Thinking of Opening a Spice Store?


Have you been dreaming about opening your own spice store? Here’s why now might be the best time to make this a reality.

According to the 2012 Spice and Extract Manufacturing Industry Report, the industry’s total 2011 revenue was $16 billion dollars with spices and seasonings accounting for $4 billion! Future demand for spices and seasonings will continue to rise due to the ever increasing sophistication of the consumer’s palate and the increased awareness of perceived health benefits of spices.

According to McCormick & Company, Inc. food conscious consumers are expecting greater seasoning choices, and today the average home spice cabinet contains 40 spices and seasonings compared to 10 just a decade ago. Also, in the last ten years the consumption of spices in the US has grown almost 3x as fast as population growth. Food Technology Magazine reports that the preference for spicy foods has grown 9% among those ages 25 to 34 and 13% among ages 35 to 44 in just the past 2 years.

The increase in spice usage has been fueled by the ongoing economic “recession” that has shifted more focus to preparing better tasting meals at home with fewer restaurant visits. Combine this with the better educated home cook, thanks to the staggering amount of cooking shows on TV, and you can expect the high demand for spices and seasonings in the United States to continue to surge well into the foreseeable future.

In previous recessions, starting a business from scratch or buying a franchise has been the way out for many. According to the Small Business Administration’s Office of Advocacy – “Small businesses employ a little more than half of all private-sector workers, pay 44% of total U.S. private payroll and have generated 64% of net new jobs over the past 15 years”.  There’s something magical about being an entrepreneur and putting people to work.

So you have two choices - do you go with an existing spice franchise or start your own spice store from scratch?

Contact Sarah at 1-888-762-8642 or send her an email at sarah@spicesinc.com if you have any questions or would like more information.

 

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