Spices & Seasonings Market to Hit USD 25.42 Billion by 2029 | Exhibiting a CAGR of 4.67% by 2022-2029
Companies covered in the Spices & Seasonings Market are McCormick & Company, Inc. (U.S.), Kerry Group Plc (Ireland), Watkins Incorporated (U.S.), Olam International (Singapore), Associated British Foods PLC (U.K.), Ajinomoto Co., Inc. (Japan), Sensient Technologies Corporation (U.S.), ARIAKE Japan Co. Ltd. (Japan), SHS Group (U.K.), Worlée Group (Germany), and others
Pune, India, Nov. 02, 2022 (GLOBE NEWSWIRE) — The global spices & seasonings market size was USD 17.75 billion in 2021. The market is projected to grow from USD 18.47 billion in 2022 to USD 25.42 billion by 2029, exhibiting a CAGR of 4.67% during the forecast period. This information is provided by Fortune Business Insights™, in its report, titled, “Spices & Seasonings Market, 2022-2029.”
The market is mainly navigated by some factors, such as the growing popularity of ethnic cuisines. It is steering the demand for spice blends and original spices.
Interruptions in Supply Chain and Trade during COVID-19 Pandemic to Hamper Growth
The occurrence of the pandemic has led to sluggish growth owing to numerous fiscal, political, and social modifications. The crisis considerably influenced the world’s spices sector, with its value chain expanding from the main production hubs in emerging nations to the global spice trade network. Following the imposition of lockdown measures by national governments to stop the spread of the virus, there have been labor scarcities triggered by workforce migration. The border closure of China and India commenced the drop in the price of a few spices.
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Snacks and Convenience Foods to Dominate during Forecast Period
Based on type, the market is segregated into pepper, chili, ginger, cinnamon, cumin, turmeric, nutmeg and mace, cardamom, cloves, and others.
On the basis of application, the global spices & seasonings market is segmented into meat and poultry, bakery and confectionery, frozen foods, snacks and convenience foods, and others. Snacks and convenience foods are the most important commodities in the spice and seasoning trade and are expected to lead during the forecast period.
In terms of region, the market is separated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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Growing Veganism and Vegetarianism to Foster Market Growth
Vegetarianism and veganism are part of a global trend that is promptly extending. The vegan population in the U.S. and the U.K. has grown substantially. Numerous spices used in the meat processing industry beforehand are currently used as non-vegetarian substitutes. This trend assists towards the rise in spice demand. Plant-based diets are transforming expansively across the globe. The companies are accentuating novel product unveilings, particularly for the vegan and vegetarian population, to take benefit of this novel trend.
North America to Dominate Backed by Increasing Usage of Herbs in Cooking
North America held the largest spices & seasonings market share and stood at USD 7.48 billion in 2021. North America has been one of the prime markets for spices & seasonings as novel consuming practices alter how consumers perceive herbs.
Asia Pacific market is likely to display notable progress due to the growth of food processing industries in the region.
Europe is anticipated to observe considerable spice & seasonings market growth owing to the surging preference of young European consumers towards exotic and prominent food flavors. Europe is among the world’s key importers of herbs and spices.
New Product Launch Declarations by Prime Players to Boost Market Growth
The noticeable players embrace numerous strategies to bolster their position in the market as dominating companies. One such key strategy is procuring companies to bolster the brand value among users. Another vital strategy is intermittently unveiling groundbreaking products with a methodical study of the market and its target audience.
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September 2021: Olam Food Ingredients unveiled ‘Blends of the Americas’, which is the first collection in its novel spice blends series. The 17 ready-to-use dry blends offer food service companies, food producers, and retailers an effortless, clean-label solution for manufacturing authentic and constant flavors motivated by the continent’s popular cuisines from those in the Caribbean, Mexico, and the U.S. Southwest.
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