Chicago, Feb. 17, 2023 (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. The demand for spices and seasonings as key ingredients in various cuisines is rising globally. Factors such as the increasing demand for packaged or convenience food products and meat & poultry products, owing to changing consumer lifestyle, are expected to increase the demand for spices and seasonings globally.
The demand for spices and seasonings is anticipated to increase in the Asia Pacific region owing to factors such as rising disposable income, rapidly growing fast food industry, and urbanization in countries such as China, India, and Japan. The rising consumer awareness about the medicinal benefits associated with the consumption of spices is also expected to increase the demand for spices and seasonings globally.
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The key features of the spices and seasonings market are:
- Variety: A wide range of spices and seasonings, including both individual spices and blends, are available to meet diverse consumer preferences and cooking needs.
- Convenience: Many spices and seasonings are packaged and sold in forms that are easy to use and store, such as pre-measured spice blends, jars, and packets.
- Health benefits: Some spices and seasonings have been associated with various health benefits, such as antioxidant and anti-inflammatory properties.
- Global presence: The market for spices and seasonings is global, with consumers in many countries using spices and seasonings as a key part of their cuisine.
- Innovation: The market is continuously evolving with new products and flavor combinations being introduced to meet changing consumer preferences and trends.
- Growing demand: The demand for spices and seasonings is growing due to factors such as increasing population, rising disposable income, and changing lifestyles and dietary habits.
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.
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Asia Pacific dominates the market valued at USD 27.4 billion by 2026.
The usage of spices and seasonings in the industrial sector is less in the Asia Pacific region as compared to that in developed regions, which presents food processing industries with considerable untapped potential. The overall economic growth in the Asia Pacific region has led to an increase in urbanization and rapid industrialization, with a resultant rise in per capita income. These factors play a major role in the changing preference of consumers towards value-added food products. 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. This region has a much-diversified flavor preference wherein consumers are constantly looking for new variants, which will drive the spices & seasonings market. India’s spices & seasonings industry has witnessed increasing varieties of value-added spice & seasoning products in the ground, crushed, cracked blended, and dehydrated forms, in bulk and consumer packs.
This report includes a study on the marketing and development strategies, along with a study on the product portfolios of the leading companies operating in the spices and seasonings market. It consists of the profiles of leading companies such as the major spices and seasonings manufacturers 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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