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Spices and Seasonings Market: Booming Industry with a CAGR of 7.3% & 8.6% During 2024-2025 and 2024-2029 Respectively
Spices and Seasonings Market
What Is The Projected Market Size Of The Global Spices and Seasonings Market And Its Growth Rate?
The global spices and seasonings market has seen a remarkable growth in the recent years with significant year-on-year increase:
• The market size stands at $26.88 billion in 2024.
• It is expected to reach $28.84 billion in 2025 growing at a CAGR of 7.3%.
• Major driving factors include increased demand for spices and seasonings from the food and beverage industry, growing popularity of home cooking and rising income levels.
• The market is anticipated to further grow to $40.17 billion in 2029 at a CAGR of 8.6%.
• The growth can be attributed to rising awareness of the medical benefits of spices and seasonings, increasing demand for organic flavors, and evolving consumption patterns.
What Is Driving The Growth In The Spices and Seasonings Market?
The growth of the global spices and seasonings market is significantly driven by the rapidly expanding hospitality industry. With a surge in net disposable income, rising travel trends, and better work-life balance, the hospitality industry is thriving globally. This growth in the industry is boosting the demand for spices and seasonings, as they are widely used in food preparation across various cuisines worldwide. For instance, India Brand Equity Foundation (IBEF) estimated that the domestic, international, and outbound hotel business in India will grow from $32 billion in FY20 to $52 billion by FY27 due to increased traveler demand and continuous market expansion efforts by travel agencies.
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Who Are the Key Players Driving Spices and Seasonings Market Growth?
The following key players are driving the growth in the spices and seasonings market:
• 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.
What Are The Key Trends In The Spices and Seasonings Market?
The key trends impacting the spices and seasonings market growth are:
• Introduction of blended spices
• High dependency of spice crops on climate conditions
• Rising demand for ethnic and regional flavors
• Transparency and traceability in production and labeling of spices and seasonings
• Increase in custom spice blends by manufacturers to cater to changing consumer preferences.
What Are The Segments Of The Global Spices and Seasonings Market?
The spices and seasonings market is segmented by:
1) Type: Pepper, Capsicum, Ginger, Cinnamon, Cumin, Turmeric, Nutmeg & Mace, Cardamom, Coriander, Cloves, Other Types
2) Nature: Organic, Conventional
3) Application: Meat & Poultry Products, Snacks & Convenience Food, Soups, Sauces, And Dressings, Bakery & Confectionery, Frozen Products, Beverages, Other Applications
Which Region Leads The Spices and Seasonings Market?
North America held the largest share in the spices and seasonings market in 2024. However, Asia-Pacific is expected to be the fastest-growing region in the forecast period due to increasing demand and production of spices and seasonings. Other regions covered in the report include Western Europe, Eastern Europe, South America, Middle East, and Africa.
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What Is Covered In The Spices and Seasonings Market Global Market Report?
- Market Size Analysis: Analyze the Spices and Seasonings Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Spices and Seasonings Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Spices and Seasonings Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Spices and Seasonings Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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WiseGuyReports.com adds “Spices Market 2018 Global Analysis, Growth, Trends and Opportunities Research Report Forecasting to 2023” reports to its database.
This report provides in depth study of “Spices Market” using SWOT analysis i.e. Strength, Weakness, Opportunities and Threat to the organization. The Spices Market report also provides an in-depth survey of key players in the market which is based on the various objectives of an organization such as profiling, the product…
