Global Seasonings & Spices Market to Receive Boost on the back of Organic Products, Clocking a 5% CAGR: Fact.MR
Published : 18 Oct 2021 Industry: Food & Beverage
Newly published Fact.MR data expects the global market for seasonings and spices to accelerate at a CAGR of 6.5%, reaching US$ 51.4 Bn in value terms by the end of the 2021-2031 forecast period. Sales are expanding on the back of increased preference for indigenous cuisines amongst consumers.
From 2016 to 2020, sales of seasonings and spices registered a CAGR of 4.7%, and is further anticipated to be valued at US$ 27.4 Bn in 2021. During the COVID-19 pandemic, while demand across commercial settings such as restaurants and cafeterias declined, sales across home settings increased impressively, with consumers relying on their culinary skills to experiment with exotic foodstuffs.
The rising demand for ready-to-use spice mixes as convenient food-service options is expected to open up new market prospects. Seasonings and spices are in great demand in both the commercial and household sectors, not only for their flavor and taste, but also for the health benefits they bring. Moreover, applications across health and wellness products, including nutraceutical and dietary supplements, with greatly augment prospects for the market.
Key Takeaways from the Market Study
- By nature, conventional spices to yield a value worth US$ 7 Bn by 2025
- Sales of organic seasonings and spices to grow the fastest, clocking a 5% CAGR
- Seasonings & spices to account for 1/4th of total revenue as of 2031, by product type
- Sales via modern trade channels to surpass US$ 5 Bn by the end of the forecast period
- U.S to be a promising market for seasonings & spices, expanding at 5% CAGR
- India to remain the largest producer of seasonings and spices, experiencing a CAGR worth 7% until 2031
“Growing demand for ready-to-use spice blends as convenient food-service options is expected to open up new business prospects. Seasonings and spices are in great demand in both the commercial and household sectors, not only for their flavor and taste, but also for the health benefits they bring.” says a Fact.MR Analyst.
Due to the existence of a large number of domestic and foreign companies, the sector is extremely fragmented. Manufacturers of seasonings and spices are pursuing a variety of strategies, including new product releases, product portfolio growth, and mergers and acquisitions.
- For example, in June 2019, Kerry Group opened a US$ 22.8 Mn manufacturing facility in Tumkuru, India. The facility, which spans 40,585 square meters, is planned to service Indian subcontinent consumers. In addition, the Kerry Taste & Beverage system is anticipated to serve both the retail and foodservice industries.
- In May 2021, Ajinomoto Co. Inc., invested in SAKA NO TOCHU Co. Ltd., a prominent player in the agricultural products sector. With this initiative, the company intends to establish a new business model, especially e-commerce, to expand outreach of its seasonings and spices business
More Insights Available
Fact.MR, in its new report, offers an unbiased analysis of the global seasonings & spices market, analyzing historical demand from 2016-2020 and forecast statistics for 2021–2031.
The study reveals growth projections on the seasonings & spices market on the basis of product type (spices, herbs, salt substitutes and blends), nature (conventional and organic) and sales channel (modern trade, neighborhood stores, specialty stores, other brick & mortar retail stores and online stores) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
Fact.MR’s Domain Knowledge in Food & Beverages
Our food and beverages consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the food and beverages sector. Our expertise in recognizing the challenges and trends impacting the global food and beverages industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
For more information, refer to our market research report or contact the PR author.
Sr. Consultant – Food and Beverages