Spices and Seasonings Market Size to Reach USD 24380 Million by 2027 at CAGR 5.0% - Valuates Reports

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BANGALORE, India, July 2, 2021 /PRNewswire/ -- The Spices and Seasonings Market is Segmented by Type (Salt & Salt Substitutes, Hot Spices, Aromatic Spices, Others), by Application (Food Processing Industry, Catering Industry, Household, Others). The report covers global and regional opportunity analysis and industry forecasts from 2021 to 2027. It is published on Valuates Reports in the Food & Beverages Category.

The global Spices and Seasonings market size is estimated to grow from USD 18190 Million in 2020 to USD 24380 Million by 2027, it is expected to grow at a CAGR of 5.0% during the forecast period 2021-2027.

The production of Spices and Seasonings increased from 743564 MT in 2012 to 1006435 MT in 2017, with a CAGR of 6.24%. 

Key Drivers of Spice and Seasoning Market are:

• Buyers' willingness to pay a premium for new flavors and ethnic tastes has fueled the market's growth.
• Seasoning and spices medicinal properties, such as cumin seeds antiseptic & immunity boosting characteristics, and turmeric's rich source of antioxidants are further fuelling the spice and seasoning market size.
• Rising demand for ready-to-use spice mixes and awareness of harmful effects of chemical preservatives

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TRENDS INFLUENCING THE GROWTH OF SPICE AND SEASONING MARKET  

Increased consumer understanding of the harmful effects of chemical preservatives has resulted in a rise in demand for natural preservation, such as spices for meat and poultry. Thus, the rise in awareness along with the nutritional benefits of various spices have contributed to the growth of the Spices and Seasonings Market. 

Furthermore, the Spices and Seasonings Market growth is expected to be augmented by help from an increasing trend of integrating spices into ready-to-eat and ready-to-drink foods and beverages.

Increasing awareness amongst the masses regarding the medicinal properties of spices is expected to increase the growth of the Spices and Seasonings Market. Many spices have antioxidant properties and can be used to treat a variety of diseases and health issues. Turmeric, for example, is high in antioxidants and can help prevent diseases like Alzheimer's, joint inflammation, and cancer. Cumin seeds, on the other hand, have antiseptic properties and aid in immune system support. 

Rising Salt Consumption is expected to have a considerable impact on the spice and seasoning market growth. Because of the increasing demand for packaged and convenience foods in a number of countries, food processors' salt consumption will continue to rise. The table salt manufacturing industry has a high concentration of market share.

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Based on type, the spice segment is expected to be the most lucrative during the forecast period. 

This is due to the increasing consumer understanding of the health benefits and properties of various spices.

Based on region, Europe held the largest revenue market share accounting for about 21.89% of market share in 2016.

It was followed by China in second place, with a market share of 21.04 in 2016, and is expected to witness the highest growth during the forecast period. The region's largest market is China, which is followed by India. The climate in the area is ideal for the growth of a variety of spices and seasonings. As a result, the Asia-Pacific produces the highest-quality spices, attracting major players to the region.

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Leading Players in the Spices and Seasonings Industry

• McCormick
• Unilever
• Ajinomoto
• Ariake
• Kerry Plc. (Ireland)
• Olam International
• Everest Spices
• Zhumadian Wang Shouyi
• MDH Spices
• Catch(DS )
• Nestle
• Brucefoods
• Sensient Technologies (U.S.)
• Ankee Food
• Haitian
• Others

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