Chicago, May 24, 2023 (GLOBE NEWSWIRE) -- The spices and seasonings market was valued at USD 21.3 billion in 2021. The market is estimated to expand USD 27.4 billion by 2026, exhibiting a CAGR of 5.2% over the projected 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. MarketsandMarkets™ provides this information in its research report, titled “Spices and Seasonings Market Global Forecast, 2021-2026”.
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Key Industry Development:
There has been a rising demand for organic and natural spices and seasonings as consumers become more conscious about the origin and quality of their food. This trend has led to the development of organic and sustainably sourced spice options in the market, catering to health-conscious consumers.
Report Scope & Segmentation:
| Report Metrics | Details |
| Forecast Period | 2021-2026 |
| Forecast Period 2021 to 2026 CAGR | 5.2% |
| 2026 Value Projection | USD 27.4 billion |
| Segments covered | Type, Application, Nature, and Region |
| Regions covered | Asia Pacific, Europe, North America, RoW |
| Largest Market | Asia Pacific |
Key Takeaways:
• Spices and seasonings market size is expected to grow to $27.4 billion by 2026.
• The globalization of food trade and the growing popularity of ethnic cuisines have expanded the market for spices and seasonings. Consumers are seeking authentic flavors from around the world, leading to the introduction of diverse spice blends and seasonings specific to various regional cuisines.
• Organic spices are wholesome, non-GMO, and free of insecticides and pesticides. Organics spices are artificially enhanced to be visually appealing. Since organic species are grown without any usage of harmful chemicals to maintain the plant’s phytonutrients properly, the original flavor of spices is preserved.
• The spices and seasonings market is highly competitive, with numerous players operating in the industry. Key players include McCormick & Company, Inc., Olam International, Ajinomoto Co. Inc, Associated British Foods plc, Kerry Group plc etc.
• The Asia Pacific region is projected to be the fastest growing market for spices and seasonings.
Drivers and Opportunities:
Clean Label: A clear trend across global food market
Increasing consumption of healthy food products among modern consumers has led to increasing interest in the origin of the ingredients used to produce these products. Consumers prefer natural and clean-label flavors and ingredients as they are constantly looking for ‘natural’ nutrition and are opting for products that incorporate inherently natural, fresh, wholesome, and balanced nutrition. They largely perceive “clean label” as having a natural flavor and natural color.
Encapsulation of spices witness higher sales growth rate
Encapsulation of food products and ingredients has been on the rise over the past couple of years. The advancement of encapsulation has led to its application in almost every sector of the food & beverage industry. A similar kind of application pattern has also been witnessed in the spices & seasonings market. Some of the key manufacturers in the flavor and fragrance industry have been availing the spices variants in encapsulated formats. The UK-based company, TasteTech has developed a new method for processing paprika and turmeric spices. The method is controlled-release encapsulation, whereby the oleoresins and essential oils of spices are extracted and encapsulated within invisible microfilm of hardened vegetable oil, resulting in a free-flowing, easy-to-handle powder. The company claims the flavor is enhanced, as is the coloring effect when compared with original and untreated spices. Thus, higher application of food encapsulation paves the way for the spices and seasoning market to grow significantly in terms of value sales during the forecast period.
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Segments:
Rapidly growing fast-food industry and increasing demand for convenience food propagating the demand.
The changing perception of people with regard to processed foods and the technological innovations in spice and seasoning processing techniques have led to an increase in demand for processed products and subsequently to the growth of the spices & seasonings market. Cinnamon is used to flavor a variety of foods, from confections to curries to beverages, and is popular in bakery goods in many places. Cinnamon also contains large amounts of polyphenol antioxidants. The antioxidants in cinnamon have been found to have anti-inflammatory effects; also, consumption of cinnamon is associated with a short-term reduction in blood pressure. All these benefits have significantly increased the consumption of cinnamon across the world.
Meat & Poultry products account for the most share in the global spices & seasonings market.
The meat & poultry products segment accounted for the largest value during the forecast period, probably because spices stimulate the appetite, adds flavor and acts as natural preservatives for meat and poultry products. Different spices and seasonings such as pepper, cinnamon, cardamom, cumin, turmeric, and capsicum are applied to meatloaves, sausages, salamis, and other processed meat & poultry food products. Both fresh and frozen meats can be spiced and marinated before storage. All these factors have resulted in the high use of spices in the preparation of meat products. Hence, resulting in a high market share. Commercial meat processing plants use spice extracts in place of natural spices. Seasonings and spices used for sausage making are usually fresh as most consumers prefer the taste of freshly made food that often comes from spices. Spices such as garlic, pepper, and chili play a crucial role in the antioxidant and natural preservatives in fermented meat products.
Regional Insights:
- Asia-Pacific: Asia-Pacific is a significant consumer and producer of spices and seasonings. Countries like India, China, and Indonesia have a rich history of spice cultivation and consumption. In India, a wide range of spices, including turmeric, cumin, coriander, and cardamom, are extensively used in traditional dishes. China is known for spices like Sichuan pepper and star anise, while Southeast Asian cuisines utilize spices such as lemongrass, galangal, and Thai basil.
- North America: In North America, the spices and seasonings market is influenced by diverse culinary traditions and multicultural influences. Mexican cuisine heavily relies on spices like chili, cumin, and oregano, while Cajun and Creole cuisines in the southern United States use a blend of spices like paprika, cayenne pepper, and thyme. The demand for organic and natural spices is also high in this region.
- Europe: Europe has a long history of spice trade and usage. Mediterranean countries like Italy, Spain, and Greece utilize herbs like basil, oregano, and rosemary in their cuisines. Middle Eastern spices such as cumin, coriander, and sumac are popular in countries like Turkey and Morocco. The demand for exotic spices and seasoning blends has been rising in Europe due to the increasing popularity of global cuisines.
- Latin America: Latin American cuisines are known for their bold flavors and vibrant spices. Spices like paprika, cumin, and annatto are widely used in dishes from countries such as Mexico, Brazil, and Argentina. In addition, regional specialties like achiote in Mexican cuisine and chimichurri sauce in Argentine cuisine highlight the importance of spices and seasonings in the region.
- Middle East and Africa: The Middle East and Africa region has a rich culinary heritage that heavily relies on spices and seasonings. Popular spices include turmeric, cinnamon, cardamom, and cloves. Middle Eastern cuisines like Lebanese, Moroccan, and Persian incorporate a wide range of spices in their dishes, such as za'atar, sumac, and baharat. African cuisine also uses unique spice blends, such as berbere in Ethiopia and ras el hanout in North Africa.
- Oceania: The spices and seasonings market in Oceania is influenced by indigenous flavors and ingredients. Native spices like wattleseed, lemon myrtle, and bush tomato are used in Australian cuisine. Additionally, the multicultural population in Australia and New Zealand has introduced a wide range of spices from various culinary traditions.
List of Key Players Mentioned in the Report:
• 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)
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FAQs:
What is the projected market value of the global Spices and Seasonings Market?
The global spices and seasonings market size is projected to reach USD 27.4 billion by 2026.
What is the estimated growth rate (CAGR) of the global Spices and Seasonings Market for the next five years?
The global spices and seasonings market is expected to grow at a compound annual growth rate (CAGR) of 5.2% from 2021 to 2026.
What are the major revenue pockets in the Spices and Seasonings Market currently?
The Asia Pacific region is projected to be the fastest-growing market for spices & seasonings, at a CAGR of 4.4% from 2021 to 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.
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