Spices and Seasonings Market size to record USD 6.95 billion growth from 2023-2027, Growing strategic acquisitions among major players is one of the key market trends, Technavio

NEW YORK, May 8, 2024 /PRNewswire/ -- The global spices and seasonings market size is estimated to grow by USD 6.95 billion from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of about 6.01% during the forecast period.

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Key Trends Fueling Growth

• Growing strategic acquisitions among major players: 
• Recent market acquisitions signal significant growth potential, with major vendors eyeing new territories and sectors. McCormick's acquisition of FONA International, LLC, and associated entities in December 2020, followed by ABFI's purchase of Fytexia Group in February 2022, illustrate this trend. ABFI's move aims to bolster its product portfolio, catering to the nutritional, pharmaceutical, and food markets.
• Such strategic acquisitions bolster vendors' capabilities and widen their customer bases. This expansion into new geographies and segments aligns with evolving consumer preferences and technological advancements. As vendors seek adaptability and innovation, these acquisitions are poised to drive market growth in the forecast period.

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Major Challenges:

• Product recalls
• Contaminants in spices and seasonings pose health risks and lead to product recalls, impacting brand reputation and vendor profits. Recent recalls include McCormick's Au Jus Gravy Mix in February 2020 due to dairy allergens and MDH's sambhar powder in September 2019 for salmonella contamination.
• These incidents hinder market growth by instilling consumer mistrust and causing financial losses. Manufacturers must address manufacturing and packaging defects to maintain product safety and compliance.
• Failure to do so not only jeopardizes consumer health but also undermines the competitiveness of vendors in the global spices and seasonings market. Market players need stringent quality control measures to mitigate contamination risks and sustain long-term growth prospects.

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Segmentation Overview

1. End-user 
• 1.1 Retail
• 1.2 Food service
• 1.3 Industrial
2. Product 
• 2.1 Salt and salt substitutes
• 2.2 Pepper
• 2.3 Dried herbs
• 2.4 Individual spices
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Retail- The retail segment, encompassing packaged spices for home use, is expected to see significant growth in the forecast period. This growth is driven by supermarkets, hypermarkets, grocery, convenience, and organic stores. Valued at USD 6.84 billion in 2017, this segment continued to expand until 2021. It offers aromatic blends aiding acid reflux and gastritis, available through various retail channels. The expansion of retail sectors, especially supermarkets and convenience stores, contributes to market demand.

• Local and regional retail growth boosts offline sales. Spices like cardamom, cinnamon, and cloves enhance aroma, flavor, and coloring in dishes such as bakery, confectionery, and condiments. Clean-label products and dried spices cater to consumers seeking nutrition and flavor balance. Improper spice usage can affect dish quality; food encapsulation technology maintains freshness and flavor in convenience foods. These factors are set to propel the growth of the seasonings spices market segment.

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Analyst Review

The spices and seasonings market is a thriving multi-billion dollar industry encompassing a wide array of flavor options to meet consumer preferences. From whole spices to ground spices, rubs, marinades, and sauces, the emphasis is on high-quality products free from artificial additives and preservatives, aligning with the clean label trend. Natural ingredients are prioritized to ensure balanced nutrition and uphold food quality and integrity.

Manufacturers are constantly innovating with new formulations to enhance taste, texture, and digestive health, minimizing the risk of heartburn and gastric irritation. Techniques such as encapsulation of spices by companies like TasteTech ensure enhanced flavor and extended shelf life while preserving the natural nutrition of spices like paprika and turmeric.

Market Overview

The spices and seasonings market is buzzing with activity, with a focus on innovation and authenticity. Recent discussions in conferences and webinars have delved into topics like turmeric's rising popularity, driven by the increasing interest in veganism and vegetarianism. Digitalization is streamlining processes, with projects like SpiceUp tackling issues like spice adulteration.

From garlic and parsley to oregano and fennel, the market is ripe with possibilities. Emerging trends also include unique combinations like peppermint and basil. With a growing demand for convenience, the powder segment is gaining traction alongside whole seasoning options. 

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation

• End-user 
• Retail
• Food Service
• Industrial
• Product 
• Salt And Salt Substitutes
• Pepper
• Dried Herbs
• Individual Spices
• Geography 
• North America
• Europe
• APAC
• South America
• Middle East And Africa

 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio