The spices market in the United Arab Emirates has shown a downward trend, with the volume in 2023 standing at 22.0 Thousand Metric Tons. From 2014 to 2023, the market experienced significant fluctuations, with notable declines in 2015, 2016, and 2020. The Compound Annual Growth Rate (CAGR) over the last 5 years is -3.29%, reflecting an overall market contraction.
Recent year-on-year variations include a decrease of 4.35% from 2022 to 2023, and an average CAGR of -3.29% over the last five years. Over the past decade, significant declines were recorded in years such as 2015 (-17.07%) and 2020 (-20.19%). The forecasted data from 2024 onwards suggests that this declining trend will continue, with an expected 5-year CAGR of -4.45% and an overall forecasted growth decrease of -20.34% by 2028.
Future trends to watch for include potential market stabilization or further declines influenced by changes in consumer behavior, import-export regulations, and possible shifts towards local or alternative seasoning products. Additionally, emerging health trends may either positively or negatively impact the demand for spices depending on their perceived health benefits or risks.
