Spices and Seasonings Market Revenue, Size, Share, Report, Growth and Forecast to 2032
The global spices and seasonings market revenue is projected to reach USD 29.57 billion by 2032, growing at a CAGR of 4.89% during the forecast period from 2024 to 2032. The market was valued at USD 19.30 billion in 2023. This information is detailed in a recent report by Fortune Business Insights titled "Spices and Seasonings Market Size, Share & Industry Analysis, By Type (Pepper, Chili, Ginger, Cinnamon, Cumin, Turmeric, Nutmeg and Mace, Cardamom, Cloves, and Others), Application (Meat and Poultry, Bakery and Confectionery, Frozen Food, Snacks and Convenience Food, and Others), and Regional Forecasts, 2024 – 2032." According to the report, the growing demand for new spices and diverse spice blends is expected to drive market growth during the forecast period.
Spices and seasonings, which are derived from various plant parts such as seeds, roots, and flowers, enhance the flavor, aroma, and color of food and beverages. The growing demand for healthy spices like turmeric and pepper reflects a broader trend toward natural, beneficial ingredients. This demand is expected to drive the continued growth of the global spices and seasonings market.
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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
Increasing Demand for Organic Spices & Herbs to Propel Growth
The global demand for organic spices is growing rapidly, with major exporters like China, India, and Vietnam leading the production of organic spices such as ginger, garlic, and chilies. Organic spices are increasingly popular in developed regions like Europe, where consumers value natural ingredients and pesticide-free products. Additionally, growing awareness of the medicinal properties of spices is expected to drive market growth in the coming years, further boosting the demand for organic herbs and spices.
Snacks and Convenience Food Segment to Lead Due to Rising Consumption of Snacks
The spices and seasonings market is segmented by application into snacks and convenience food, meat and poultry, frozen food, bakery and confectionery, and others. The snacks and convenience food segment is anticipated to lead the market, driven by the increasing consumption of snack products across various countries.
Meanwhile, the bakery and confectionery segment is expected to hold the second-largest market share during the forecast period, fueled by significant growth in the bakery industry, particularly in emerging regions such as Asia Pacific.
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.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/spices-and-seasonings-market-101694
Asia Pacific to Dominate: Expansion of Food Processing Industry Will Favor Growth
The Asia Pacific region is expected to dominate the spices and seasonings market, driven by the rapid expansion of the food processing industry. The region’s strong cultural tradition of using spicy food, coupled with a growing population, will further propel market growth. India, as the largest producer and consumer of various spices, plays a significant role in the region’s spice market.
Europe’s Growth Driven by Organic Spices Consumption
Europe is projected to experience notable growth in the spices and seasonings market, largely due to the rising demand for organic spices. This trend is expected to create new opportunities for market expansion, as the region increasingly imports products like ginger, capsicums, and pepper to meet consumer demand for natural and pesticide-free options.
Ajinomoto Increases Production of Ros Dee Flavor Seasoning in Thailand
Ajinomoto’s decision to increase production of its Ros Dee flavor seasoning in Thailand reflects the growing demand for seasonings in the region. This move is part of the company's strategy to cater to the expanding food processing industry in Asia and reinforce its market presence.
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August 2016: Ajinomoto Co., a prominent food and biotechnology corporation based in Japan, has announced a USD 23.1 million investment to enhance its production capacity for Ros Dee, a popular flavor seasoning, in Thailand. This investment comes in response to the growing demand for flavor seasonings in the country. According to Ajinomoto, the flavor seasoning market in Thailand has expanded by approximately 1.3 times over the past five years, reaching around 70,000 tons in 2015. The market is expected to continue growing due to the increasing use of seasonings in households, food stalls, and restaurants, contributing to the expansion of the food seasoning sector in Thailand and the broader Southeast Asian region.