USD 35.38 billion
Report ID: SQMIG30D2003 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 101 | Figures: 76
Seasoning And Spices Market size was valued at USD 35.38 billion in 2021 and is poised to grow from USD 37.35 billion in 2022 to USD 56.88 billion by 2030, growing at a CAGR of 5.6% in the forecast period (2023-2030).
Seasoning and spices are commonly used in food and beverages to add flavour, aroma, colour, and taste. The prevalent use of spice and herbal extracts in traditional treatments is estimated to bolster the market growth. The global industry is likely to be driven by urbanization. A paradigm shift in consumer taste preferences is a major factor driving the growth of this market. The new types of chili flavours and combinations are gaining popularity in developed and developing regions. Seasoning and spices are organically derived from plants and are mainly used for their taste value in preparation of various dishes. Apart from its regular use, it offers health benefits in terms of providing anti-oxidants and anti-inflammatory compounds. In some foods, anti-cancer properties are also found and as a result they are used as therapeutic agents for medicinal purposes.
US Seasoning And Spices Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 35.38 billion
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The Global Seasoning and Spices Market is segmented based on type as pepper, chili, ginger, cinnamon, cumin, turmeric, nutmeg and mace, cardamom, cloves, and others. In terms of application market is segmented as meat and poultry, bakery and confectionery, frozen food, snacks, and convenience food, and others. based on distribution channel, the market is segmented into Food service and retail. Based on region it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Seasoning and Spices Market Analysis by Type
In 2021, the ginger category held the highest share of the global spice market, accounting for almost 40% of the total Global Seasoning and Spices Market. In Asia Pacific, most spices have the biggest Seasoning and Spices Market share. This is owing to the antibacterial qualities of spices, which rid foods of germs and hence contribute to human health, lifespan, and reproductive success. Seasoning and Spices such as paprika, pepper, oregano, mint, and sesame are in high demand due to the rapidly expanding fast food business and rising demand for convenience foods. Turmeric use has always been high and is expected to rise further, particularly in Asian nations due to its therapeutic benefits and widespread usage in Ayurvedic medications and Indian cuisine.
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The global seasoning and spices industry is divided into four major geographic marketplaces. While Europe has traditionally been the major seasoning and spices market and is mainly known for its cultivation. Asia Pacific on the other hand houses the leading manufacturers for spices and products. With such dynamics, the Asia Pacific regional markets are expected to prosper in the forecast period. Several food application categories in APAC drive long-term.
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Seasoning and Spices Market Driver
Growing demand for Spices driven by shift in consumer lifestyle to propel the market growth
Seasoning and Spices Market Restraint
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The global spices & seasonings industry is extremely fragmented and competitive, with several competitors present. Companies are becoming more competitive by enhancing their distribution networks, entering into partnerships, acquisitions, expanding into new markets, and so on. Kikkoman Corporation, McCormick & Company, Inc., Olam International, Kerry Group plc, and Sensient Technologies Corporation are among of the market's key participants.
Seasoning And Spices Market Top Players Company Profiles
Seasoning And Spices Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the global seasoning and spices market report analysis, consumers' interest to try new flavours, and ethnic cuisines, has resulted in a proliferation of spices product followed with a rise in the sale of seasoning and spices. The industry's growth may also be linked to its responsiveness to consumer demand for healthier goods, convenience, and a wide range of tastes.
|Market size value in 2021||USD 35.38 billion|
|Market size value in 2030||USD 56.88 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Seasoning And Spices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Seasoning And Spices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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