Pune, India, Nov. 02, 2022 (GLOBE NEWSWIRE) -- The global spices & seasonings market size was USD 17.75 billion in 2021. The market is projected to grow from USD 18.47 billion in 2022 to USD 25.42 billion by 2029, exhibiting a CAGR of 4.67% during the forecast period. This information is provided by Fortune Business Insights™, in its report, titled, “Spices & Seasonings Market, 2022-2029.”
The market is mainly navigated by some factors, such as the growing popularity of ethnic cuisines. It is steering the demand for spice blends and original spices.
COVID-19 Impact
Interruptions in Supply Chain and Trade during COVID-19 Pandemic to Hamper Growth
The occurrence of the pandemic has led to sluggish growth owing to numerous fiscal, political, and social modifications. The crisis considerably influenced the world's spices sector, with its value chain expanding from the main production hubs in emerging nations to the global spice trade network. Following the imposition of lockdown measures by national governments to stop the spread of the virus, there have been labor scarcities triggered by workforce migration. The border closure of China and India commenced the drop in the price of a few spices.
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List of Key Players Covered in the Report
- McCormick & Company, Inc. (U.S.)
- Kerry Group Plc (Ireland)
- Watkins Incorporated (U.S.)
- Olam International (Singapore)
- Associated British Foods PLC (U.K.)
- Ajinomoto Co., Inc. (Japan)
- Sensient Technologies Corporation (U.S.)
- ARIAKE Japan Co. Ltd. (Japan)
- SHS Group (U.K.)
- Worlée Group (Germany)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 4.67% |
| 2029 Value Projection | USD 25.42 Billion |
| Base Year | 2021 |
| Spices & Seasonings Market Size in 2021 | USD 17.75 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 150 |
| Segments Covered | By Type, By Application, By Geography |
| Spices & Seasonings Market Growth Drivers | Growing Veganism and Vegetarianism to Foster Market Growth |
Report Coverage
We offer our reports that are navigated with an in-depth review method that primarily focuses on delivering accurate material. Our scholars have applied a data navigation method that further assists us to offer trustworthy predictions and test the general market dynamics perfectly. Further, our analysts have attained permission to numerous international as well as domestic financially backed registers for presenting the up-to-date information so that the shareholders and business experts capitalize in the functional zones.
Segmentation
Snacks and Convenience Foods to Dominate during Forecast Period
Based on type, the market is segregated into pepper, chili, ginger, cinnamon, cumin, turmeric, nutmeg and mace, cardamom, cloves, and others.
On the basis of application, the global spices & seasonings market is segmented into meat and poultry, bakery and confectionery, frozen foods, snacks and convenience foods, and others. Snacks and convenience foods are the most important commodities in the spice and seasoning trade and are expected to lead during the forecast period.
In terms of region, the market is separated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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Driving Factors:
Growing Veganism and Vegetarianism to Foster Market Growth
Vegetarianism and veganism are part of a global trend that is promptly extending. The vegan population in the U.S. and the U.K. has grown substantially. Numerous spices used in the meat processing industry beforehand are currently used as non-vegetarian substitutes. This trend assists towards the rise in spice demand. Plant-based diets are transforming expansively across the globe. The companies are accentuating novel product unveilings, particularly for the vegan and vegetarian population, to take benefit of this novel trend.
Regional Insights
North America to Dominate Backed by Increasing Usage of Herbs in Cooking
North America held the largest spices & seasonings market share and stood at USD 7.48 billion in 2021. North America has been one of the prime markets for spices & seasonings as novel consuming practices alter how consumers perceive herbs.
Asia Pacific market is likely to display notable progress due to the growth of food processing industries in the region.
Europe is anticipated to observe considerable spice & seasonings market growth owing to the surging preference of young European consumers towards exotic and prominent food flavors. Europe is among the world's key importers of herbs and spices.
Competitive Landscape
New Product Launch Declarations by Prime Players to Boost Market Growth
The noticeable players embrace numerous strategies to bolster their position in the market as dominating companies. One such key strategy is procuring companies to bolster the brand value among users. Another vital strategy is intermittently unveiling groundbreaking products with a methodical study of the market and its target audience.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview on the Parent/Related Market
- Analysis on Supply and Demand of Condiments
- Supply Chain and Regulatory Analysis
- Recent Industry Developments – Policies, Mergers, Partnership & Acquisition
- Market Analysis and Insights (in Relation with COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges due to the Pandemic
- Potential Opportunities to Support the Market during the Global Crisis
- Overview on the Parent/Related Market
TOC Continued…!
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Industry Development
September 2021: Olam Food Ingredients unveiled 'Blends of the Americas', which is the first collection in its novel spice blends series. The 17 ready-to-use dry blends offer food service companies, food producers, and retailers an effortless, clean-label solution for manufacturing authentic and constant flavors motivated by the continent's popular cuisines from those in the Caribbean, Mexico, and the U.S. Southwest.
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