Spices and Seasonings Market to Witness Unprecedented Growth in Coming Years

April 25 22:05 2022
Spices and Seasonings Market to Witness Unprecedented Growth in Coming Years
MarketsandMarkets™
The global spices and seasonings market is estimated to be valued at USD 21.3 billion in 2021. It is projected to reach USD 27.4 billion by 2026, recording a CAGR of 5.2% during the forecast period

The global Spices and Seasonings Market was expected to grow from USD 21.3 billion in 2021; to reach USD 27.4 billion by 2026, at a CAGR of 5.2% from 2021 to 2026. Spices and seasonings are widely used to add flavor, aroma, color, and taste to food & beverages, and sometimes also as preservatives or antibacterial agents. Convenience food manufacturers use these attributes of spices and seasonings to improve their product quality and taste and increase their shelf life. Consumer willingness to experiment with new flavors and increasing interest in ethnic tastes has generated a proliferation in product offerings and an increase in the sale of spices and seasonings. The success of this industry can also be attributed to its response to consumer demand for healthier products, convenience, and a variety of flavors.

 Spices and Seasonings Market

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Opportunities: Increase in demand for health and wellness products

Specific spices and herbs are replacing sugar and salts as well as artificial additives, with consumers becoming increasingly health-conscious. Natural flavoring, organic foods, and safe dietary supplements are the three main factors driving the demand for spices and herbs.

Products that claim to have natural ingredients, such as spices, help manufacturers attract more consumers. The “health and wellness” trend drives the overall natural ingredients market. Increasing lifestyle-based disorders such as cardiovascular diseases, obesity, osteoporosis, and diabetes have prompted consumers to resort to natural alternatives. Moreover, the media’s describing the ill effects of consuming synthetic ingredients has further cautioned consumers. There is a perception among consumers that natural ingredients have a positive impact on general health, while synthetic ingredients have certain detrimental effects. As a result, food manufacturers have promptly responded by completely replacing or partially replacing synthetic ingredients with natural counterparts.

The ginger segment of the spices and seasonings market is projected to account for the largest share, by type

On the basis of type, the spice market has been segmented into pepper, capsicum, ginger, turmeric, coriander, cumin, nutmeg & mace, cardamom, cinnamon, and other types. The ginger segment accounted for the largest share of 37.7% of the global spice market in 2020. Most spices have the largest market share in Asia Pacific. This is because more spices are used in hot climates due to their antibacterial properties that rid foods of pathogens and thereby contribute to human health, longevity and reproductive success. The rapidly growing fast food industry and increasing demand for convenience food have led to an increase in the demand for spices and seasonings such as paprika, pepper, oregano, mint, and sesame. In terms of consumption, the demand for turmeric has always been high and is further increasing, especially in Asian countries due to the medicinal properties of turmeric and its extensive use in Ayurvedic medicines and Indian cuisines.

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Europe is the fastest-growing market during the forecast period in the spices and seasonings market

Factors such as the large population and the growing demand for authentic ethnic flavors, the increasing popularity of convenience foods, and growing awareness of the medicinal properties of spices and seasonings are driving the North American market.

Asia Pacific is the dominant region in the global spices & seasonings market. Major countries contributing significantly towards the growth of the region include China, India, Japan, Australia, and New Zealand. The rapidly growing fast food industry and young demography in the Asia Pacific region have led to an increase in the consumption of packaged, frozen, and convenience food, which is in turn expected to enhance the growth of the market for spices and seasonings.

Key players in this market include McCormick & Company, Inc. (US), Olam International (Singapore), Ajinomoto Co. Inc. (Japan), Associated British Foods plc (UK), Kerry Group plc (Ireland), Sensient Technologies Corporation (US), Döhler Group (Germany), SHS Group (Ireland), and Worlée Gruppe (Germany). These players have focused on acquisitions to gain a larger market share in the spices & seasonings market.

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