The Spices and Seasonings Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Spices and Seasonings Global Market Report 2024, The spices and seasonings market size has grown strongly in recent years. It will grow from $25.05 billion in 2023 to $26.88 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to increased demand for spices and seasonings to enhance the flavor of food, growing popularity of ethnic foods and home cooking, rising income levels and newer food experiences, increased preference for trying out new flavors in the foodservice sector and processed food products, demand from consumers for high-quality, healthy food ingredients.
The spices and seasonings market size is expected to see strong growth in the next few years. It will grow to $36.82 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to growing awareness of the medical benefits of spices and seasonings, increasing demand for new and exotic tastes along with organic flavors, rising consumer health consciousness, evolving consumption patterns, shelf-life extension. Major trends in the forecast period include introduction of blended spices, high dependency of spice crops on climate conditions, ethnic and regional flavors, transparency and traceability, custom spice blends.
The growing hospitality industry is expected to propel the spice and seasonings market. Rapid growth in net disposable income, new travel trends, and better work-life balance are contributing to the growth of the hospitality industry across the globe. The rapid growth in the hospitality industry is expected to boost demand for spice and seasonings, as it is widely used in food preparations in the majority of cuisines across the globe. According to the report published by India Brand Equity Foundation (IBEF), in May 2022, the domestic, international, and outbound hotel business in India was valued at $32 billion in FY20 and is anticipated to grow to $52 billion by FY27 as a result of rising traveller demand and persistent market expansion attempts by travel agencies. Therefore, the growing hospitality industry is expected to boost the spices and seasonings market during the forecast period.
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The spices and seasonings market covered in this report is segmented –
1) By Type: Pepper, Capsicum, Ginger, Cinnamon, Cumin, Turmeric, Nutmeg & Mace, Cardamom, Coriander, Cloves, Other Types
2) By Nature: Organic, Conventional
3) By Application: Meat & Poultry Products, Snacks & Convenience Food, Soups, Sauces, And Dressings, Bakery & Confectionery, Frozen Products, Beverages, Other Applications
Major Key Players Are
- Ajinomoto Co. Inc.
- Kerry Group PLC
- Kikkoman Corporation
- Baron Spices Inc.
- Döhler GmbH
Natural Flavors and Ingredients is a key trend gaining popularity in the spices and seasonings market. Natural Flavors and Ingredients are derived from natural sources such as essential oils, extracts, and others, the companies operating in the flavors and seasonings market are incorporating natural flavors and ingredients to meet customer demands and strengthen their market position. For instance, in January 2021, ORCO, an India-based manufacturer of spices and seasonings launched 32 natural and organic condiments and spices for customers across the globe.
The spices and seasonings market report table of contents includes:
1. Executive Summary
2. Spices and Seasonings Market Characteristics
3. Spices and Seasonings Market Trends And Strategies
4. Spices and Seasonings Market – Macro Economic Scenario
5. Global Spices and Seasonings Market Size and Growth
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31. Global Spices and Seasonings Market Competitive Benchmarking
32. Global Spices and Seasonings Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Spices and Seasonings Market
34. Spices and Seasonings Market Future Outlook and Potential Analysis
35. Appendix
List Of Tables
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Spices and Seasonings Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Spices and Seasonings Market, Segmentation By Nature, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Spices and Seasonings Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
…..
Table 74: McCormick & Company Incorporated Financial Performance
Table 75: Olam International Limited Financial Performance
Table 76: Ajinomoto Co. Inc. Financial Performance
Table 77: Associated British Foods plc Financial Performance
Table 78: Kerry Group plc Financial Performance
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