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
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