The seasonings and spices market valued US$ 27.4 Billion in FY 2021 and is projected to grow 4.0% year on year to reach US$ 28.77 Billion in 2022. The growth rate is expected to accelerate to 5.0% CAGR over the 2022-2032 period, resulting in a market value of US$ 46.86 Billion.
The expanding hospitality industry and the growing preference for ready-to-eat and ready-to-drink products are among the key factors driving market growth. Furthermore, consumers are increasingly willing to try new cuisines and flavor-packed dishes prepared with a variety of spices and seasonings. They are also used as natural preservatives to limit microbial activity and preserve the quality of meat and poultry products.
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Factors Fuelling Global Market Growth:
Growth of the global seasonings and spices market is mainly bound by various macro-economic and micro-economic factors. As preference for the convenience food products continue to increase, demand for the seasonings and spices is projected to remain high globally. Surge in demand for the convenience products is further bound to ready-to-use spice packages that can be conveniently used while traveling and working. Growing expansion of the hospitality sector and tourism has led to surge in development of the tourist destinations.
Moreover, the hoteliers are banking on the growing tourism and hospitality industry to attain a competitive edge over the other players in the global market. In order to benefit, the hoteliers are increasingly offering innovative food products according to the requirements and preferences of the tourists, guests and customers. Moreover, increasing number of price-conscious customers in the hospitality and tourism industry are concentrating on offering innovative food products as a substitute for the lodging products provided to the customers. Greek seasoning, Creole, Garam masala and Cajun are some of the seasonings and spices that continue to witness significant demand for enhancing flavors of the food products significantly. Moreover, demand for cinnamon, cloves and turmeric is further expected to remain high in the global market significantly.
Health conscious customers continue to benefit from consumption of the seasonings and spices globally. As modern customers are becoming more health conscious, manufacturers are increasingly opting for organic food ingredients for various products. In addition, surge in the disposable income will further continue to rev up demand for the healthy food products. Growing concerns regarding the various side effects of the grade-B food products and artificial flavors will continue to fuel demand for healthier food options.
Competitive Landscape:
Prominent players in the Seasonings and Spices Industry are taking advantage of the rapidly increasing demand for the Seasonings and Spices in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale vendors.
Some prominent market developments are as follows :
- In May 2021, Ajinomoto Co. Inc., invested in SAKA NO TOCHU Co. Ltd., a prominent player in the agricultural products sector. With this initiative, the company intends to establish a new business model, especially e-commerce, to expand outreach of its seasonings and spices business
- In May 2021, Olam Food Ingredients (OFI) announced the acquisition of leading US private-label spices and seasonings manufacturer, Olde Thompson. The acquisition would build on a 15-year partnership with Olde Thompson and mark a significant milestone for OFI’s spices business.
- In March 2021, Sensient Natural Ingredients LLC (SNI) announced that it finalized a transaction to acquire New Mexico Chili Products Inc., a dehydrated chili production facility in Deming, NM, that processed capsicums and a variety of specialty chilies for commercial sale to CPG food manufacturers.
- In February 2021, Kerry announced the acquisition of Jining Nature Group, a leading manufacturer of savory flavors and seasonings in China. This acquisition will bring a wide range of authentic local and regional taste technologies and application capabilities to the Kerry portfolio.
Key Segments Covered in the Seasonings and Spices Industry Survey:
· By Nature :
- Conventional
- Organic
· By Product Type :
- Seasonings & Spices
- Herbs
- Salt Substitutes
- Seasoning & Spice Blends
· By Sales Channel :
- Modern Trade Channels
- Neighborhood Stores
- Specialty Stores
- Other Brick and Mortar Retail Store
- Online Stores
· By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East Africa
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How will be insights and market estimations provided in the Fact.MR report on the Demand of Seasonings and Spices make a difference?
- The study takes a closer look at the major economic turmoil, with a focus on the recent COVID-19 pandemic disruptions
- The assessment of key growth dynamics highlights the attractiveness of new automation technologies and offers readers insight on the prospect of these during the forecast period
- The study tries to offer a balance perspective of the opportunities in mature and the most lackluster markets
- Provides scrutiny of the industry trends that have shaped recent government policies
- Provides an account of major breakthroughs in all segments that might change the course of the market considerably
- Provides an incisive analysis of socio-political milieu in which the key markets operate, and how will that influence the lucrativeness of the overall Seasonings and Spices Market
- Analyzes how collaborations and partnerships among players from different industries shape the key growth dynamics in the near future
- Evaluates the role of various stages of funding on new growth avenues in key regional markets
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