Overview and Scope
Spices and seasonings refer to aromatic substances derived from root, bark, seed, leaves, or fruit of the plant, and blends of salts, sugars, and spices designed to enhance the flavor the food. The importance of spices and seasonings is determined by the use and nature of the dish.
Sizing and Forecast
The spices and seasonings market size has grown strongly in recent years. It will grow from <b>$25.05 billion in 2023 to $26.88 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. </b> The growth in the historic period can be attributed to increased demand for spices and seasonings to enhance the flavor of food, growing popularity of ethnic foods and home cooking, rising income levels and newer food experiences, increased preference for trying out new flavors in the foodservice sector and processed food products, demand from consumers for high-quality, healthy food ingredients
The spices and seasonings market size is expected to see strong growth in the next few years. It will grow to <b>$36.82 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. </b> The growth in the forecast period can be attributed to growing awareness of the medical benefits of spices and seasonings, increasing demand for new and exotic tastes along with organic flavors, rising consumer health consciousness, evolving consumption patterns, shelf-life extension. Major trends in the forecast period include introduction of blended spices, high dependency of spice crops on climate conditions, ethnic and regional flavors, transparency and traceability, custom spice blends.
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Segmentation & Regional Insights
The spices and seasonings market covered in this report is segmented –
1) By Type: Pepper, Capsicum, Ginger, Cinnamon, Cumin, Turmeric, Nutmeg & Mace, Cardamom, Coriander, Cloves, Other Types
2) By Nature: Organic, Conventional
3) By Application: Meat & Poultry Products, Snacks & Convenience Food, Soups, Sauces, And Dressings, Bakery & Confectionery, Frozen Products, Beverages, Other Applications
<b>North America</b> was the largest region in the spices and seasonings market in 2023. <b>Asia-Pacific</b> is expected to be the fastest-growing region in the spices and seasonings market share during the forecast period. The regions covered in the spices and seasonings market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The growing hospitality industry is expected to propel the spice and seasonings market. Rapid growth in net disposable income, new travel trends, and better work-life balance are contributing to the growth of the hospitality industry across the globe. The rapid growth in the hospitality industry is expected to boost demand for spice and seasonings, as it is widely used in food preparations in the majority of cuisines across the globe. According to the report published by India Brand Equity Foundation (IBEF), in May 2022, the domestic, international, and outbound hotel business in India was valued at $32 billion in FY20 and is anticipated to grow to $52 billion by FY27 as a result of rising traveller demand and persistent market expansion attempts by travel agencies. Therefore, the growing hospitality industry is expected to boost the spices and seasonings market during the forecast period.
Key Industry Players
Major companies operating in the spices and seasonings market include <b> McCormick & Company Incorporated, Olam International Limited, Ajinomoto Co. Inc., Associated British Foods plc, Kerry Group plc, Kikkoman Corporation, Sensient Technologies Corporation, Cargill Incorporated, Döhler GmbH, House Foods Group Inc., Baron Spices Inc., Prymat Sp. z o .o., SHS Group Limited, The Kraft Heinz Company, Unilever PLC, Ariake Japan Co. Ltd., Baria Pepper Joint Stock Company, The Bart Ingredients Co. Ltd., British Pepper & Spice Co. Ltd., Fuchs North America Inc., Givaudan SA, Griffith Foods Worldwide Inc., International Flavors & Fragrances Inc., Mane SA, Robertet SA, Symrise AG, Takasago International Corporation, T. Hasegawa Co. Ltd., Firmenich SA </b>
The spices and seasonings market report table of contents includes:
1. Executive Summary
2. Spices and Seasonings Market Characteristics
3. Spices and Seasonings Market Trends And Strategies
4. Spices and Seasonings Market – Macro Economic Scenario
5. Global Spices and Seasonings Market Size and Growth
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26. South America Spices and Seasonings Market
27. Brazil Spices and Seasonings Market
28. Middle East Spices and Seasonings Market
29. Africa Spices and Seasonings Market
30. Spices and Seasonings Market Competitive Landscape And Company Profiles
Top Major Players:
- McCormick & Company Incorporated
- Olam International Limited
- Ajinomoto Co. Inc
- Associated British Foods PLC
- Kerry Group PLC
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