The ‘Global Spices and Seasonings Market Price, Share, Size, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global spices and seasonings market, assessing the market on the basis of its segments like types, forms, applications, distribution channels, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Spices and Seasonings Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 26.45 billion
• Forecast CAGR (2023-2028): 5.60%
• Forecast Market Size (2028): USD 36.68 billion
The thriving food and beverage sector across the emerging economies, owing to the rising disposable income, rapid urbanisation, and increasing population, is leading to a high demand for cuisines and dishes infused with aromatic spices and seasonings. Spices and seasonings are easily accessible and widely used in household cooking. In this regard, the increasing demand for spices and seasonings for home cooking is fuelling the global spices and seasonings market growth.
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Incorporating spices and seasonings in food can easily enhance flavour and aroma in less time. In addition, these products are cost-effective which are further generating their demand. Meanwhile, the growing awareness pertaining to the health benefits of spices and seasonings have further encouraged people to include the products in their meals. These health benefits include antioxidant and anti-inflammatory properties, anticarcinogenic, and lowered cholesterol, among others.
The increasing popularity of experimenting with new cuisines prepared with rich gravies using turmeric, ginger, and cumin, among other rich spices are aiding the spices and seasonings market. Dishes such as garlic fried rice, roasted cauliflower, soybean curry, and potato curry, among others are gaining traction among the young population who are inclined towards consuming healthy diets. In line with this, spices and seasonings enhance the flavour of bland vegetables which is further increasing their popularity.
Spices and Seasonings Industry Definition and Major Segments
Spices and seasonings refer to flavouring agents that are aromatic and typically extracted from plants including seed, fruit, bark, or special spice crops, among others. They are added to food in order to improve its texture, colour, and taste. These food additives can impart flavour while being used in less amounts.
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Based on type, the market is segmented into:
• Salts and Salts Substitutes
By form, the market is classified into:
On the basis of application, the market is divided into:
• Bakery and Confectionery
• Meat and Poultry
• Snacks and Convenience Foods
• Soups, Sauces, and Dressings
• Frozen Products
Based on distribution channel, the market is bifurcated into:
On the basis of region, the market is categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Spices and Seasonings Market Trends
The key trends in the global spices and seasonings market include the increasing demand for high-quality spices and seasonings across restaurants, pubs, hotels, fast food joints, and roadside food stalls which are adding to the market growth. Spices and seasonings can increase business profitability and attract consumers by boosting the aroma. Over the forecast period, the anticipated increase in the growth of commercial food businesses is expected to augment the demand for spices and seasonings.
Technological advancements in the food processing sector, which include the emergence of encapsulation technology are improving the efficiency of food preparation. The increasing demand for bakery and confectionery, meat and poultry, and snacks and convenience foods, is another crucial trend bolstering the spices and seasonings market growth. Meanwhile, the thriving e-commerce sector is supporting the sale of clean-labelled spices and seasoned food products.
In geographical terms, Asia Pacific accounts for a significant share in the spices and seasonings market. This can be attributed to the high demand for spices and seasonings in India, Pakistan, and Bangladesh, among others. Further, the burgeoning travel and tourism sector across the region is attracting tourists enthusiastic about trying different foods.
Key Market Players
The major players in the global spices and seasonings market report are
• McCormick & Company, Incorporated
• Olam International Limited
• Ajinomoto Co., Inc.
• Kerry Group plc
• SHS Group
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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