The global spices and seasonings market is expected to grow from USD 21.3 billion in 2021 to USD 27.4 billion by 2026, at a CAGR of 5.2% from 2021 to 2026. 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. However, the growing incidences of adulteration and contamination in the spices exported from developing countries such as India and China are prompting regulatory bodies in Europe and America to strengthen the safety regulations on imported spices and seasonings.
Asia Pacific is the dominant region in the global spices & seasonings market. Major countries contributing significantly towards the growth of the region include China, India, Japan, Australia, and New Zealand. The rapidly growing fast food industry and young demography in the Asia Pacific region have led to an increase in the consumption of packaged, frozen, and convenience food, which is in turn expected to enhance the growth of the market for spices and seasonings.
This report includes a study on the marketing and development strategies, along with a study on the product portfolios of the leading companies operating in the spices and seasonings market. It consists of the profiles of leading companies such as the major spices and seasonings manufacturers include McCormick & Company, Inc. (US), Olam International (Singapore), Ajinomoto Co. Inc. (Japan), Associated British Foods plc (UK), Kerry Group plc (Ireland), Sensient Technologies Corporation (US), Döhler Group (Germany), SHS Group (Ireland), and Worlée Gruppe (Germany). These players have focused on acquisitions to gain a larger market share in the spices & seasonings market.
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On the basis of type, the spice market has been segmented into pepper, capsicum, ginger, turmeric, coriander, cumin, nutmeg & mace, cardamom, cinnamon, and other types. The ginger segment accounted for the largest share of 37.7% of the global spice market in 2020. Most spices have the largest market share in Asia Pacific. This is because more spices are used in hot climates due to their antibacterial properties that rid foods of pathogens and thereby contribute to human health, longevity and reproductive success. The rapidly growing fast food industry and increasing demand for convenience food have led to an increase in the demand for spices and seasonings such as paprika, pepper, oregano, mint, and sesame. In terms of consumption, the demand for turmeric has always been high and is further increasing, especially in Asian countries due to the medicinal properties of turmeric and its extensive use in Ayurvedic medicines and Indian cuisines.
On the basis of nature, the global spices and seasonings market is segmented into organic and conventional. Among the two, the conventional segment accounts for a higher value share owing to its easy availability at affordable prices for its target customers. However, during the forecast period, the organic format of spices and seasonings is expected to gain a higher level of traction, registering a significant growth rate in terms of sales.