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Spices and Seasonings Market Insights, Demand And Forecast To 2033
Spices and Seasonings Market Insights
As per the report, 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 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%.
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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.
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 spices and seasonings market covered in this report is segmented -
1) By Type: Pepper, Capsicum, Ginger, Cinnamon, Cumin, Turmeric, Nutmeg & Mace, Cardamom, Coriander, Cloves, Other Types
2) By Nature: Organic, Conventional
3) By Application: Meat & Poultry Products, Snacks & Convenience Food, Soups, Sauces, And Dressings, Bakery & Confectionery, Frozen Products, Beverages, Other Applications
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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
Contents of the report:
1. Executive Summary
2. Spices and Seasonings Market Report Structure
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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