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Spices & Seasonings Market worth $45.52 billion by 2030, growing at a CAGR of 6.42% - Exclusive Report by 360iResearch
Spices & Seasonings Market | 360iResearch
The Global Spices & Seasonings Market to grow from USD 29.43 billion in 2023 to USD 45.52 billion by 2030, at a CAGR of 6.42%.
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Spices & seasonings comprise the manufacturing, distribution, and consumption of various natural or synthetic flavor-enhancing agents used to augment the taste and aroma of food products. These agents are primarily derived from plant sources such as seeds, leaves, fruits, roots, or barks and include spices like pepper, turmeric, and cinnamon and seasonings such as herbs, salts, and sugar-based blends. Increasing globalization resulting in greater exposure to international cuisines, rising income levels leading to higher demand for convenience foods, and a growing focus on health-conscious living contributed to the market growth. Additionally, increased price volatility due to fluctuating raw material costs, supply chain disruptions, and stringent food safety/regulatory standards necessitating compliance may hamper market demand. Government initiatives supporting sustainable agriculture/local farming/trade promotion and product innovations catering to emerging consumer trends are expected to present a lucrative market opportunity in the forecast period.
The Americas represents a lucrative landscape in the spices & seasonings market owing to the rise in consumption driven by increasing multiculturalism, evolving consumer palates, and a growing interest in ethnic cuisines. Additionally, the demand for organic spices & seasonings has surged due to health-conscious consumers seeking natural alternatives to artificial ingredients. The European region represents a significant spices & seasonings market due to increased travel experiences, exposure to global culinary trends, and immigration, contributing to a diversified taste among European consumers. Furthermore, due to heightened environmental awareness, there is a growing preference for sustainably sourced spices in the EU region. The APAC region has a developed landscape in the spices & seasonings market due to extensive gastronomic culture boasting diverse regional flavors, driving strong local demand for spices. The affinity toward umami-rich foods, the rich culture of spices, and the presence of the largest producers of spices have contributed to the market growth in this region.
Market Segmentation & Coverage:
This research report categorizes the Spices & Seasonings Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Product, market is studied across Herbs, Salt & Salt Substitutes, and Spices. The Herbs is further studied across Basil, Fennel, Garlic, Mint, Oregano, Parsley, Rosemary, and Thyme. The Spices is further studied across Cardamom, Cinnamon, Cloves, Coriander, Cumin, Ginger, Nutmeg, Pepper, and Turmeric. The Spices commanded largest market share of 54.13% in 2023, followed by Herbs.
Based on Application, market is studied across Bakery & Confectionery, Beverages, Frozen Foods, Meat & Seafood, Salads & Dressings, Savory Snacks, and Soups & Sauces. The Meat & Seafood commanded largest market share of 25.02% in 2023, followed by Bakery & Confectionery.
Based on Distribution Channel, market is studied across Offline and Online. The Offline is further studied across Convenience Stores and Supermarkets & Hypermarkets. The Offline commanded largest market share of 94.75% in 2023, followed by Online.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Asia-Pacific commanded largest market share of 38.27% in 2023, followed by Europe, Middle East & Africa.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Spices & Seasonings Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Spices & Seasonings Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Spices & Seasonings Market, highlighting leading vendors and their innovative profiles. These include Ajinomoto Co., Inc., All-Season Herbs Pvt. Ltd., Archer-Daniels-Midland Company, Arjuna Natural Pvt. Ltd., B&G Foods, Inc., Badia Spices, Inc., Baron Spices & Seasonings, BM Ingredients Europe GmbH, Cargill, Incorporated, Corbion N.V., DS Group, Döhler GmbH, EVEREST Food Products Pvt. Ltd., Frontier Co-op., Givaudan SA, Glanbia PLC, Goya Foods, Inc., House Foods Group Inc., Industrias Tajín, SA de CV, International Flavors & Fragrances Inc., Kalsec Inc., Kerry Group PLC, Kikkoman Corporation, Lionel Hitchen Limited, McCormick & Company, Incorporated, Olam Group Limited, Prymat sp. z o. o., Royal DSM, Sensient Technologies Corporation, SHS Group, Takasago International Corporation, The Kraft Heinz Company, Universal Oleoresins, V & D Flavours & Fragrances, and Watkins Incorporated.
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Spices & Seasonings Market, by Product
7. Spices & Seasonings Market, by Application
8. Spices & Seasonings Market, by Distribution Channel
9. Americas Spices & Seasonings Market
10. Asia-Pacific Spices & Seasonings Market
11. Europe, Middle East & Africa Spices & Seasonings Market
12. Competitive Landscape
13. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Spices & Seasonings Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Spices & Seasonings Market?
3. What is the competitive strategic window for opportunities in the Spices & Seasonings Market?
4. What are the technology trends and regulatory frameworks in the Spices & Seasonings Market?
5. What is the market share of the leading vendors in the Spices & Seasonings Market?
6. What modes and strategic moves are considered suitable for entering the Spices & Seasonings Market?
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