Seasonings & Spices Market 2020 and Forecast 2021-2027

                                          
Report Overview: Global Seasonings & Spices Market


The global seasoning and spices market size was valued at USD 13.66 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 6.2% from 2021 to 2027. Increasing buyers’ willingness to pay a premium for new flavors and ethnic tastes has been creating demand for ethnic products, in turn, fueling the growth of the market. Furthermore, rising demand for ready-to-use spice mixes as convenient options in the food-service industry is expected to open new avenues for the market. Seasoning and spices have been witnessing a remarkable demand from the commercial and household sectors, not only due to their taste and flavor but also their associated health benefits.

A large number of spices have antioxidant properties and are also useful in treating several diseases and health problems. For instance, turmeric is a rich source of antioxidants and helps in preventing illnesses, such as Alzheimer’s, joint inflammation, and cancer. Similarly, cumin seeds contain antiseptic characteristics and help in boosting the immune system. These seasoning and spices can be used as alternatives for medicinal and beauty products.
In developed economies of North America and Europe, Japanese restaurants have witnessed strong growth owing to light seasoning and natural flavors of the cuisine. Over the past few years, an increased number of Mexican, Indian, Italian, and Chinese restaurants has been offering ethnic cuisines, which are fortified with numerous ingredients. For instance, Jalapeno pepper, taco seasoning, chili powder, fajita seasoning mix, chipotle, cilantro, cumin, cinnamon, and paprika are the key spices and seasonings used in Latin cooking.

Ready-to-cook spices mixes are increasingly gaining popularity among consumers owing to their time- and effort-saving features. These pre-mix packages provide consistency in the taste of food with minimum effort. Subsequently, factors such as the hectic work schedules of parents and the increasing number of women in workforces are driving the demand for ready-to-cook spice mixes. New varieties of aromatic and fusion flavors created for particular and exotic foods are gaining traction among consumers.

Application Insights: Global Seasonings & Spices Market

Soups, sauces, and dressings held the largest share in 2019, accounting for over 25.0% share of the total revenue. Growing health consciousness among the people has driven the consumption of salads, thereby driving the demand for various kinds of dressings and sauces in the seasoning and spices market. This has had a positive impact on market growth. Furthermore, organic product variants in this category have witnessed significant demand owing to the perception that these ingredients are healthier than processed foods.
The meat and poultry products segment is expected to register the highest CAGR of 6.7% from 2021 to 2027. Shifting preference towards the incorporation of ethnic flavor in conventional meat products to add an aesthetic appeal and improve the overall quality is expected to remain a key driving force for the seasoning and spices industry. For instance, garlic, peppercorns, and breadcrumbs are added to various meat products to enhance their flavor and aroma.

Product Insights: Global Seasonings & Spices Market

The spices segment lead the market with more than 40.0% share of the total revenue in 2019. Growing awareness of the health benefits and properties of varied spices will help in increasing their demand over the forecast period 2021-2027. In 2019, India was the largest producer, consumer, and exporter of the product across the globe. According to the Government of India, the country accounted for more than 65.0% of the total volume produced that year. Moreover, countries such as Bangladesh, Turkey, China, Ethiopia, Sri Lanka, Jamaica, and Pakistan are producing large volumes of spices.

Herbs accounted for more than one-third share of the overall revenue in 2019. People around the globe are increasingly using these herbs for their taste as well as exceptional medicinal purposes. For instance, garlic is known for its strong smell and delicious taste and it is also very beneficial for the common flu and related infectious diseases. Moreover, it is helpful in the treatment of hypertension and cardiovascular diseases. The segment’s growth has been attributed to the large number of health benefits associated with herbs, such as garlic, parsley, oregano, fennel, peppermint, and basil.

Regional Insights: Global Seasonings & Spices Market

Asia Pacific lead the market in 2019 with more than 30.0% share of the global revenue. Consumers in the region, especially in Southeast and South Asian countries, use the products extensively in their daily cuisines. High consumption of seasoning and spices is largely attributed to Asian traditions, which have been passed on from generation to generation for enhancing the flavor of food as well as for their medicinal properties.
North America poses a wide scope for the growth of the market in the upcoming years. The regional growth is attributed to the rising consumption of salad dressings as well as sauces in the U.S. and Canada. Apart from this, the rising popularity of ethnic foods and the easy availability of seasoning and spices in supermarkets across the region will fuel their demand.

Key Companies & Market Share Insights: Global Seasonings & Spices Market

The industry is highly fragmented owing to the presence of a large number of domestic as well as international players. Seasoning and spices manufacturers are adopting various strategies, including new product launches, expansion of product portfolio, and mergers and acquisitions. Geographical expansion plays a crucial role in the growth of a company. For instance, in June 2019, Kerry Group inaugurated a USD 22.8 million production facility in Tumkur, India. The facility is spread across 40,585 square meters and is expected to serve consumers of the Indian subcontinent. Furthermore, Kerry Taste & Beverage system is expected to serve the retail and foodservice markets. Some of the prominent players in the global seasonings and spices market include:

Key companies Profiled: Global Seasonings & Spices Market Report

 	
Ajinomoto Co, Inc.
 	
ARIAKE JAPAN CO, LTD.
 	
Associated British Foods plc
 	
Kerry Group
 	
McCormick & Company, Inc.
 	
Baria Pepper
 	
Dohler Group
 	
DS Group
 	
Everest Spices
 	
Bart Ingredients

This report forecasts revenue growth at the global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. Trusted Business Insights has segmented the global seasonings and spices market report based on the product, application, and region:

Product Outlook (Revenue, USD Million, 2016 - 2027)

 	
Herbs
 	
Rosemary
 	
Fennel
 	
Garlic
 	
Mint
 	
Parsley
 	
Oregano
 	
Others
 	
Salt & Salts Substitutes
 	
Spices
 	
Pepper
 	
Ginger
 	
Cinnamon
 	
Cumin
 	
Turmeric
 	
Cardamom
 	
Coriander
 	
Cloves
 	
Others

Application Outlook (Revenue, USD Million, 2016 - 2027)

 	
Bakery & Confectionery Products
 	
Meat & Poultry Products
 	
Frozen Food
 	
Soups, Sauces, & Dressings
 	
Beverages
 	
Others