Chicago, Aug. 30, 2022 (GLOBE NEWSWIRE) -- According to 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. Globally, the spices & seasonings market is driven by the growing demand for convenience food products, clean label trends, and natural preservatives for the meat industry. However, the growing incidences of adulteration and contamination in the spices exported from developing countries such as India and China are prompting regulatory bodies in Europe and America to strengthen the safety regulations on imported spices and seasonings. Growth in food product innovations to incorporate natural ingredients, increase in demand for health and wellness products, and rise in demand for ethnic and authentic food products are emerging opportunities for the spices & seasonings market.
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The spices & seasonings market in the Asia Pacific region is projected to grow at the highest CAGR. The region’s improved agricultural growth over the past decade, followed by advancements in the food industry, has provided new opportunities for the spices & seasonings industry. The rise in the middle-class population of the region with high disposable income who demand new & premium food products and the increase in demand for convenience foods drive the growth of the Asia Pacific spices & seasonings market. This region has a much-diversified flavor preference wherein consumers are constantly looking for new variants, which will drive the spices & seasonings market.
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The ginger segment by type is projected to achieve the largest growth in the spices and seasonings market.
Spice ginger is obtained from the underground stems or rhizomes of Zingiber officinale, a herbaceous tropical perennial belonging to the family Zingiberaceae. Ginger is largely a universal spice, although its use is more predominant in certain countries such as China. Ginger is used in cooking in various forms, such as immature ginger, mature fresh ginger, dry ginger, ginger oil, ginger oleoresin, dry soluble ginger, ginger paste, and ginger emulsion. It is a popular home remedy for nausea, stomach pain, and other health issues. Antioxidants and other nutrients in ginger may help prevent or treat arthritis, inflammation, and various types of infection.
By Application, beverages segment is projected to account for the fastest growth in spices and seasonings market.
Evolving consumer dietary requirements and trends including ‘low to no’ and ‘clean’ labels have driven increased interest in spices, herbs, and extract flavor solutions for beverages without being calorie heavy. Hence, globally, launches in beverages with herbs and spices such as ginger or mint are increasing significantly.
The conventional segment by nature is projected to account for the largest growth of the spices and seasonings market over the forecast period.
Conventional spices are grown using synthetic chemicals, pesticides, fungicides, and insecticides for the cultivation process. These chemicals harm the crops and reduce their nutrition level. The conventional spices & seasonings form the larger segment as they are less expensive than organic spices and can be produced more easily than organic spices.
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Europe is projected to be the fastest growing market.
The Europe region is projected to be the fastest-growing market for spices & seasonings. These spices & seasonings are widely used in industrial sector, reflecting the growing popularity of ready-to-use spices and seasonings mixtures. Another reason is the increasing consumption of processed foods, which often rely on spices and herbs to retain and enhance food flavor.
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