Newly published Fact.MR data expects the global market for seasonings and spices to accelerate at a CAGR of 6.5%, reaching US$ 51.4 Bn in value terms by the end of the 2021-2031 forecast period. Sales are expanding on the back of increased preference for indigenous cuisines amongst consumers.
From 2016 to 2020, sales of seasonings and spices registered a CAGR of 4.7%, and is further anticipated to be valued at US$ 27.4 Bn in 2021. During the COVID-19 pandemic, while demand across commercial settings such as restaurants and cafeterias declined, sales across home settings increased impressively, with consumers relying on their culinary skills to experiment with exotic foodstuffs.
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The rising demand for ready-to-use spice mixes as convenient food-service options is expected to open up new market prospects. Seasonings and spices are in great demand in both the commercial and household sectors, not only for their flavor and taste, but also for the health benefits they bring. Moreover, applications across health and wellness products, including nutraceutical and dietary supplements, with greatly augment prospects for the market.
Key Takeaways from the Market Study
- By nature, conventional spices to yield a value worth US$ 7 Bn by 2025
- Sales of organic seasonings and spices to grow the fastest, clocking a 5% CAGR
- Seasonings & spices to account for 1/4th of total revenue as of 2031, by product type
- Sales via modern trade channels to surpass US$ 5 Bn by the end of the forecast period
- U.S to be a promising market for seasonings & spices, expanding at 5% CAGR
- India to remain the largest producer of seasonings and spices, experiencing a CAGR worth 7% until 2031
“Growing demand for ready-to-use spice blends as convenient food-service options is expected to open up new business prospects. Seasonings and spices are in great demand in both the commercial and household sectors, not only for their flavor and taste, but also for the health benefits they bring.” says a Fact.MR Analyst.
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Due to the existence of a large number of domestic and foreign companies, the sector is extremely fragmented. Manufacturers of seasonings and spices are pursuing a variety of strategies, including new product releases, product portfolio growth, and mergers and acquisitions.
- For example, in June 2019, Kerry Group opened a US$ 22.8 Mn manufacturing facility in Tumkuru, India. The facility, which spans 40,585 square meters, is planned to service Indian subcontinent consumers. In addition, the Kerry Taste & Beverage system is anticipated to serve both the retail and foodservice industries.
- In May 2021, Ajinomoto Co. Inc., invested in SAKA NO TOCHU Co. Ltd., a prominent player in the agricultural products sector. With this initiative, the company intends to establish a new business model, especially e-commerce, to expand outreach of its seasonings and spices business
More Insights Available
Fact.MR, in its new report, offers an unbiased analysis of the global seasonings & spices market, analyzing historical demand from 2016-2020 and forecast statistics for 2021–2031.
The study reveals growth projections on the seasonings & spices market on the basis of product type (spices, herbs, salt substitutes and blends), nature (conventional and organic) and sales channel (modern trade, neighborhood stores, specialty stores, other brick & mortar retail stores and online stores) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
|Market Size Value in 2021||USD 27.4 Billion|
|Market Value Forecast in 2031||USD 51.4 Billion|
|Growth Rate||CAGR of 6.5% from 2021 to 2031|
|Historical Data Available for||2016-2020|
|Market Analysis||US$ Mn for Value & ‘000 Units for Volume|
|Key Regions Covered||North AmericaLatin AmericaEuropeEast AsiaSouth AsiaOceaniaMiddle East & Africa|
|Key Countries Covered||U.S.CanadaGermanyU.K.FranceSpainItalyChinaJapanIndiaThailandSingaporeAustraliaNew ZealandBrazilMexicoGCCSouth AfricaNigeria|
|Key Segments Covered||NatureProduct TypeSales ChannelRegion|
|Key Companies Profiled||Mahashian Di Hatti Private Limited (MDH Spices)McCormick & Company Inc.Olam International LimitedAssociated British Foods Plc.Kerry Group Plc.Ajinomoto Co. Inc.Ariake Japan Co. Ltd.SHS Group LimitedDharampal Satyapal Limited (DS Group)|
|Pricing||Available upon Request|
Full Access of this Report Is Available at
Key Segments Covered
- Conventional Seasonings & Spices
- Organic Seasonings & Spices
- Product Type
- Seasonings & Spices
- Salt Substitutes
- Seasoning & Spice Blends
- Sales Channel
- Seasonings & Spices Sales via Modern Trade Channels
- Seasonings & Spices Sales via Neighborhood Stores
- Seasonings & Spices Sales via Specialty Stores
- Seasonings & Spices Sales via Other Brick and Mortar Retail Store
- Seasonings & Spices Sales via Online Stores
The Seasonings and Spices Market report answers important questions which include:
- What are some of the latent areas of investments in the Seasonings and Spices market?
- Which region is expected to emerge as showing the most attractive growth rate during the forecast period and which factors will be crucial to its growth?
- What trends are likely to change the status quo of the positions held by leading players of the Seasonings and Spices market in the not-so-distant future?
- Which product/service/technology segments holds game-changing potential to dramatically shape the competitive dynamic in the Seasonings and Spices market?
- What are the strategies adopted by top players to retain their stronghold in the Seasonings and Spices market?
- Which strategic moves will new entrants adopt to gain a strong foothold in the Seasonings and Spices market?
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