Seasoning And Spices Market Worth USD 22.46 billion by 2027 | CAGR: 6.3% | Grand View Research, Inc.

September 15 14:50 2020
Seasoning And Spices Market Worth USD 22.46 billion by 2027 | CAGR: 6.3% | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to a new report by Grand View Research, Inc., The global seasoning and spices market size was valued at USD 13.77 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.3% from 2020 to 2027. Increasing buyers’ willingness to pay a premium for new flavors and ethnic tastes has been creating demand for ethnic products, in turn, fueling the growth of the market.

The global seasoning and spices market is expected to witness a CAGR of 6.3%, according to the new report by Grand View Research, Inc.  Flavoring substances area used to improve the food essence, which has prompted the surging utilization of spices among hoteliers and consumers. Henceforth, the rising utilization of culinary flavors is opening up new open doors of opportunities. Wellbeing concerns are persuading the clients to adopt market product, which is anticipated to drive development.

Amidst the global pandemic crisis and the indefinite lockdown across nations, the consumer food & beverage industry first witnessed high demand for household staples, healthy food items, and consumables with longer shelf lives. The demand for frozen food products, fruits & vegetables, eggs, flour, and whole grains, among others, witnessed a considerable increase during the early stages of the crisis. Presently, most companies in the industry are faced with low consumption of their products and supply chain challenges. The companies are focusing more on altering their supply chains in order to reinforce their online presence and delivery measures, in an attempt to adapt to the present business environment. The changes in consumer buying behavior and the dynamic shifts towards online and D2C distribution channels may have serious implications on the near future growth of the industry. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections.

With the increase in disposable income, the nutrition propensities for individuals are developing. People are reliably experiencing new and extravagant well-nourished consumables, which will explore different avenues in regards to develop new tastes and flavors. Spices and seasonings used at home is increasing, as buyers are approaching approach the changing nutrition propensities and new and innovative food items is soaring around the world. Japan-based food ingredients’ company called Ajinomoto Co., Inc.  in August 2020, acquired half of the US-based company More Than Gourmet Holdings, which is a prominent liquid spice and seasonings company.

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Covid-19 Effect:

With the COVID-19 pandemic and indefinite lockdowns have propelled the growth of the consumer food & beverage sector, owing to the rising demand for spices and seasoning, demand for household staples, and food items with longer shelf lives. Attributive to the increasing emphasis on boosting the human immune system, export demand for turmeric in India and its associated future costs surged by 7% in June 2020.

Further findings from the report suggest:

  • Soups, sauces, and dressings segment dominated the overall market and accounted for the largest revenue share in 2020. The segment accounted for more than 25.0% share of the overall revenue. This can be ascribed to health awareness among the people and a huge consumption of salads. 
  • The spices segment accounted for the major market share of over 40.0% of the total revenue in 2020. Factors such as vital health benefits of varied spices are aiding in the segment’s development and will further witness expansive growth during the forecast period.

A large number of spices have antioxidant properties and are also useful in treating several diseases and health problems. For instance, turmeric is a rich source of antioxidants and helps in preventing illnesses, such as Alzheimer’s, joint inflammation, and cancer. Similarly, cumin seeds contain antiseptic characteristics and help in boosting the immune system. These seasoning and spices can be used as alternatives for medicinal and beauty products.

In developed economies of North America and Europe, Japanese restaurants have witnessed strong growth owing to light seasoning and natural flavors of the cuisine. Over the past few years, an increased number of Mexican, Indian, Italian, and Chinese restaurants has been offering ethnic cuisines, which are fortified with numerous ingredients. For instance, Jalapeno pepper, taco seasoning, chili powder, fajita seasoning mix, chipotle, cilantro, cumin, cinnamon, and paprika are the key spices and seasonings used in Latin cooking.

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Soups, sauces, and dressings held the largest share in 2020, accounting for over 25.0% share of the total revenue. Growing health consciousness among the people has driven the consumption of salads, thereby driving the demand for various kinds of dressings and sauces in the seasoning and spices market. This has had a positive impact on market growth. Furthermore, organic product variants in this category have witnessed significant demand owing to the perception that these ingredients are healthier than processed foods.

The meat and poultry products segment is expected to register the fastest CAGR of 6.8% from 2020 to 2027. Shifting preference towards the incorporation of ethnic flavor in conventional meat products to add an aesthetic appeal and improve the overall quality is expected to remain a key driving force for the seasoning and spices industry. For instance, garlic, peppercorns, and breadcrumbs are added to various meat products to enhance their flavor and aroma.

The industry is highly fragmented owing to the presence of a large number of domestic as well as international players. Seasoning and spices manufacturers are adopting various strategies, including new product launches, expansion of product portfolio, and mergers and acquisitions. Geographical expansion plays a crucial role in the growth of a company. For instance, in June 2020, Kerry Group inaugurated a USD 22.8 million production facility in Tumkur, India. The facility is spread across 40,585 square meters and is expected to serve consumers of the Indian subcontinent. Furthermore, Kerry Taste & Beverage system is expected to serve the retail and foodservice markets. Some of the prominent players in the global seasonings and spices market include: 

  • Ajinomoto Co, Inc.
  • ARIAKE JAPAN CO, LTD.
  • Associated British Foods plc
  • Kerry Group
  • McCormick & Company, Inc.
  • Baria Pepper
  • Dohler Group
  • DS Group
  • Everest Spices
  • Bart Ingredients

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Grand View Research has segmented the global seasonings and spices market on the basis of product, application, and region:

Seasoning And Spices Product Outlook (Revenue, USD Million, 2016 – 2027)

  • Herbs
    • Rosemary
    • Fennel
    • Garlic
    • Mint
    • Parsley
    • Oregano
    • Others
    • Salt & Salts Substitutes
    • Spices
      • Pepper
      • Ginger
      • Cinnamon
      • Cumin
      • Turmeric
      • Cardamom
      • Coriander
      • Cloves
      • Others

Seasoning And Spices Application Outlook (Revenue, USD Million, 2016 – 2027)

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

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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