Spices and Seasonings Market Overview
The spices and seasonings market will increase from USD 19.35 billion in 2023 to USD 25.38 billion in 2030, with a compound annual growth rate (CAGR) of 4.62% over the forecast period (2023 - 2030).
As people become more aware of the health advantages of spices and ethnic cuisines become more prominent, demand for spices and seasonings is likely to rise. In addition, changing dietary patterns are reflected in the spices seasonings market. Spices and seasonings revenues are booming worldwide because of this change in eating habits.
Increased availability of sophisticated distribution methods and platforms for spices and seasonings, such as in supermarkets, is predicted to boost market demand further. Many food manufacturers aim their products at urban customers who want to ditch traditional baked goods in favour of more healthful and spicy alternatives. Financial firms in the worldwide Spices and seasonings market outlook are concentrating their efforts on developing strategies that include a greater variety of products and services to capture their attention.
Immunization against the lethal coronavirus is critical in the present situation, as is maintaining good cleanliness and heeding all medical advice to enhance defenses against it. Therefore, immunity-enhancing foods have been recommended by WHO as the therapeutic option of the COVID-19 virus and its analysis. Because of this, pharmaceutical and nutraceutical companies are seeing an increase in the desire for medical spice extracts with immune-boosting effects.
Key Players
Ajinomoto Co. Inc,Olam International,Dhler Group,Associated British Foods PLC,The SHS Group,Ariake Japan Co. Ltd,Sensient Technologies Corp,Kerry Group PLC,BG Foods Inc,McCormick Company, Inc, among othersare some of the Spices and seasonings key market players
Market Segmentation
The worldwide seasoning and spices market is categorized by product type into salt and salt replacements, herbs and spices, and other seasonings. It is broken down into thyme, oregano, basil, parsley, and other herbs for this portion once again. Kicks are classified into many categories, such as nutmeg, pepper, cinnamon, cardamom, clove, and other Spices. Finally, the market is split based on application into the following categories: salad and dressing, bakery and confectionery, noodles and pasta, soup, meat and seafood, sauce, savory snack, and other application categories.
2019 was a record year for sauces, soups, and dressings, which accounted for almost 25.0 percent of total sales. As individuals become more aware of the health benefits of eating a diet rich in greens, the demand for different sauces and dressing in the seasoning and spices industry has increased. As a result, the market has grown. In addition, the belief that organic components are superior to packaged foods has resulted in increased demand for this category's natural product varieties.
Regional Classification
The North American market is being driven by various factors, including the region's vast population, a rising preference for convenience meals, and a growing understanding of the therapeutic qualities of spices and seasonings.
The Asia-Pacific region dominates the worldwide spices and seasonings market. China, Japan, India, Australia, and New Zealand are among the nations that have had a significant impact on the region's development. A rising tide of packed, refrigerated, and ready meals is predicted to boost the spices and seasoning market insights in the Asia Pacific area. In addition, the fast-food sector is expanding quickly, and the population is becoming more youthful.
Industry News
According to the product type sector of the global market, the fruit spices and seasonings segment is predicted to grow at an exceptional compound annual growth rate of a CAGR of 4.6 percent in terms of income throughout the forecast period, which is anticipated to finish in 3038. During the historic projection period, which concluded in 2019, the vegetable item sector led the worldwide market, accounting for 34.9 percent of total market revenues.
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