Spices and seasonings Market

Global Spices and seasonings Market is predicted to expand at a CAGR of 4.5% during forecast period, reaching a value of USD 24,236 Million by 2028. The growing demand for ready to eat and drink products and the expansion of hospitality industry are fueling the spices and seasoning market.

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Key Drivers and Emerging Trends

The spice and seasonings market is estimated to witness a smooth growth curve over the upcoming years, owing to the rapid urbanization, increasing income, and changing consumption patterns. According to the World Health Organization, over 54% of the world population lived in urban areas in 2014, as compared to 34% in 1960. The growing use of spices and seasonings to treat diseases and ailments, owing to the medicinal properties and antioxidants has strengthened the market growth. With the growing demand for western cuisines and cultural mixes in food, the willingness to pay a premium price for new and ethnic flavours has increased, fueling the Spices and seasonings market size.

Apart from this, the use of spice and seasonings as natural preservatives to impede microbial activity and maintain the quality of meat and poultry products will offer enormous opportunities to the market. Other factors influencing the spices & seasonings market are the growing demand for ready to eat meat and convenience products, and increasing preference for natural ingredients and flavors, will propel the market growth.

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Type – Segment Analysis

Pepper segment is estimated to witness a higher CAGR over the coming years, owing to the exceptional anti-inflammatory and antioxidants properties. Increasing demand for pepper across the food and beverages industry owing to its ability to prevent contamination will expand the market growth. On the other hand, the expansion of fast-food industry and growing demand for processed foods have augmented the demand for ginger, helping the ginger segment to hold a larger share over the forthcoming years.

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Regional – Segment Analysis

Asia Pacific region is forecast to dominate the spices and seasonings market during the forecast period, owing to the rising per capita income and the increase in marketing and promotional activities. The emergence of various domestic brands of spices and herbs, increasing globalization of markets and the rapid urbanization has changed the food preferences of consumers, allowing foodservice outlets to incorporate a variety of seasonings in their cuisines, driving the regional growth. According to IBEF, in 2021, the export of whole spices export increased to USD 4.0 billion in August 2021 from USD 1.68 billion from April 2021. North America is estimated to witness considerable growth over the upcoming years, due to the consumers’ willingness to try new flavors and the inclination of individuals towards ethnic tastes.

Top Market Players

Several leading companies in the market include Olam International Limited, British pepper & spice Co Ltd., Dohler Group, McCormic Spices, Simply Organic, Savory Spice, Penzeys Spices, Old Bay Seasoning, Mortan & Bassett, Flavor God Seasonings, and among others.

Key Developments:

• • In 2021, Rumi Spice introduced three new spice blends on Whole Foods Market shelves, including ‘Rumi Spice Saffron, Wild Black Cumin (Ground), Afghan Curry Braise, Southwest Chili, and Kabul Piquant Chicken.
  • In 2021, Olam International Limited has announced acquisition with Odle Thompson, a leading US private-label spices and seasonings manufacturer. This acquisition will expand the business of Olam International to provide the consumer with a wide range of bold, authentic, and natural flavors and tastes.
  • In 2020, Trader Joe’s introduced Everything But the Elote Seasoning Blend, comprising of chile pepper, Parmesan cheese, cumin, chipotle powder, dried cilantro, sea salt, and various other ingredients.
  • In 2020, Spice World established five flavors, involving ‘Kickin’ Chili Onion Crunch,’ ‘Aloha! Habanero Pineapple Mango,’ ‘Viva! Italian Herb & Garlic,’ ‘Sizzlin’ Fire Roasted Fajita,’ ‘Slammin’ Moroccan Spice’ to expand the product portfolio.
  • In 2020, McCormick spices purchased 100% shares of FONA international for USD 710 million. The acquisition will bolster the market position of McCormick spices in clean label, organic, natural extracts, and better-for-you solutions.

Segments covered in the Report:

The Spices and seasonings Market has been segmented based on Type, Application, and Region. Based on type, the market is segmented into Pepper, Chili, Ginger, Cinnamon, Cumin, Turmeric, Nutmeg, Cardamom, and Others. Based on application, market is segmented into Meat & Poultry, Bakery & Confectionery, Frozen food, Snacks and Convenience food, and Others.

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Key questions answered in this research report:

• • At what pace is global spices and seasonings market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in spices and seasonings Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global spices and seasonings market?
  • Which type generated maximum revenues in 2020 and identify the most promising type during the forecast period?
  • What is the various application area of global spices and seasonings Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Spices and seasonings Market by Product

• • Pepper
  • Chili
  • Ginger
  • Cinnamon
  • Cumin
  • Turmeric
  • Nutmeg
  • Cardamom
  • Others

Global Spices and seasonings Market by Application

• • Meat & Poultry
  • Bakery & Confectionery
  • Frozen food
  • Snacks and Convenience food
  • Others

Global Spices and seasonings Market by Region

• • North America Spices and seasonings Market (Option 1: As a part of the free 25% customization)
    • By Type
    • By Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe Spices and seasonings Market (Option 2: As a part of the free 25% customization)
    • By Type
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Spices and seasonings Market (Option 3: As a part of the free 25% customization)
    • By Type
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Spices and seasonings Market (Option 4: As a part of the free 25% customization)
    • By Type
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Spices and seasonings market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Olam International Limited
  • British pepper & spice Co Ltd.
  • Dohler Group
  • McCormic Spices
  • Simply Organic
  • Savory Spice
  • Penzeys Spices
  • Old Bay Seasoning
  • Mortan & Bassett
  • Flavor God Seasonings