Spices and Seasonings Market size was over USD 28 Billion in 2023 and is anticipated to cross USD 48.2 Billion by the end of 2036, witnessing more than 6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of spices and seasonings is assessed at USD 29.4 Billion.
This market growth is encouraged by the growing global demand for food, leading to a higher need for various seasonings spices crucial for enhancing the taste of food and beverages.
As per the Food and Agriculture Organization, to feed the 9.1 billion people that will inhabit the planet by 2050, total food production would need to increase by about 70%.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
6% |
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Base Year Market Size (2023) |
USD 28 Billion |
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Forecast Year Market Size (2036) |
USD 48.2 Billion |
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Regional Scope |
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Product (Spices, Herbs, Salt & Salt Substitutes)
Spices segment is set to capture around 56% spices and seasonings market share by the end of 2036. The segment growth can be attributed to the rising trade of spices. For more than a millennium, the world's political, social, and economic processes have been greatly influenced by seasoning spices and the spice trade, which is a major source of income for millions of people.
Since 1970, the global spice trade has grown steadily, led by the rising need for spices and seasonings including paprika, pepper, oregano, mint, and sesame, and the rising use of processed foods is another factor.
According to the OEC World, spices ranked 672nd out of 1,218 products traded globally in 2022.
Form (Whole, Crushed, Powder)
By the end of 2036, the powder segment is likely to register substantial spices and seasonings market revenue on account of the expanding restaurant and food service industry. By 2027, the value of the restaurant and food service business worldwide is expected to have increased to around USD 55 billion from its current projected USD 34 billion.
As a result, there is a growing focus on taste and flavor since taste is the top priority in restaurants, therefore they utilize many different types of powdered spices; some of the most popular ones include cardamom, coriander, cumin, and turmeric to prepare curry bases as they possess a stronger flavor than those found in fresh spices.
Distribution Channel (Foodservice, Retail)
The foodservice segment is estimated to gather the highest CAGR in the coming years. The major factor for the expansion of the segment is the growing number of hotels. For instance, in the upcoming years, there will be more hotels opened globally, with a potential peak of roughly 2,706 by 2024.
The hotel industry is booming, and seasoning spices are being used regularly by hotels nationwide to cater to unique flavor profiles.
Our in-depth analysis of the spices and seasonings market includes the following segments:
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Distribution Channel |
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Application |
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APAC Market Statistics
Asia Pacific region in spices and seasonings market is anticipated to account for revenue share of around 40% by 2036. The market growth in the region is also expected on account of a growing population, which has led to higher imports of spices, herbs, and seasonings from developing nations to meet the growing desire for Western cuisine, and organic flavors.
As per the United Nations Population Fund, 60% of the world's population lives in the Asia-Pacific area.
One of the major exporters of seasonings and spices worldwide is China, propelled by the nation's export-focused policies and quickly expanding economy.
For instance, China became the second-largest spice exporter in the world with more than USD 510 million in exports in 2022.
In India, packaged spices and seasonings are becoming more popular, and Millennials are a major target market led by the growing need in the food service sector for convenience and ready-to-use ingredients.
Japan's market for seasonings spices may grow as Japanese customers are prepared to spend more for dressings, sauces, and soups made using unusual and exotic spice combinations.
North American Market Analysis
North America area will also see substantial growth in the seasonings and spices market throughout the projection period driven by the rising personal disposable income in the region. As a result, more and more people in the region are consuming seasonings and spices and can afford new & premium food products.
The United States has consumed more ultra-processed meals over the past 20 years, which is projected to raise demand for spices in the area.
As per the data from the OEC World, Canada ranked eighth globally in 2022 after importing USD 95.4 million worth of spices.
Particularly, spices ranked as Canada's 579th most-imported product that year.
The spices and seasonings market consists of many key players who are launching various strategic initiatives to expand their market position in the industry.
Author Credits: Parul Atri
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