Dublin, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The "Global Spices and Seasonings Market, By Type; By Seasonings Type; By Distribution Channel; By Application; By End User - Estimation & Forecast, 2018 - 2031" report has been added to ResearchAndMarkets.com's offering.
The Global Spices and Seasonings Market report offers a comprehensive analysis from 2018 to 2031, with a base year of 2022 and a market value of US$ 26,253.4 Mn. The market is projected to surge to US$ 54,454.5 Mn by 2031, accompanied by a value CAGR of 8.9%. The volume CAGR is set at 7.9%, based on a market volume size of 17,533,000 tons in 2022.
Growth Drivers:
The Global Spices and Seasonings Market is propelled by the surge in international cuisine popularity and demand for packaged, ready-to-use spices and seasonings products. However, challenges arise from adulteration, food fraud, and climate-dependent spice crop growth.
Segment Breakdown:
The market is segmented by Type, Seasonings Type, Distribution Channel, Application, and End User. Here's a detailed overview:
Type:
- Hot spices
- Mild spices
- Aromatic spices
- Herbs
Hot Spices exhibit the highest CAGR at 9.2% and claim over 40% of the market share in 2022. The Herbs category under Type offers an opportunity of over US$ 4,537 Mn for 2022-2031.
Seasonings Type:
- Salts
- Pepper
- Sugar and Light Flavored Sweeteners
- Acids
The Salts category under Seasonings Type commands an 8.3% CAGR and over 43.3% of the market share in 2022.
Distribution Channel:
- Online
- Offline
The Online Distribution Channel is poised to grow at the highest CAGR of 8.5%.
Application:
- Meat & poultry products
- Snacks & convenience food
- Soups, sauces, and dressings
- Bakery & confectionery
- Others
End User:
- Residential
- Commercial
- Restaurants
- Bar & Cafes
- QSRs
Regional Insights:
The market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America projects revenue to rise from US$ 2,717.4 Mn in 2022 to US$ 5,348.2 Mn by 2031. Meanwhile, the Asia Pacific region, with the highest market share of 67.3% in 2022, anticipates a CAGR of 8.4%, marking substantial growth.
Competitive Landscape:
Key players like McCormick & Company, Inc., Olam International, Ajinomoto Co. Inc., Associated British Foods plc, Kerry Group plc, and Sensient Technologies Corporation dominate the market. The cumulative market share of the top four players reaches around 41.5%. They maintain their edge through strategies such as product innovation, competitive pricing, and strategic partnerships.
Report Insight:
- Emerging lucrative markets analysis
- Untapped geographies insights
- Current investments overview
- Comprehensive pricing and manufacturing cost analysis
Key Questions Addressed:
- What is the projected market size of the Global Spices and Seasonings Market by 2031?
- Which segment will drive market growth and why?
- Which regions hold significant growth potential?
- What are the potential challenges in the market's future?
- How do market leaders maintain their competitive edge?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 236 |
| Forecast Period | 2022 - 2031 |
| Estimated Market Value (USD) in 2022 | $26253.4 Million |
| Forecasted Market Value (USD) by 2031 | $54454.5 Million |
| Compound Annual Growth Rate | 8.9% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/dx7vjw
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