The global spices and seasonings market was valued at USD 21.3 billion in 2021 and is expected to grow at a CAGR of 5.2% during the forecast period. Globally, the spices & seasonings market is driven by the growing demand for convenience food products, clean label trends, and natural preservatives for the meat industry. The demand for spices and seasonings in the market is mainly propelled by the increasing preference for delectable and unique cuisines, the growth of fast food and packaged food industries, and the shifting consumer inclination towards healthier and more natural products.
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Key Players in Spices and Seasonings Market
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).
Spices and Seasonings Market Drivers:
Clean Label: A clear trend across global food market
Increasing consumption of healthy food products among modern consumers has led to increasing interest in the origin of the ingredients used to produce these products. Consumers prefer natural and clean-label flavors and ingredients as they are constantly looking for ‘natural’ nutrition and are opting for products that incorporate inherently natural, fresh, wholesome, and balanced nutrition. They largely perceive “clean label” as having a natural flavor and natural color.
Spices and Seasonings Market Opportunities:
Encapsulation of spices witness higher sales growth rate
Encapsulation of food products and ingredients has been on the rise over the past couple of years. The advancement of encapsulation has led to its application in almost every sector of the food & beverage industry. A similar kind of application pattern has also been witnessed in the spices and seasonings market. Some of the key manufacturers in the flavor and fragrance industry have been availing the spices variants in encapsulated formats. The UK-based company, TasteTech has developed a new method for processing paprika and turmeric spices. The method is controlled-release encapsulation, whereby the oleoresins and essential oils of spices are extracted and encapsulated within invisible microfilm of hardened vegetable oil, resulting in a free-flowing, easy-to-handle powder. The company claims the flavor is enhanced, as is the coloring effect when compared with original and untreated spices. Thus, higher application of food encapsulation paves the way for the spices and seasoning market to grow significantly in terms of value sales during the forecast period.
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Asia Pacific dominates the market valued at USD 27.4 billion by 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. The region’s improved agricultural growth over the past decade, followed by advancements in the food industry, has provided new opportunities for the spices & seasonings industry. This region has a much-diversified flavor preference wherein consumers are constantly looking for new variants, which will drive the spices & seasonings market. India’s spices & seasonings industry has witnessed increasing varieties of value-added spice & seasoning products in the ground, crushed, cracked blended, and dehydrated forms, in bulk and consumer packs.