Spices and Seasonings Market Analysis

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: