Spices and Seasonings Market Revenue, Size, Share, Sector Overview: Growth and Forecast Through 2032
The global spices and seasonings market revenue was valued at USD 19.30 billion in 2023 and is forecasted to grow from USD 20.19 billion in 2024 to USD 29.57 billion by 2032, reflecting a CAGR of 4.89% during the projection period. North America led the market with a 40.47% share in 2023. Additionally, the U.S. spices and seasonings market is expected to grow substantially, reaching an estimated value of USD 6.91 billion by 2032, driven by increasing demand for convenience and ready-to-eat foods and the rising popularity of ethnic cuisines.
Spices and seasonings are essential ingredients used to enhance the aroma, flavor, preservation, and color of food and beverage products. Derived from various plant parts such as flowers, barks, fruits, buds, seeds, leaves, roots, and plant tops, these ingredients are widely used in foods and beverages, including healthy options like turmeric and pepper. The global demand for such nutritious spices signifies the upward trajectory of the market.
The market growth is primarily attributed to factors such as the growing popularity of ethnic cuisines, which has spurred demand for spice blends and novel spices. Spices are also commonly utilized in vegan diets to mimic the taste of meat, creating significant opportunities for the spices and seasonings market. Furthermore, the increasing demand for turmeric, marketed as Curcuma in developed regions like Europe, is expected to bolster the market’s expansion.
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Information Source: https://www.fortunebusinessinsights.com/industry-reports/spices-and-seasonings-market-101694
What Does the Report Contain?
- In-depth information about the spices and seasonings market trends, growth drivers, hindrances, opportunities, and other related challenges.
- Impact of several economic, political, and social factors in the market.
- Ongoing market dynamics affecting growth.
- Degree of competition and threat of new entrants.
Rising Demand for Organic Spices & Herbs to Drive Market Growth
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The global demand for organic spices continues to surge, with China, India, and Vietnam emerging as the leading exporters. These countries are producing a variety of organic spice commodities, including ginger, garlic, and chilies. In developed regions like Europe, organic spices are gaining significant popularity due to their natural composition and absence of pesticides. Furthermore, growing awareness campaigns highlighting the medicinal properties of spices are anticipated to bolster market growth by increasing the demand for organic herbs and spices in the coming years.
Snacks and Convenience Food Segment Expected to Dominate Due to Rising Snack Consumption
The spices and seasonings market is segmented into snacks and convenience food, meat and poultry, frozen food, bakery and confectionery, and others based on application. Among these, the snacks and convenience food segment is poised to lead the market, driven by the increasing consumption of snack items across various countries.
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Meanwhile, the bakery and confectionery segment is projected to hold the second-largest market share during the forecast period. This growth is attributed to the rapid expansion of the bakery industry, particularly in emerging regions such as Asia Pacific.
Key Market Players
Fortune Business Insights lists out some of the significant organizations operating in the spices and seasonings market. They are as follows:
- Ariake Japan Company
- McCormick & Company
- SHS Group
- Kerry Group Plc
- Olam International Limited
- Ajinomoto Co., Inc.
- Worlée-Chemie GmbH
- Associated British Foods
- Sensient Technologies
- Dohler Group
Asia Pacific to Lead Market Growth Due to Expanding Food Processing Industry
The spices and seasonings market is segmented into several regions, including the Middle East and Africa, Europe, Asia Pacific, North America, and South America. Among these, Asia Pacific is expected to dominate the market, driven by the rapid expansion of its food processing industry. Additionally, the region’s tradition of consuming spicy food, coupled with a growing population, will further support market growth. Notably, India stands out as the largest producer and consumer of various spices.
Europe is also anticipated to exhibit significant growth in the coming years, fueled by the rising trend of organic spice consumption. This shift is expected to open numerous opportunities for market expansion. The region primarily imports spices such as ginger, capsicum, and pepper to meet its growing demand.
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Ajinomoto Expands Production of Ros Dee Flavor Seasoning in Thailand
In August 2016, Ajinomoto Co., a Japanese food and biotechnology corporation, announced a USD 23.1 million investment to increase its production of Ros Dee, a popular flavor seasoning, in Thailand. This initiative aims to meet the rising demand for flavor seasonings in the country. According to the company, the seasoning market in Thailand grew approximately 1.3 times over five years, reaching around 70,000 tons in 2015. With increasing usage across households, food stalls, and restaurants, the market is poised for further growth in the coming years.
