies facilitating large-scale market penetration due
to globalization has paved the way for herbs and spices market expansion in
Egypt.
The Egypt
herbs and spices market has entered a maturity phase, but, the demand from
food manufacturers and changing market trends are likely to retain the growth
of the market. Customer readiness to experiment with new flavors coupled with
the demand for exotic and ethnic flavors are anticipated to catapult the market
on an upward trajectory. Additionally, the market players are organizing
vigorous promotional campaigns for creating product awareness and retaining the
customers. The key players strive to stay ahead of the curve and are seen to
collaborate with food manufacturers for expanding consumer base. An all-round
development of the market at a moderate pace is expected over the next couple
of years.
Changes witnessed in the lifestyle and food habits
of the population is estimated to favor the rise in the market value during the
forecast period. The growing inclination towards convenience food has
encouraged the market operators to expand their product portfolios. The
availability of ready-to-use herbs and spices is likely to fuel demand in the
Egypt herbs and spices market over the next few years. Furthermore, various
herbs and spices have developed application in the dietary food and supplements,
healthcare products, cosmetics, etc. which is expected to catalyze revenue
creation in the market. However, the uncertain climatic conditions adversely
affect the quality of crop and price of raw materials which, in turn, affects
the cost of processing herbs and spices. It is likely to hold the Egypt herbs
and spices market growth over 2023.
Access Report @ https://www.marketresearchfuture.com/reports/egypt-herbs-spices-market-6327
Egypt Market for Herbs and Spices-Segmental
Analysis:
MRFR’s report offers a detailed segmental analysis
of the market based on type, packaging material, and distribution channel. By
type, the market has been segmented into herbs and spices. Among these, the
spices segment currently commands the maximum share of the market and is
projected to thrive at 3.27% CAGR through the assessment period. Meanwhile, the
herbs segment is estimated to register a relatively higher CAGR over the review
period.
By packaging material, the market has been
segmented into paper, plastic, and others. The plastic segment held the most
significant market share in 2017 which accounted for 58.35% share. The growth
is attributable to the temperature resistance, durability, etc. of the
material. However, the paper segment, which offers cost-efficiency,
versatility, etc., is poised to thrive at a comparatively higher growth rate.
By distribution channel, the market is segmented
into store-based and non-store based. The store-based segment has further been
sub-segmented into supermarket/hypermarket, convenience stores, and others. The
store-based segment is estimated to retain its pole position towards the end of
the forecast period and strike a CAGR of 3.16%.
Regional Outlook:
By region, the Egypt herbs and spices market has
been segmented into North Africa and South West Asia. North Africa is poised to
lead the sale of herbs and spices in Egypt and is estimated to reach a
valuation of USD 100.89 Mn by the end of 2023. The food manufacturers have
fueled demand for herbs and spices in the region for strengthening their
footholds in the market by facilitating product differentiation. Additionally,
the medicinal benefits of herbs and spices such as strengthening the immune
system, preventing cold & flu, curing migraine headaches, controlling
cholesterol, etc. have increased its application in dietary supplements and
healthcare sector. The boost in the sales of herbs and spices in the region is
also attributable to the increasing per capita income. Meanwhile, South West
Asia is projected to exhibit a higher CAGR of 3.87%. The increasing demand for
natural herbs and spices coupled with a widening range of applications across
various industry verticals such as cosmetics & personal care are expected
to steer the growth of the market in the region. Furthermore, the growing
demand for ethnic flavors in the region is likely to have a positive influence
on the Egypt herbs and spices market.
Egypt Market for Herbs and Spices-Competitive
Dashboard:
Some
of the key players profiled by MRFR in the report are Aljawhara Herbs & Spices
(Fayoum), AL Sharq Spices (Elfayoum), International Aromatics S.A.E
(Alexandria), Herbs Egypt (St. Giza), Valley Herbs (Al Fayoum), Green Valley
Herbs (Fayoum), United for Herbs and Spices (Fayoum), and Berlik Spices
(Fayoum).
NOTE:
Our Team of Researchers are Studying Covid19 and its Impact on Various Industry
Verticals and wherever required we will be considering Covid19 Footprints for
Better Analysis of Market and Industries. Cordially get in Touch for More
Details.
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