According to the latest report by Reports and Data, the global market for spices and seasonings is expected to reach a size of USD 33.80 billion by 2030, with a forecasted revenue CAGR of 5.3% over the period. This growth is anticipated to be driven by an increasing trend towards globalization and exposure to international food culture, as well as a growing demand for ready-to-use spice mixes.
The rise in immigration and exchange of food cultures, globally, due to increasing globalization and exposure to international food culture has led to the growth in demand for different cuisines worldwide. This has resulted in the rapid growth of the hospitality industry, and social media platforms have allowed professional chefs and food enthusiasts to share their recipes online, leading to the exchange of food cultures and availability of a variety of recipes. Consequently, there is an expected increase in demand for spices and seasonings, which is expected to contribute to the revenue growth of the market.
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Top Companies Operating in the Global Herbs Spices and Seasonings Market Report:
McCormick Company, Inc., Olam International Ltd., Ajinomoto Co., Inc., Associated British Foods Plc, Kerry Group Plc, Ariake Japan Co., Ltd., Sensient Technologies Corporation, Dohler Group, SHS Group, Worlee Gruppe, Pacific Spice Company, Inc., Paras Spices Private Limited, VKL Seasoning Pvt Ltd, Friedrich Ingredients DMCC, and Moguntia Food Group AG.
Major Driving Factors for Herbs Spices and Seasonings Market:
- Increasing Globalization and Exposure to International Food Culture: Growing exposure to international food culture and the exchange of food cultures, globally, have led to a rise in demand for different cuisines worldwide. This has resulted in the growth of the hospitality industry and increased demand for spices and seasonings.
- Rising Demand for Ready-to-Use Spice Mixes: The increasing trend of using ready-to-use spice mixes due to busy lifestyles and the convenience they offer is driving the market growth.
- Health Benefits: Spices and seasonings have numerous health benefits, such as improving digestion, boosting immunity, and reducing inflammation, among others. The growing awareness about the health benefits of spices and seasonings is driving the demand for these products.
- Increased Use in the Food and Beverage Industry: The food and beverage industry is a major consumer of spices and seasonings. The growing demand for processed and convenience foods is driving the growth of this market.
- Availability and Diversity of Products: The availability of a variety of spices and seasonings from different parts of the world has led to an increase in their use in cooking, which has driven the growth of the market.
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The global Herbs Spices and Seasonings Market is segmented into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Further market segmentation
Type Outlook (Revenue, USD Billion, Volume, Kilo Tons; 2019-2030)
- Salt Salts Substitutes
- Nutmeg Mace
End-use Outlook (Revenue, USD Billion, Volume, Kilo Tons; 2019-2030)
- Meat Poultry Products
- Frozen Products
Nature Outlook (Revenue, USD Billion, Volume, Kilo Tons;2019-2030)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market? What kind of strategic business plans have they made?
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