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.
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.
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.
Complete Report Details @ https://www.marketresearchfuture.com/reports/egypt-herbs-spices-market-6327
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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