Seasoning And Spices Market Size, Share, Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Seasoning And Spices Market


The global Seasoning And Spices market size is projected to reach US$ 21.29 billion by 2026, from US$ 16.93 billion in 2020, at a CAGR of 3.9% during 2021-2026.Transition in global consumption trends and growing consumer inclination towards ethnic cuisines are some of the primary growth stimulants for the market. Apart from these, presence of a large number of unorganized market participants and changing lifestyles on account of greater economic participation are expected to stir up the demand for seasoning and spices across the globe.
Growing consumer preference for ready-made spices in order to save time and attain true flavor is also providing a fillip to the market. Surging demand for authentic ingredients and a fusion of ethnic flavors is estimated to work in favor of the market.

A few vital herbs used in Latin cooking by Hispanics, including paprika, jalapeno, cilantro, cinnamon, chipotle, and cumin, have penetrated the global market over the last few years. These spices are being largely accepted by middle-class working population, which is anticipated to keep their demand high over the coming years. Most of the Mexican markets offer blends of spices for specific dishes, such as fajita seasoning or enchilada sauce spices. Food makers in the U.S. are highly inclined towards sourcing the above-mentioned products in order to keep the local and migrated consumers satisfied.

Consumer willingness to experiment with new flavors and widespread interest in new ethnic tastes are leading to proliferation of product offerings and growth in sales of seasonings and spices. In developed economies such as the U.S. and European countries, Japanese restaurants, which are characterized by emphasis on light seasoning and natural flavors, have witnessed significant rise in popularity. Similarly, Mexican, Italian, Indian, and Chinese restaurants that offer ethnic cuisines have also grown in number.

The purpose of consuming spices is not only limited to assure flavor and taste, but also for health benefits they offer. They exhibit antioxidant properties, which has augmented the importance of their consumption in food to treat health problems or diseases. For instance, turmeric is rich in antioxidants and helps in fighting diseases such as cancer, Alzheimers, and joint inflammation. Cumin seeds have antiseptic qualities and help in building immune system, which can also be used as substitute for cosmetics and medicinal products.

Salt is an indispensable part of food and thus, consumed in large quantities. Its average price is also low because of easy availability. The demand for salt substitutes is increasing with widening base of people with diabetes and high blood pressure as they are recommended to consume low sodium. However, growing consumption of low-salt foods is leading to rise in the demand for spices and herbs as substitutes for taste, posing a challenge to this segment.

Market Segmentation, Outlook & Viewpoint: Global Seasoning And Spices Market

Product Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

Herbs

  
Rosemary
  
Fennel
  
Garlic
  
Mint
  
Parsley
  
Oregano
  
Others

Salt & Salt substitutes

Spices

  
Pepper
  
Ginger
  
Cinnamon
  
Cumin
  
Turmeric
  
Cardamom
  
Coriander
  
Cloves
  
Others

Application Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

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

Key Players, Recent Developments & Regional Insights: Global Seasoning And Spices Market

The demand for spices is likely to witness a CAGR of 4.1% during the forecast period owing to shifting consumer preference towards consumption pattern, increasing urbanization with rising income levels, and altering food experiences, demographics, and social factors. The global productivity scenario has also witnessed a massive shift in line with consumption pattern, wherein, newer culinary experiences are one of the primary growth stimulants.
The salt and salt substitutes segment held about one fourth of the market revenue in 2017. The segment, however, is projected to experience moderate growth rate during the forecast period due to declining demand for salt in Europe as the usage of salt for household cooking purposes is decreasing. On the other hand, the market is poised to benefit from surging demand for salt from the chemical and food processing industries in emerging economies such India and China.

The herbs segment commanded approximately one third of the market value in 2017. Herbs and spices are considered to be functional foods as they can help consumers eat healthier diets by adding flavors without fat, sugar, and calories. Some of the herbs and spices are garlic, ginger, lemon grass, basil, parsley, rosemary, fennel, mint, oregano, thyme, and several others. Herbs are known for their excellent antioxidant properties. Furthermore, rising importance of aroma in cuisines and high demand for ethnic foods are likely to escalate the growth of the segment.

Application Insights

Based on applications, the seasoning and spices market has been segmented into bakery & confectionary products, meat & poultry products, frozen foods, soups, sauces & dressings, beverages, and others. In 2017, the soups, sauces, and dressings segment dominated the market, accounting for more than 25.0% of the overall market revenue. Changing lifestyles, coupled with shifting consumer preferences towards ready-to-cook meals as a result of convenience and hygiene, is projected to remain a key growth stimulant for the growth of the market during the forecast period.

The segment is estimated witness a CAGR of 4.0% in term of revenue during the forecast period. It will continue to dominate the market through 2025. Increasing interest in cooking various types of ethnic cuisines is leading to increased purchase of different dressings and sauces inclusive of spices and seasoning.

In the meat & poultry product segment, inclusion of seasoning and spices is expected to witness a CAGR of 4.5% during the forecast period. The demand for meat has witnessed tremendous rise over the past few years. Besides manufacturing traditional meat products, developing and producing products with fresh quality and innovative ingredients are of vital importance to meet diverse requirements of customers.

In the bakery and confectionary segment, the market is poised to witness a CAGR of 3.7% in terms of revenue during the forecast period. The growth of the segment can be attributed to introduction of new products with different seasonings and spices to cater to tastes and preferences of customers across different countries. In addition, easy availability of bakery and confectionery products will drive the market during the forecast period.

There is a growing preference for healthy foods such as salads, owing to increasing number of health-conscious people. This is anticipated to boost the demand for dressings over the coming years. Consumers perceive organic sauces and dressings to be healthier than processed foods, although these are much higher in price as compared to other products.

Regional Insights

Geographically, North America accounted for 3.85 billion in 2017. It is anticipated to register a CAGR of 3.2% during the forecast period. North America holds a sizeable share in the global market for spices and seasonings. The growth of the region can be attributed to high consumption of salad dressings and sauces.

Asia Pacific is anticipated to register the highest CAGR of 5.3% during the forecast period. The region is one of the leading producers and exporters of spices and herbs. It has the largest population in the world among other regions and has been witnessing impressive growth in the demand for spices and seasonings.

Europe is projected to represent approximately 20.0% of the overall market value by 2025. Over the past few years, there has been a rising inclination towards ethnic foods among the populace. This can be attributed to increasing multi-cultural population in the region and growing travelling rate of Europeans to exotic destinations. Thereby, facilitating the demand of exotic food domestically. Spices readily used by European consumers include, pepper, ginger, anise, curry, chilies, cardamom, cassia cinnamon, cloves, nutmeg, and fennel.

Seasoning and Spices Market Share Insights

The market is highly competitive in nature. Organizations are focusing on strategies such as regular mergers, acquisitions, capital extension, and strategic alliances. Distribution and sales locations are another beneficial factor for companies to enhance their overall positioning in the market. Prominent players such as McCormick; Associated British Foods; and Ajinomoto Co. Inc. are setting up distribution networks for supply of its products in developing regions, including Asia Pacific and Central & South America, owing to increasing demand from these regions.
Popularity of e-commerce portals among consumers is increasing as they provide service benefits such as free home delivery, cashback offers, and coupons. This is poised to force spices and seasoning manufacturers to establish tie-ups with online firms. Therefore, product innovation and tie-ups with e-commerce firms are to remain major strategies of manufacturers to maintain their competitive edge.

Some of the prominent companies operating in the market are Sydler India; Biova Gmbh; Olam International; Everest; VLC Spices; Baria Pepper; Dohler Group; McCormick; Associated British Foods Plc; Ajinomoto Co, Inc.; and Kerry Group.

Key Insights Covered: Global Seasoning And Spices Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Seasoning And Spices industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Seasoning And Spices industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Seasoning And Spices industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Seasoning And Spices industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Seasoning And Spices industry.

Research Methodology: Global Seasoning And Spices Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other