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Spices and Seasonings Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | McCormick & Company Incorporated, Olam International Limited, Ajinomoto Co. Inc.
Spices and Seasonings Market Size
The Business Research Company offers in-depth market insights through Spices and Seasonings Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The spices and seasonings market size has grown strongly in recent years. It will grow from $25.05 billion in 2023 to $26.88 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to increased demand for spices and seasonings to enhance the flavor of food, growing popularity of ethnic foods and home cooking, rising income levels and newer food experiences, increased preference for trying out new flavors in the foodservice sector and processed food products, demand from consumers for high-quality, healthy food ingredients.
The spices and seasonings market size is expected to see strong growth in the next few years. It will grow to $36.82 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to growing awareness of the medical benefits of spices and seasonings, increasing demand for new and exotic tastes along with organic flavors, rising consumer health consciousness, evolving consumption patterns, shelf-life extension. Major trends in the forecast period include introduction of blended spices, high dependency of spice crops on climate conditions, ethnic and regional flavors, transparency and traceability, custom spice blends.
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Market Segmentation:
The main types of spices and seasonings include pepper, capsicum, ginger, cinnamon, cumin, turmeric, nutmeg & mace, cardamom, coriander, cloves, and others. Pepper refers to seeds derived from dried berries (peppercorns) of the vine Piper nigrum. Black pepper enhances the flavor in rubs, spice blends, salad dressings, and others. Both organic and conventional spices and seasonings are widely used in various applications ranging from meat & poultry products, snacks & confectionery products, bakery & confectionery products, frozen products, beverages, and others.
Major Driver - Hospitality Industry Growth Fuels Spice And Seasonings Market Expansion
The growing hospitality industry is expected to propel the spice and seasonings market. Rapid growth in net disposable income, new travel trends, and better work-life balance are contributing to the growth of the hospitality industry across the globe. The rapid growth in the hospitality industry is expected to boost demand for spice and seasonings, as it is widely used in food preparations in the majority of cuisines across the globe. According to the report published by India Brand Equity Foundation (IBEF), in May 2022, the domestic, international, and outbound hotel business in India was valued at $32 billion in FY20 and is anticipated to grow to $52 billion by FY27 as a result of rising traveller demand and persistent market expansion attempts by travel agencies. Therefore, the growing hospitality industry is expected to boost the spices and seasonings market during the forecast period.
Competitive Landscape:
Major companies operating in the spices and seasonings market include McCormick & Company Incorporated, Olam International Limited, Ajinomoto Co. Inc., Associated British Foods plc, Kerry Group plc, Kikkoman Corporation, Sensient Technologies Corporation, Cargill Incorporated, Döhler GmbH, House Foods Group Inc., Baron Spices Inc., Prymat Sp. z o .o., SHS Group Limited, The Kraft Heinz Company, Unilever PLC, Ariake Japan Co. Ltd., Baria Pepper Joint Stock Company, The Bart Ingredients Co. Ltd., British Pepper & Spice Co. Ltd., Fuchs North America Inc., Givaudan SA, Griffith Foods Worldwide Inc., International Flavors & Fragrances Inc., Mane SA, Robertet SA, Symrise AG, Takasago International Corporation, T. Hasegawa Co. Ltd., Firmenich SA
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Top Trend - Natural Flavors And Ingredients Gain Momentum In The Spices And Seasonings Market
Natural Flavors and Ingredients is a key trend gaining popularity in the spices and seasonings market. Natural Flavors and Ingredients are derived from natural sources such as essential oils, extracts, and others, the companies operating in the flavors and seasonings market are incorporating natural flavors and ingredients to meet customer demands and strengthen their market position. For instance, in January 2021, ORCO, an India-based manufacturer of spices and seasonings launched 32 natural and organic condiments and spices for customers across the globe.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Spices and Seasonings Market Characteristics
3. Spices and Seasonings Market Trends And Strategies
4. Spices and Seasonings Market - Macro Economic Scenario
5. Spices and Seasonings Market Size And Growth
…..
27. Spices and Seasonings Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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