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Spices and Seasonings Market Size, Revenue, CAGR, Trends, and Forecast – 2026

Spices and Seasonings Market Size, Revenue, CAGR, Trends, and Forecast – 2026

February 08
18:34 2023
Spices and Seasonings Market Size, Revenue, CAGR, Trends, and Forecast - 2026
MarketsandMarkets™
The increasing demand for flavorful and exotic foods, growth in the fast food and packaged food industries, and changing consumer preferences towards healthy and natural products are major driving factors for the spices and seasonings market.

Spices and seasonings market size is expected to generate a revenue of USD 27.4 billion by 2026, at a CAGR of 5.2%. The global industry size was valued at USD 21.3 billion in 2021.

Spices and Seasonings Market

The increasing demand for flavorful and exotic foods, growth in the fast food and packaged food industries, and changing consumer preferences towards healthy and natural products are major driving factors for the spices and seasonings market. The spice and seasoning market is a multi-billion dollar industry, as consumers demand a wide range of flavor options for their food and are willing to pay for high-quality, premium spices and seasonings. These products can be found in various forms, such as whole spices, ground spices, blends, rubs, marinades, and sauces. Convenience food manufacturers use these attributes of spices and seasonings to improve their product quality and taste, and increase their shelf life. Additionally, consumer willingness to experiment with new flavors and an increasing interest in ethnic tastes has led to a proliferation in product offerings and an increase in the sale of spices and seasonings. The market is also driven by the growing trend of health-conscious consumers and the desire for natural and organic products, which is driving the demand for spices and seasonings that are free from artificial ingredients and preservatives.

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The spices and seasonings market refers to the production, sale, and distribution of various forms of spices and seasonings used to flavor food. It is a growing industry, driven by increased demand for diverse and flavorful cuisines, a growing global population, and changing consumer preferences. The market is segmented into various types of spices and seasonings, such as black pepper, paprika, chili powder, turmeric, cinnamon, and others. Key players in the market include McCormick & Company, Unilever, Nestle, Kraft Heinz, and others. The market is also influenced by factors such as rising health consciousness and the trend towards natural and organic products.

The growing trend toward clean-label products, which is slowly becoming a requisite across the globe, is offering growth opportunities to the food manufacturers to create new formulations and new products to cater to the rising consumer demand for healthier food products. One example of manufacturers introducing natural ingredients is “Verdad Powder F80”, a product launched by Corbion Purac (Netherlands) in 2013. This product is permitted to be labeled as ‘fermented sugar’ to meet consumer demand for natural, fresh, and authentic-tasting products.

The Asia Pacific region is projected to be the fastest-growing market for spices & seasonings, at a CAGR of 4.4% from 2021 to 2026. The usage of spices and seasonings in the industrial sector is less in the Asia Pacific region as compared to that in developed regions, which presents food processing industries with considerable untapped potential. The overall economic growth in the Asia Pacific region has led to an increase in urbanization and rapid industrialization, with a resultant rise in per capita income. These factors play a major role in the changing preference of consumers towards value-added food products.

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The key players in this market include MOGUNTIA FOOD GROUP AG (Germany), Associated British Food plc (UK), Olam International (Singapore), McCormick & Company (US), and Ajinomoto Co., Inc (Japan), Paras Spices Private Limited (India), Worlée Gruppe (Germany), Döhler Group (Germany), Friedrich Ingredients (Germany), Kerry Group Plc (Ireland), ARIAKE JAPAN Co., Ltd (Japan) Pacific Spice Company (US), Sensient Technologies (US), SHS Group (Ireland), and VKL Seasonings Pvt Ltd (India).

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