The global spices and seasonings market is expected to grow from USD 21.3 billion in 2021 to USD 27.4 billion by 2026, at a CAGR of 5.2% from 2021 to 2026. Spices and seasonings are widely used to add flavor, aroma, color, and taste to food & beverages, and sometimes also as preservatives or antibacterial agents. Convenience food manufacturers use these attributes of spices and seasonings to improve their product quality and taste and increase their shelf life. Consumer willingness to experiment with new flavors and increasing interest in ethnic tastes has generated a proliferation in product offerings and an increase in the sale of spices and seasonings. The success of this industry can also be attributed to its response to consumer demand for healthier products, convenience, and a variety of flavors.
The major trends influencing the spices & seasonings market are the increase in demand for processed meat and convenience products, clean labels gradually becoming mandatory, and a rise in preference for natural ingredients and flavors. Consumers are beginning to place more value on foods that offer them benefits other than just taste, and hence, demand for healthy, natural, and safe food products is on the rise.
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COVID-19 impact on the spices and seasonings market
The novel coronavirus/COVID-19 pandemic had significantly impacted almost all industries across the globe. This pandemic has resulted in mass production shutdowns and supply chain disruptions, which has also affected the economy as well.
This disease has a variable impact in different countries depending on their cultural norms, mitigation efforts, and health infrastructure, and each country is working its way out to fight against the pandemic. However, there are various research studies stating the consumption of certain spices might boost our immunity which might help us to fight giants not only coronavirus but also many other diseases.
In the current scenario, it has become important to boost the immunity to fight coronavirus, along with maintaining hygiene and following all medical advisories that have been laid down. Even the guidelines provided by World Health Organization (WHO) in its COVID-19 analysis suggest the world population consumes immunity-boosting foods. Hence, the demand for medicinal spices extracts carrying properties of boosting human immunity is at the surge in the pharmaceuticals & nutraceuticals industry.
Key Market Players
Key players in this market include McCormick & Company, Inc. (US), Olam International (Singapore), Ajinomoto Co. Inc. (Japan), Associated British Foods plc (UK), Kerry Group plc (Ireland), Sensient Technologies Corporation (US), Döhler Group (Germany), SHS Group (Ireland), and Worlée Gruppe (Germany). These players have focused on acquisitions to gain a larger market share in the spices & seasonings market.
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Europe is projected to be the fastest growing market
The Europe region is projected to be the fastest-growing market for spices & seasonings. These spices & seasonings are widely used in industrial sector, reflecting the growing popularity of ready-to-use spices and seasonings mixtures. Another reason is the increasing consumption of processed foods, which often rely on spices and herbs to retain and enhance food flavor.
By Application , beverages segment is projected to account for the fastest growth in spices and seasonings market
Evolving consumer dietary requirements and trends including ‘low to no’ and ‘clean’ labels have driven increased interest in spices, herbs and extract flavor solutions for beverages without being calorie-heavy. Hence, globally, launches in beverages with herbs and spices such as ginger or mint are increasing significantly.
