Spices and Seasonings Market Worth USD 47,678.1 million by 2030, Growing at a CAGR of 7.7% - Astute Analytica

CHICAGO, UNITED STATES, January 23, 2023 /EINPresswire.com/ -- Global spices and seasonings market revenue was US$ 25,247.3 million in 2021 and is forecast to generate a revenue of US$ 47,678.1 million by 2030, growing at a CAGR of 7.7% during the projection period 2022–2030.

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Spices and seasonings have been used to improve the flavor of food for countless years. The demand for spices and seasonings is rising today all across the world. Spice and seasoning sales are expanding at a 7.7% yearly rate. Through 2030, this growth is forecast to continue, in part because ethnic cuisine and home cooking are becoming more and more popular. India, China, and the US control the majority of the global market for spices and seasonings. Over 60% of the world's supply and demand for spices and seasonings come from these three nations.

Market Influencing Factors

Market Trends

Rising Trend of Food Blogging

Because of rising smartphone use and expanding internet access globally, social media use has expanded among both older and younger generations.

In recent years, there has been an increase in the number of food bloggers, and this trend is likely to continue. A study by Astute Analytica found that food blogging could increase the demand for spices and condiments. According to the report, 42% of all online customers buy seasoning items after reading or hearing about them on culinary blogs. This implies that food bloggers significantly influence customer behavior.

Food bloggers have a lot of effect on the demand for spices and seasonings due to the wealth of information available online. A powerful influencer of people's purchasing decisions is social media.

Our research indicates that this developing trend emphasizes the use of particular spices and taste combinations in dishes. Additionally, a lot of people love experimenting with various flavors and spices on their own, which may encourage them to try new spices and seasonings. As a result, consumers who want to prepare tasty food at home are increasing the demand for spices and seasonings from firms that make them.

Drivers

Growing Demand for Packaged Ready-to-Use Spices and Seasonings Products

Due to shifting consumer lifestyles, demand for packaged spices, and ready-to-use brands has been increasing at a higher CAGR. Consumers are increasingly leaning toward organic and safe spices and seasoning products rather than purchasing loose spices from stores. Because they believe loose spices are more likely to be tampered with and polluted, customers are becoming more mindful of spices that are sold unpackaged and without hygienic conditions. The public is willing to pay more for packaged and branded spice products in order to avoid such a scenario.

According to Avendus Capital, the India-branded spices and seasonings industry is predicted to grow fourfold by 2025 and reach a market value of approximately US$ 611 million. Sales of these spices are expected to increase at a CAGR of 24% until 2025, with half of the spices sold in the country expected to be branded.

Restraints

Increased Dependence of Spice Crops on Climate Conditions

Global warming and extreme weather patterns have a substantial impact on the production of spices and seasonings. Due to reduced pollination, cardamom blooms abortion, and spike shedding in black pepper, arid conditions are now blamed for the loss of spice crops.

Segment Overview

Type Analysis

In 2021, the hot spices segment dominated the market with a share of 42.8%. The increase in sales of spices and the proliferation of product options have resulted from customers' willingness to try out new flavors and their interest in a variety of international cuisines. Another important factor in this industry's development is the way it responded to consumer requests for more convenience, flavor options, and healthier products. Another reason for the larger market share in Asian countries is the rising popularity of fast food.

Seasoning Analysis

In 2021, the salts segment held a leading share of 43.3%. One of the features that are essential for many foods and recipes is salt. Numerous salts can be used in cooking, while table salt is generally thought to be safe. In recent years, natural salts have become more popular because they come from natural sources and don't contain any chemicals or additives.

Because they have a richer flavor and can be utilized to enhance diverse recipes, these salts are frequently favored by some chefs. For instance, pink Himalayan salt can give savory meals like chicken curry a vibrant touch, while Celtic Sea salt can give soups and stews a depth of flavor.

Distribution Channel Analysis

In 2021, the offline segment acquired a market share of 68.9%. Retailers who rely on offline sales are also benefiting from this development. Because they benefit from the economies of scale that come with running a big store, offline retailers like supermarkets, hypermarkets, convenience stores, specialty shops, etc., can charge an increased cost for spices and seasonings. Additionally, because they don't work with automated sales systems, offline retailers may provide clients with more individualized treatment.

Online and offline stores both have room to grow, although online retailers now enjoy a competitive and customer service advantage over their offline counterparts. By offering a selection of premium spices and seasonings at competitive costs, offline retailers can benefit from the trend of consumers preferring to cook more at home. Additionally, by using automated systems that enable clients to buy things fast and conveniently, online shops can enhance their customer service.

Application Analysis

In 2021, the meat & poultry segment maintained a market share of 36.9%. Particularly in developing nations like China, India, and Brazil, rising disposable incomes, changing lifestyles, and expanding populations have all contributed to an increase in the consumption of meat and poultry products. On top of that, convenience products and processed meat are evolving more streamlined with clear labeling, which is increasing consumer interest in natural flavors and ingredients.

End User Analysis

In 2021, the residential segment acquired 55.1% of the global market share and will maintain its position during 2022-2030.

Since people are more inclined to cook at home, the need for spices and seasoning is larger for residential usage than for commercial ones. Recipes that are quick and easy are also contributing to this trend. Furthermore, a lot of individuals enjoy experimenting with various spices and flavors, which can be challenging to achieve when cooking in a restaurant.

The fact that spices and seasonings are utilized in many recipes is another factor contributing to the increased demand for them from home applications. For instance, salt can be used in several Mediterranean cuisines, whereas curry powder is frequently used in Indian cuisine. It follows that the huge demand for these goods is not surprising.

Regional Analysis

With over 67.3% of worldwide revenue in 2021 expected to come from spices and seasonings, Asia Pacific will continue to rule this market. The demand for packaged, frozen, and convenience food consumption has increased due to a large number of young people, an increased desire for home cooking, and quickly expanding fast food enterprises in India, China, Thailand, and Indonesia.

In addition, rising disposable income, the emergence of several homegrown brands of spices and herbs, and a rise in marketing and promotional efforts all contribute to the area market's expansion.

The Asia Pacific region is one of the top exporters in the world since nations like Vietnam, India, Thailand, and China generate the majority of the world's herbs and spices.

Browse Detailed Summary of Research Report: https://www.astuteanalytica.com/industry-report/spices-seasonings-market

Notable Competitors
The well-known competitors in the global spices and seasonings market are:
MDH
McCormick & Company, Inc.
Ariake Japan Co. Ltd
Olam International
Watkins Incorporated
Ajinomoto Co. Inc.
Worlée Gruppe
Associated British Foods plc
SHS Group
Kerry Group plc
Döhler Group
Sensient Technologies Corporation
Other Prominent Players

Segmentation Outline

The global spices and seasonings market segmentation focuses on Type, Seasoning Type, End-User, Distribution Channel, Application, and Region.
By Type
Hot Spices
o Capsicum (chilies)
o Cayenne pepper
o Black and White peppers
o Ginger
o Mustard
o Others
Mild spices
o Paprika
o Coriander
o Others
Aromatic spices
o Cardamom
o Cassia
o Cinnamon
o Clove
o Cumin
o Others
Herbs
o Basil
o Bay
o Dill leaves
o Marjoram
o Tarragon
o Others

By Seasoning Type
Salts
Pepper
Sugar and Light Flavored Sweeteners
Acids

By End-User
Residential
Commercial
o Restaurants
o Bar & Cafes
o QSRs

By Distribution Channel
Online
o e-Commerce Website
o Company's Owned Website
Offline
o Supermarkets/Hypermarkets
o Retail Stores

By Application
Meat & poultry products
Snacks & convenience food
Soups, sauces, and dressings
Bakery & confectionery
Others

By Region
North America
The U.S.
Canada
Mexico

Europe
Western Europe
UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe

Asia Pacific
China
India
Japan
South Korea
Australia & New Zealand
ASEAN
Rest of Asia Pacific

Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA

South America
Brazil
Argentina
Rest of South America

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About Astute Analytica
Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

Aamir Beg
Astute Analytica
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