Thriving in the Spice Industry
The food industry has recently been cooking up a storm in terms of convenience and quality. Global trends, consumer perceptions and an increasingly competitive industry are driving innovation, demanding quality and speed, forcing global regulation and compliance, and pushing companies to step up to the plate. There’s little doubt that the spice industry is following in the same footsteps – vigorously fighting to stay abreast of macroeconomic factors and consumer tastes, which are unequivocally ever-changing.
With the world market for imported spice and culinary herbs valued at around US$ 4 billion (International Trade Centre), it is estimated that the global market for seasonings, spices and herbs is likely to exceed US$6.5 billion per year in the near future. This comes as no surprise, as the spice industry continues to witness fundamental strategic shifts in how organisations switch into a different gear.
Spicegro, for example, positioned itself early from the company’s inception not to focus on a purely cost-driven culture, but to adopt an agile and value-driven approach throughout. While the company imports the majority of its spices from around the world, it doesn’t view the European Union (EU) requirements as an enemy, but rather as a partner that ensures they follow the wider European trend towards ethical and responsible consumption. As a result, Spicegro sources, manufactures and supplies only the finest, freshest and top-quality spices, herbs and food ingredients. The company sources at farm level and their team of professionals know when and how to buy. They take everything into consideration - from monitoring the weather to seeking quality crops and buying strategically.
It is steps like these, along with knowledge, a quest for quality and love for spices that enable organisations like Spicegro to grow into fruitful organisations that maintain the strictest and highest level of product and employee safety, efficiency, accreditation, profitability and growth. Spicegro is also food safety certified and their panel of experts personally trade, source, blend, manufacture and develop their products to ensure they meet their clients’ needs, as well as the changing needs of the safety standards, while always aiming to achieve higher levels during audits.
Spicegro navigates the difficulty and competitive landscape they operate in by keeping abreast with the local and international markets, forecasting needs with their clients, making customer service a priority, conducting research with regard to the changes in flavours, staying abreast of food safety procedures, building good relationships with their suppliers, and aiming for quality throughout. They believe that quality, service delivery and innovation are the fibres that weave through every aspect of their business’ beating heart – thereby ensuring fine craftmanship, sustainability and a holistic offering.
Improving the quality and quantity of spices imported and exported are critical. To do so, Spicegro implements strategic development plans to overcome the challenges that are faced prior to entering each market segment. When exporting, they adjust product offerings to the local taste appeal of the consumers, invest in networks and marketing to ensure they stay abreast of trends, and are also alert and aware of demands for specific spices. The abundant variety of spices and herbs, origins and markets, all have their own supply and demand dynamics – each dependant on production environments, trade regulations and taste trends of the global market.
Spicegro’s recipe for success includes continuous investment in research and development to unearth new flavour combinations and aromatic innovations, while preserving their special blend of values and customer service.
Due to the increasingly competitive industry overflowing with food delivery apps, online food shopping, food gifting, food formulation, local foods, natural and organic products, and an ever increase in consumer fascination for different cuisines, flavouring markets maintain an upward trend in terms of value and volume. Being an agile and consumer driven organisation is therefore imperative to thrive in this market.