Newly published Fact.MR data expects the global market for seasonings and spices to accelerate at a CAGR of 6.5%, reaching US$ 51.4 Bn in value terms by the end of the 2021-2031 forecast period. Sales are expanding on the back of increased preference for indigenous cuisines amongst consumers.
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From 2016 to 2020, sales of seasonings and spices registered a CAGR of 4.7%, and is further anticipated to be valued at US$ 27.4 Bn in 2021. During the COVID-19 pandemic, while demand across commercial settings such as restaurants and cafeterias declined, sales across home settings increased impressively, with consumers relying on their culinary skills to experiment with exotic foodstuffs.
The rising demand for ready-to-use spice mixes as convenient food-service options is expected to open up new market prospects. Seasonings and spices are in great demand in both the commercial and household sectors, not only for their flavor and taste, but also for the health benefits they bring. Moreover, applications across health and wellness products, including nutraceutical and dietary supplements, with greatly augment prospects for the market.
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Key Takeaways from the Market Study
- By nature, conventional spices to yield a value worth US$ 7 Bn by 2025
- Sales of organic seasonings and spices to grow the fastest, clocking a 5% CAGR
- Seasonings & spices to account for 1/4th of total revenue as of 2031, by product type
- Sales via modern trade channels to surpass US$ 5 Bn by the end of the forecast period
- U.S to be a promising market for seasonings & spices, expanding at 5% CAGR
- India to remain the largest producer of seasonings and spices, experiencing a CAGR worth 7% until 2031
Due to the existence of a large number of domestic and foreign companies, the sector is extremely fragmented. Manufacturers of seasonings and spices are pursuing a variety of strategies, including new product releases, product portfolio growth, and mergers and acquisitions.
- For example, in June 2019, Kerry Group opened a US$ 22.8 Mn manufacturing facility in Tumkuru, India. The facility, which spans 40,585 square meters, is planned to service Indian subcontinent consumers. In addition, the Kerry Taste & Beverage system is anticipated to serve both the retail and foodservice industries.
- 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
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Key Segments Covered
- Conventional Seasonings & Spices
- Organic Seasonings & Spices
- Product Type
- Seasonings & Spices
- Salt Substitutes
- Seasoning & Spice Blends
- Sales Channel
- Seasonings & Spices Sales via Modern Trade Channels
- Seasonings & Spices Sales via Neighborhood Stores
- Seasonings & Spices Sales via Specialty Stores
- Seasonings & Spices Sales via Other Brick and Mortar Retail Store
- Seasonings & Spices Sales via Online Stores
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
- EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
- CIS & Russia
- Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)
- Middle East and Africa (GCC Countries, Turkey, Iran, Israel, South Africa , Rest of MEA)
The Seasonings and Spices Market report addresses the below-mentioned queries:
- Why are vendors shifting away from traditional methods of manufacturing Seasonings and Spices Market does?
- How the global Seasonings and Spices Market does looks like in the next five years?
- Which end use industry is expected to surpass segment by the end of 2029?
- What innovative products are being introduced by the players in the global Seasonings and Spices Market does?
- Which regions are showing the fastest market growth?
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