Spices and Seasonings Market by Top Leading Players, Key Strategies, Size, Trends, Outlook 2026

by Mit K. SEO

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.

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Global spices and seasonings market dynamics

Drivers: Rapidly increasing urbanization and changing lifestyles

The rise in urbanization is expected to drive the global spices & seasonings market. According to the World Health Organization, more than 54% of the world population lived in urban areas in 2014, as compared to 34% in 1960. This is projected to grow at an average annual growth rate of 1.84%, to reach approximately 66% by 2050. According to FAO, rapid economic development, income growth, and urbanization are leading to changes in the dietary patterns of people in Asia Pacific. People are increasingly including traditional food items in their daily food intake. Growth in retail channels such as supermarkets and hypermarkets in urban areas is expected to increase the availability of spice, which in turn is projected to boost the demand for spices and seasonings. Urbanization has led to changes in the consumer’s lifestyle. With high employment opportunities, higher disposable income of people, and an increasing number of working women, the time devoted to cooking has reduced. The working hours are long, and the schedules are hectic, which has led people to look for easy ways to eat without spending much time on cooking.

Opportunities: Increase in demand for health and wellness products

Specific spices and herbs are replacing sugar and salts as well as artificial additives, with consumers becoming increasingly health-conscious. Natural flavoring, organic foods, and safe dietary supplements are the three main factors driving the demand for spices and herbs.

Products that claim to have natural ingredients, such as spices, help manufacturers attract more consumers. The “health and wellness” trend drives the overall natural ingredients market. Increasing lifestyle-based disorders such as cardiovascular diseases, obesity, osteoporosis, and diabetes have prompted consumers to resort to natural alternatives. Moreover, the media’s describing the ill effects of consuming synthetic ingredients has further cautioned consumers. There is a perception among consumers that natural ingredients have a positive impact on general health, while synthetic ingredients have certain detrimental effects. As a result, food manufacturers have promptly responded by completely replacing or partially replacing synthetic ingredients with natural counterparts.

Key Market Players:

•             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)

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Asia Pacific is estimated to hold the largest market share during the forecast period

The Asia Pacific market accounted for the largest share in 2020. 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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Created on Jan 24th 2022 04:37. Viewed 258 times.

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