Spices Market Procurement Intelligence Report

The report provides a comprehensive coverage on Spices category spend growth and regional spend segmentation insights, Spices price trends and Spices supply market analysis.

This report on global Spices category is part of a larger series of reports on global Food and Beverages market. The scope of Food and Beverages spans multiple categories and is typically identified as a procurement category that includes all spend relating to raw food and beverages required to prepare meals for clients and staff. If the food has been provided as a meal, then it should be excluded from this category.

Key questions on L4 procurement answered by this report

Strategic Sourcing Guide to Spices Procurement

Overview

The market for Food and Beverages and its sub-segments such as Spices are at an interesting intersection. Suppliers are shedding the category expert tag and moving up the value chain to offer an integrated approach to their services. With this new approach, suppliers can offer a wide portfolio of services and position themselves for large contracts that go beyond just Spices.

As market presence of companies become global, there is a growing preference towards service providers who can provide services seamlessly across the globe and have excellent understanding of local regulations and culture.

Many companies are looking to engage Spices supplies in a long-term partnership to derive the highest ROI possible and creating an environment of trust and collaboration that allows for new optimization strategies.

Trends like these and many others discussed in this report are necessitating a relook at the way Spices is procured and the procurement cost saving opportunities that exist.

Spices Procurement Best Practices

It has become imperative for category managers to remain as agile as possible in terms of their procurement practices. However, it is not always easy to quickly spot and implement alternative practices in a category like Spices. To help quick decision making, this report advises on several procurement best practices that have worked well for category managers.

For example, Buyers must clearly define clauses pertaining to the ownership of sub-contracting services that are not a part of their preferred suppliers' portfolios. This will ensure consistency in the services of sub-contracted firms as well as protection of confidential data.

Benefits of an integrated program are more apparent over a period of 5-7 years, and the goal in such relationships is to achieve cost savings and improve performance in the long run. Buyers should opt for suppliers that have a track record of long-term engagements as this will increase the probability of these suppliers sustaining in a mutually beneficial relationship for a longer duration.

Buyers require industry-specific services to effectively operate their production facilities. Thus, they should opt for service providers that can offer customization and bring in years of experience in serving the needs of that industry.


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Risks in Spices procurement

Spices procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Spices procurement. Some examples include:


  • Irregular inspections of facilities and installations can lead to the failure of electrical and maintenance-related equipment. This leads to downtime and interrupts the day-to-day operations of the buyers, thereby resulting in huge losses
  • Suppliers may face a situation where they are unable to honor a contract in its entirety due to shortage of resources, finances or capabilities. While contractual terms safeguard buyers from the non-performance, their operations could still face massive disruptions due to suppliers' non-performance
  • When requirements of the buyers are not absolutely clear or usage patterns are not stable or predictable, suppliers often build in \"cost buffers\" for unforeseen risks due to a lack of complete understanding on buyer's requirements. This increases the risk of overspending on Spices

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Who should read this report

  • The report is intended to serve as a one-stop reference guide for Spices procurement strategy and offers a perfect blend of category basics with deep-dive category data and insights. Therefore, it is ideal for category beginners looking for “Spices: Procurement Report 101” as well as for category experts actively tracking the global Spices procurement market.

     

    You may have just initiated your research to design a winning Spices procurement strategy, or you may be a category expert looking for strategic insights and updated data.Either ways, the report has your requirements covered.

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Key questions on Spices procurement answered by this report

    Procurement decisions can prove to be costly in the absence of careful deliberation and evaluation of every available option. In fact, more than 90% of the decision makers we work with acknowledge that timely availability of up-to-date category intelligence can help them make better purchasing decisions. More than 80% of them believe that in-house category intelligence needs to be updated periodically to achieve full benefits. If you have read so far, we are quite sure you agree!!

     

    The Spices procurement report helps take more informed decisions by placing all the critical information and advice at the fingertips of a decision maker. It also specifically answers some of the key questions that we have been routinely asked during our industry outreach initiatives:

     

    • What is the spend potential in the Spices market?
    • What is the correct price to pay for Spices? What are the key trends and factors that influence current and future pricing?
    • Which selection criteria are the most important for Spices Suppliers Market?
    • Who are the top Spices suppliers? What are their cost structures?
    • Which negotiation levers can reduce Spices procurement cost ?
    • What are supplier margins in Spices market?
    • What are the best practices for Spices procurement and what are the potential risks?

SpendEdge Insights has helped procurement professionals and sourcing teams manage multiple spend areas and achieve more than $2 billion in savings. Activate your free account today!

Spices Category Insights: What is inside

  • A comprehensive drill down on category sourcing execution: Data, insights, advisory

    The Spices market report offers a complete picture of the supply market and analyzes the category from the perspective of both buyers and suppliers. Analysis of the category trends, procurement best practices, negotiation levers and overall category management strategy advisory are interspersed with in-depth data and commentary on spend outlook, pricing ecosystem and supplier landscape drilled down to a region-level coverage.

    Data

    A key highlight of this report is the in-depth outlook created on Spices procurement spend and pricing trends. The report further delves deep into the aspects of cost structure, total cost of ownership and supplier margins for Spices. A dedicated section to supplier profiles and evaluation helps decision makers cast a wider procurement net and identify gaps in existing relationships.

    Insights

    Along with specific category and supplier intelligence, the publication also includes curated insights on Spices market trends, price influencers and inherent risks. These insights help the decision makers prepare for market shaping trends in advance and create alternative strategies for changes in the market conditions.

    Advisory

    Additionally, the report also advises on the best practices and strategies to manage the Spices category efficiently. Negotiation levers and opportunities are explained in detail along with quantification of their potential. Benchmark KPIs for supplier and buyer performance management are also aggregated to better organize the category objectives. Other themes of advisory include ideal procurement organization structure, enablers to achieve KPIs or category objectives and ideal SLAs to have with suppliers.

  • Unrivalled breadth of category analysis: at your fingertips

    Category Ecosystem

    • Buyer and supplier ecosystem
    • Competitiveness index
    • Buyer and supplier power
    • Threat of new entrants and substitutes

    Global and Regional Sourcing Insights

    • Category spend
    • Spend growth
    • Dynamics
    • Opportunities

    Pricing and Cost Analysis

      • Pricing outlook and data
      • Drivers of pricing
      • Cost structure and inputs cost
      • Total cost of ownership
      • Pricing models and margins

    Cost Saving Opportunities & Negotiation Strategies

    • Buyer and supplier side levers
    • Quantified cost saving opportunities
    • Negotiation strategies and quantified outcome

    Procurement Best Practices, Strategy and Enablers

    • Procurement excellence
    • Sustainability and innovation
    • KPIs and category enablers
    • Risk management and outsourcing

    Vendor Analysis

    • RFx essentials and selection criteria
    • SLAs
    • Supplier evaluation metrics
    • Detailed supplier profiles
  • A lucid, easy to read format: Enabling fast decisions

    Our research is complex, but our reports are easy to digest. Quantitative analysis and exhaustive commentary is placed in an easy to read format that gives you an in-depth knowledge on the category without spending hours to figure out “what does it mean for my company?”

Category Research Framework

SpendEdge presents a detailed picture of Spices procurement solutions by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key category influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

Information Sources

Primary research
Secondary research
Procurement heads
Industry journals and reports
Category managers
Periodicals and new articles
Sourcing consortium professionals
Category webinars
Industry experts and thought leaders
Internal categiry playbooks
Procurement managers
Industry/government websites on regulations, compliance
Category heads of suppliers
Internal databases
Client account heads/managers
Industry blogs/thought leader briefings
Client and industry consultants

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