Market Overview
Market Research Future (MRFR) announces a new release on the Egypt herbs and spices market. The report examines various aspects of the Egypt herbs and spices market in order to understand the market comprehensively and present to readers a complete view of the market and its likely growth trajectory over the forecast period. The historical market development patterns are studied in great detail in order to understand the dynamics that move the spices and herbs market in Egypt. This analysis is used as the basis for studied forecasts regarding the market’s likely growth pattern over the forecast period till 2023. Extensive primary and secondary research has been conducted to provide a voluminous look at the market, including interviews with leading lights in the industry as well as extensive research through articles, white papers, and journals. According to the report, the Egypt herbs and spices market was valued at USD 94.8 Mn in 2017 and is expected to exhibit a robust 3.27% CAGR between 2018 and 2023.
The market is nearing maturity, yet is far from stagnating, as new demand is coming in from the country’s increasing urban population. The food and beverage industry is a major sector in Egypt, with the country’s population of more than 90 million estimated to spend more than 40% of their monthly salary on food. The strategic location of Egypt as a key trade hub between Europe and the Middle East/Asia Pacific is also likely to remain a key driver for the Egypt herbs and spices market over the forecast period.
The increasing availability of ready to use herbs and spices is likely to be a key factor for the Egypt herbs and spices market over the forecast period. Egyptian consumers are increasing their demand for convenience foods that can be prepared and consumed in a matter of minutes. Ready to use herbs and spices are crucial in achieving a pleasurable taste in such preparations. Increasing popularity of ethnic dishes in Egypt is likely to lead to a strong growth in demand for herbs and spices, as Egyptian cuisine employs spices and herbs liberally. The growing demand for fast foods and health foods is also likely to drive the market over the forecast period. Herbs and spices are used on a large scale in medicinal preparations in Egypt, which could be a major driver for market over the forecast period.
On the other hand, the uncertainty in the cultivation of herbs and spices in Egypt due to natural fluctuations in rainfall and other factors is likely to drag back the market in the coming years.
Key Players
Major companies profiled in the Egypt herbs and spices market report include Al Sharq Spices, International Aromatics SAE, Green Valley Herbs, United for Herbs and Spices, Calendula Herbs, Al Ajmi Group for Import & Export, Berlik Spices, Aljawhara Herbs and Spices, Herbs Egypt, and Valley Herbs.
Market Segmentation:
The Egypt herbs and spices market has been segmented based on type, packaging material, and distribution channel.
By type, the market offers herbs and spices. Among these, the spices segment currently holds the majority share in the market and is projected to thrive at a 3.27% CAGR through the forecast period. However, the herbs segment is estimated to register a higher CAGR over the review period.
By packaging material, the market has been segmented into plastic, paper, and others. The plastic segment held the most significant market share in 2017, accounting for 58.35% of the overall market. The growth of this segment is attributable to the higher temperature resistance and durability of plastics compared to paper. However, the paper segment, which offers significant cost-efficiency, is poised to thrive at a comparatively higher growth rate over the forecast period.
By distribution channel, the Egypt herbs and spices market is segmented into store-based and non-store-based distribution. The store-based segment has been further sub-segmented into supermarket/hypermarket, convenience stores, and others. The store-based segment is estimated to retain its pole position till the end of the forecast period, exhibiting a CAGR of 3.16% over the forecast period.
Access Report @ https://www.marketresearchfuture.com/reports/egypt-herbs-spices-market-6327
Regional Analysis
The market is segmented by geography into North Africa and Southwest Asia. The North Africa segment is likely to retain the dominant share in the market over the forecast period. However, the Southwest Asia segment is expected to exhibit a higher CAGR of 3.87% over the forecast period.
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