Spices & Seasonings Market Size to Reach USD 25.42 Billion by 2029 | 150-Page Research Report

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Companies covered in spices & seasonings market are 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) and more players profiled.

Spices and Seasonings Market

Spices and Seasonings Market Size
Spices and Seasonings Market Size

Pune, India, Dec. 06, 2023 (GLOBE NEWSWIRE) — The global spices & seasonings market size was USD 17.75 billion in 2021 and 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.

The market encompasses a wide range of products, including spices such as pepper, cinnamon, and turmeric, as well as various seasoning blends. Factors such as globalization, the growing popularity of ethnic cuisines, and a heightened awareness of health benefits associated with certain spices have contributed to the industry’s expansion. The Spices and Seasonings Market is likely to continue its growth trajectory, with innovation, sustainability, and health-conscious choices shaping its future landscape. For the latest developments and market trends, it is advisable to consult more recent sources.

This information is provided by Fortune Business Insights™, in its report, titled, “Spices & Seasonings Market, 2022-2029.”

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Leading Players Featured in the Spices & Seasonings Market Research 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 25.42 Billion
Base Year 2021
Spices & Seasonings Market Size in 2022 18.47 Billion
Historical Data 2018-2020
No. of Pages 150
Segments Covered By Type, By Application
Spices & Seasonings Market Growth Drivers Rising Veganism and Vegetarianism Trend to Favor Market Growth
Investment in Digitalization of Spices Supply Chain to Boost Market Growth

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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.

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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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.

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
  • Global Spices and Seasonings Market Analysis, Insights and Forecast, 2018-2029
    • Key Findings / Summary
    • Market Size Estimates and Forecast 
      • By Type (Value)
        • Pepper
        • Chili
        • Ginger
        • Cinnamon
        • Cumin
        • Turmeric
        • Nutmeg and Mace
        • Cardamom
        • Cloves
        • Others
      • By Application (Value)
        • Meat and Poultry
        • Bakery and Confectionery
        • Frozen Food
        • Snacks & Convenience Food
        • Others
      • By Region (Value)
        • North America
        • Europe
        • Asia Pacific
        • South America
        • Middle East & Africa
  • North America Spices and Seasonings Market Analysis, Insights and Forecast, 2018-2029
    • Key Findings / Summary
    • Market Size Estimates and Forecast 
      • By Type (Value)
        • Pepper
        • Chili
        • Ginger
        • Cinnamon
        • Cumin
        • Turmeric
        • Nutmeg and Mace
        • Cardamom
        • Cloves
        • Others

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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Culinary Sauce Market to Reach USD 59.75 Billion by 2029 | Culinary Sauce Industry CAGR of 3.60% During 2022-2029

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