The demand for spices continues to expand, leading companies need to compete

Flavors can be divided into two categories according to their sources: natural flavors and synthetic flavors. my country is one of the most important countries in the global spice industry. It has a variety of unique varieties such as osmanthus, camphor, litsea cubeba, plum blossom, etc., as well as natural spice varieties with global competitive advantages such as pine, cinnamon, star anise, fennel, etc. In addition, my country has also introduced and domesticated spices such as lavender and rose that are suitable for local planting and development, and planted them on a large scale. By cultivating and optimizing domestic unique and advantageous varieties and introducing foreign varieties, the types, output and quality of my country’s natural spice products have been improved, and the natural spice industry market has gradually expanded.

In recent years, my country’s spice industry has developed rapidly and the market size has continued to expand. The domestic spice industry is in a period of structural adjustment. In the future, my country’s spice industry will shift from pursuing rapid growth in quantity to improving quality growth in spices, and supply more high-end spice products to the market through market upgrading and changes in corporate development methods. As the development of the domestic spice industry enters a bottleneck period, companies that do not carry out independent transformation and upgrading will be eliminated by the market. If the domestic spice industry wants to further develop, it needs to take enterprises as the main body to build a large-scale natural spice production base to ensure stable and reliable supply channels for the company’s own spice supply; then expand the scope of the original product application basis, strengthen the research and development of spice uses, and optimize the allocation of industrial resources ; Finally, realize the construction of digital and intelligent production factories in production and establish industry competitive advantages.

According to the “2022-2026 China Spice Industry Market In-depth Research and Development Prospects Forecast Report released by the Industrial Research Center, as Increased consumer spending on fragrance products, rapid expansion of the cosmetics industry, increasing fragrance ingredients in cosmetics and toiletries, and perfumes are creating favorable opportunities for the growth of the fragrance market. The global fragrance ingredients market size exceeded US$14.5 billion in 2020 and is expected to grow at a compound annual growth rate of more than 7.5% from 2021 to 2027.

Industrial analysts said that at present, the concentration of my country’s flavor industry is still low, the scale of enterprises is generally small, and customers have high demand for product quality. Continuously rising prices of raw materials and pressure on environmental protection have brought certain challenges to small and medium-sized enterprises in the domestic spice industry. Some small and medium-sized enterprises that are unable to expand have gradually withdrawn from the market or integrated into large enterprises. In the context of the rapid growth of the spice industry, industry technology leaders and giant companies will give full play to the functions of the capital market and expand themselves through mergers and reorganizations, allowing them to develop rapidly and quickly occupy the market. In the future, my country’s spice industry will accelerate the elimination of backward small enterprises, expand the scale of leading enterprises, optimize resource allocation, and pool funds to build a stronger R&D team, thereby improving the overall domestic industry R&D capabilities, innovation capabilities, and market competitiveness.