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I AgreeAnalysis of Seasonings and Spices Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The market for seasonings and spices valued US$ 27.4 Billion in FY 2021 and is projected to grow 4.0% year on year to reach US$ 28.77 Billion in 2022. The growth rate is expected to accelerate to 5.0% CAGR over the 2022-2032 period, resulting in a market value of US$ 46.86 Billion.
Seasonings and spices are essential in all cuisines because they add a distinct aroma and flavor to each dish. The seasonings and spices market is one of those that is recession resistant in the long run.
Report Attributes |
Details |
Anticipated Base Year Value (2021) |
US$ 27.4 Billion |
Expected Market Value (2022) |
US$ 28.77 Billion |
Projected Forecast Value (2032) |
US$ 46.86 Billion |
Global Growth Rate (2022-2032) |
5.0% CAGR |
Expected Growth Rate of the US Market (2022-2032) |
4.9% CAGR |
Anticipated Growth Rate of Indian Market (2022-2032) |
4.8% CAGR |
Prominent Companies Analysis |
|
The expanding hospitality industry and the growing preference for ready-to-eat and ready-to-drink products are among the key factors driving market growth. Furthermore, consumers are increasingly willing to try new cuisines and flavor-packed dishes prepared with a variety of spices and seasonings. They are also used as natural preservatives to limit microbial activity and preserve the quality of meat and poultry products.
Furthermore, rising consumer health consciousness is acting as a significant growth driver. Spices and seasonings are high in antioxidants, and many of them are thought to have medicinal properties, so they are used to treat a variety of diseases and ailments.
Turmeric, for instance, is widely used to boost immunity against cancer, Alzheimer's disease, and joint inflammation. Furthermore, rising consumer preference for exotic cuisines and organic ingredients and rising consumer expenditure on food and beverages are expected to drive the market even further.
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According to market research and competitive intelligence provider Fact.MR, the Seasonings and Spices market experienced noteworthy growth, growing at a value CAGR of 2.7% from 2017 to 2021.
With inclining consumer preferences for exotic and indigenously flavored foods, food manufacturers are incorporating various permutations and combinations of key spices, impelling growth prospects.
Additionally, documented health benefits, specifically with respect to blood sugar levels, bad cholesterol reduction and mitigation of cardiac arrests, have boded well for demand for seasonings & spices. Amid the COVID-19 pandemic, prospects remained optimistic, as restrictions on outdoor dining prompted consumers to experiment with different flavored foods across their homes, leading to increased purchases of spices.
Future growth prospects are significantly reliant on the ever-expanding scope across the health and wellness sector. Several nutraceutical supplements and dietary supplements are expected to incorporate spices such as ginger and turmeric to enhance their benefits on the human body.
Rapidly Increasing Urbanization and Changing Lifestyles to Foster Market Growth Prospects
The rise in urbanization is expected to drive the global spices & seasonings market. According to the World Health Organization, more than 54% of the world population lived in urban areas in 2014, as compared to 34% in 1960. This is projected to grow at an average annual growth rate of 1.84%, to reach approximately 66% by 2050.
According to FAO, rapid economic development, income growth, and urbanization are leading to changes in the dietary patterns of people in Asia Pacific. People are increasingly including traditional food items in their daily food intake. Growth in retail channels such as supermarkets and hypermarkets in urban areas is expected to increase the availability of spice, which in turn is projected to boost the demand for spices and seasonings.
Urbanization has led to changes in the consumer’s lifestyle. With high employment opportunities, higher disposable income of people, and an increasing number of working women, the time devoted to cooking has reduced. The working hours are long, and the schedules are hectic, which has led people to look for easy ways to eat without spending much time on cooking.
Rising Veganism and Vegetarianism Trend to Accelerate the Market Growth
Vegetarianism and veganism are part of a global trend that is rapidly expanding. The vegan population in the U.S. and the U.K. has grown significantly. Many spices previously used in the meat processing industry are now utilized in vegetarian alternatives. This trend contributes to the growth in spice demand.
Plant-based diets are becoming increasingly popular around the world. The companies are focusing on new product launches, specifically for the vegan and vegetarian population, to take advantage of this new trend.
With the rise of plant-based alternatives and only a slight decrease in meat consumption, spice and herb producers have an opportunity to create more creative flavor seasoning combinations. Additionally, the rising use of spices by vegan masses as meat substitutes has positively aided the global spices and seasonings market growth.
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Adverse Effects of Excess Spice Consumption to Impede the Market Prospects
The spices and seasonings segment has large-scale applications in various food sectors. However, consumption of spices in excess proved to affect one’s health negatively. Arguably, the most common side effect of spicy food deals with one’s digestion system.
Heartburn or acid reflux occurs when stomach acid goes back up into the esophagus, causing a burning sensation in one’s chest portion. This acidity can be triggered by spicy foods containing capsaicin, which also slows down your digestion rate and increases the risk of heartburn developing.
Another digestive issue spicy food can cause is stomach or intestine irritation, causing a laxative effect. Acute gastritis is also possible, with symptoms including nausea, vomiting, and fullness in one’s upper abdomen. Hence, the ill effects of excess spice consumption are a potential factor that hampers the market’s growth in terms of value sales.
Counterfeiting of Spice Products to Impede the Market Prospects
Spice adulteration is mostly attributed to rising demand for exotic herbs and spices and a supply constraint. Spices have become more vulnerable to adulteration, whether planned or unintentional, since the international spice trade has grown tremendously.
Deliberate adulteration is usually motivated by a desire to maximize profit margins.
For example, Asian chilies are sold under Mexican names such as chipotle or jalapeño. Mexican national symbols, such as the mariachi hat, are frequently featured on the packaging. Food fraud is a serious problem in the spice and herb industry, which is expected to hamper the market growth in the forthcoming years.
Strong Demand for Organic Spices to Enhance the Market Prospects
As per Fact.MR, the US Seasonings and Spices Market is slated to flourish at a CAGR of 4.9% until 2032. As per the U.S Department of Agriculture, the U.S is the world’s largest spice importer and consumer, both on volume and value basis. Spices such as vanilla beans, black pepper & white pepper, capsicums, sesame seed, cinnamon, oregano and mustard, comprise more than 75% of the total annual value of spice imports.
Demand for organic spices is expected to be especially high across the forecast period. According to the Organic Trade Association, U.S organic products sales accelerated by over 12% in 2020, surpassing US$ 60 billion in revenue, with organic food sales climbing at over 4.9%.
This heightening spice consumption is majorly attributed in part to rising incidences of chronic disorders, including heart disease. The Centers for Disease Control & Prevention estimates that about 659,000 people succumb to heart disease every year. Certain spices, especially herbal ones, have proven beneficial to cardiac patients, hence elevating growth prospects.
Increasing Expansion Opportunities in India to Boost the Market Growth
As per Fact.MR, the Seasonings and Spices Market in India is slated to flourish at a CAGR of 4.8% until 2032. India is the world’s largest producer, consumer and exporter of spices, 75 of the 109 varieties listed by the International Organization for Standardization (ISO).
According to India Brand Equity Foundation, India exported US$ 3.62 billion worth of spices in FY20. The domestic market reaches worth US$ 9.9 billion annually. Chilly is the major spice crop, accounting for 34% of total spices production in the country, followed by garlic (19%), seed spices (17%) and pepper (2%).
Consequently, various manufacturers are finding lucrative expansion opportunities in the Indian market. Recently, in July 2020, ITC acquired Sunrise Spices for 2,150 crores (US$ 285 million), acquiring a 100% stake. This acquisition would provide further boost to the Indian spices industry, with yet another player entering the business.
Country | CAGR |
US |
4.9% |
China |
4.6% |
Japan |
4.7% |
India |
4.8% |
Germany |
4.7% |
Conventional Spices Segment to Dominate the Seasonings and Spices Market
According to projections published by Fact.MR, by nature, the Conventional Spices segment is forecast to register a whopping 4.9% value CAGR across the 2022-2032.
The conventional category of seasonings and spices is anticipated to account for the highest sales, acquiring a value of nearly US$ 7 Bn over the next half-a-decade. Conventionally sources spices impart better taste, aroma and flavor to various foodstuffs, thus retaining their popularity.
Moreover, conventional spices are inexpensive. However, sales of organic spices will likely overtake its counterpart, as concerns over presence of synthetic chemicals and pesticides mount. The organic segment is expected to grow at a CAGR of 4.9% until 2032.
Seasonings and Spices Segment to Enhance Growth Prospects
By product category, the seasoning and spices section is anticipated to have the largest revenue share, accounting for over 1/4th of the global revenue until 2032. A CAGR of over 4.8% is projected for this segment.
Increasing demand for exotic foods and flavors as well documented health benefits associated with certain spices categories, including ginger, garlic and turmeric, are key contributors to market growth in forthcoming years.
Seasonings and Spices Market players such as Burlap and Barrel, Seed Root and Leaf, Digital Agro Connect Solutions, SoulSpice, All India Agro, Urban Spices, Kabana Foods, Spice and Foods, Q Spice, So Easy Seasonings, Spice Basket, and Spice-Pot, among others, are adopting various marketing strategies such as new product launches, geographical expansion, merger and acquisitions, partnerships and collaboration to identify the interest of potential buyers and create a larger customer base.
For instance :
Prominent players in the Seasonings and Spices Industry are taking advantage of the rapidly increasing demand for the Seasonings and Spices in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale vendors.
Some prominent market developments are as follows :
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By product type, the Seasonings and Spices segment is expected to dominate the market, documenting a 4.8% value CAGR.
As of 2022, Fact.MR expects the Seasonings and Spices industry to be valued at US$ 28.77 Billion.
India is poised to yield a CAGR of 4.8% with respect to Seasonings and Spices in 2032.
From 2022 to 2032, the Seasonings and Spices industry is poised to flourish at a 5.0% CAGR.
By 2032, the Seasonings and Spices landscape is slated to reach a valuation of US$ 46.86 Billion.
Conventional Seasonings and Spices Segment is expected to grow the fastest, at a CAGR of 4.9%.
According to Fact.MR, a CAGR of 2.7% was recorded for the Seasonings and Spices market from 2017-2021.
As per Fact.MR’s projections, the market for Seasonings and Spices in the US will likely expand at a 4.9% CAGR.
As of 2021, the Seasonings and Spices market was valued at US$ 27.4 Billion.