- eyes bigger slice of US$126bn market
Deedew Spices, an indigenous spice manufacturer, is urging government to offer incentives like tax breaks and waivers to boost the industry and increase Ghana’s share of the lucrative global spices market, currently valued at over US$120billion.
William Achaempong, Resource and Optimisation Manager-Deedew Spices, sees spices as a potential tourism draw and export powerhouse.
He believes government support can unlock this potential and bring an array of benefits to the local economy.
“We know global supply chains are impacted, but we urge government to see the bigger picture – how much production would be spurred and how much exports could grow,” he told the B&FT.
This comes as the global spices market is poised for significant growth, with data aggregator Statista predicting it to reach US$126billion by the end of 2023 – up from US$79billion in 2022. The segment is expected to grow by as much as 5.8 percent annually between 2024 and 2028.
He further highlighted Deedew’s willingness to open its doors to tourists, offering them a glimpse into spice production and potentially attracting more visitors to Ghana.
Already, the Observatory of Economic Complexity reports that Ghana’s spice exports reached US$631,000 in 2021; making it the 102nd-largest exporter globally.
However, there’s room for considerable growth, as spices currently rank only 166th among Ghana’s most exported products.
This call to action comes amid a growing trend of increased interest in spices, with Mr. Achaempong attributing this growing interest to several factors, including the emphasis on healthy eating, the surge of food-related content online and a shift toward exploring diverse culinary experiences.
“Increased access through technology, especially social media, has undoubtedly influenced how people approach food. We are seeing people exposed to cultures that would otherwise be out of their reach and are merging their culinary traditions, leading to a demand for more diverse spices,” he explained.
He further emphasised growing health-consciousness driving the trend.
“People are increasingly opting for natural ingredients and replacing salt, sugar and fats with the flavour profiles offered by herbs and spices,” he added.
This observation aligns with recent expert insights, which predicts a significant rise in demand for value-added spice products due to changing global food habits.
The growing diversity and interconnectedness of the global population is leading to a demand for authentic and exotic flavours, along with convenience and innovation in culinary experiences.
“Experts predict a rise in demand for value-added spice products, reflecting changing food habits and a desire for convenience and innovation,” he further stated.
