WASHINGTON, May 09, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Spices and Seasonings Market finds that the increasing demand for substantially sourced spices is expediting market growth. Primarily driven by rising urbanization and changing lifestyles, the total Global Spices and Seasonings Market is estimated to reach USD 43.0 Billion by the year 2028.
The Global Market revenue stood at a value USD 20.9 Billion in the year 2021 and is projected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 12.8%.
Furthermore, the increase in the food sector is also anticipated to augment the growth of the Global Spices and Seasonings Market, states Vantage Market Research, in a report, titled “Spices and Seasonings Market Size, Share & Trends Analysis Report by Product (Herbs, Rosemary, Fenne, Garlic), by Salts Substitutes (Spices, Pepper, Ginger, Cinnamon), by Application (Bakery & Confectionery Products, Meat & Poultry Products, Frozen Food, Soups, Sauces, & Dressings), by Distribution Channels (Hypermarkets, Supermarkets, Online Stores, Convenience Stores), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Rising Demand for Substantially Sourced Spices to Stimulate Global Spices and Seasonings Market
The increasing demand for substantially sourced spices is anticipated to augment the growth of the Spices and Seasonings Market in the years to come. Spices and seasonings are among the things that customers are looking for that are more natural and healthier. They are now more aware of the origins of things and the manufacturing process. Consumers in industrialized countries are adopting sustainable sourcing practices to safeguard supply chains, product quality, and, most significantly, the livelihoods of spice growers. Market proportions of sustainably produced spices and herbs are increasing in different countries as sustainability certification of spices becomes more common. In Europe, there were roughly 146 Fairtrade-certified enterprises in the herb and spice industry in 2021, according to FLOCERT. Furthermore, consumers are choosing healthful indulgence for taste and beneficial characteristics like improved nutritional profiles, organic and non-GMO retail positioning. Spice and seasoning sales are predicted to increase substantially in both established and developing economies as a result of this trend.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Spices and Seasonings market is predicted to grow at a CAGR of roughly 12.8% during the forecast period.
- The Spices and Seasonings market was estimated to be worth roughly USD 20.9 Billion in 2021 and is expected to reach USD 43.0 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Spices and Seasonings market.
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Segmentation of Global Spices and Seasonings Market:
- Product
- Herbs
- Rosemary
- Fenne
- Garlic
- Mint
- Parsley
- Oregano
- Others
- Salts Substitutes
- Spices
- Pepper
- Ginger
- Cinnamon
- Cumin
- Turmeric
- Cardamom
- Coriander
- Cloves
- Application
- Bakery & Confectionery Products
- Meat & Poultry Products
- Frozen Food
- Soups, Sauces, & Dressings
- Beverages
- Others
- Distribution Channels
- Hypermarkets
- Supermarkets
- Online Stores
- Convenience Stores
- Specialty Stores
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Growing Urbanization and Changing Lifestyles to Accelerate Market Growth
The increasing urbanization and changing lifestyles is anticipated to augment the growth of the Spices and Seasonings Market within the estimated period. According to United Nations Organization data, about 70% of the world’s population is expected to live in urban areas by 2050 and over 60% of the land projected to become urban by 2030 is still to be built. Rapid economic development, wealth growth, and urbanization, are causing changes in people's food patterns throughout Asia Pacific. Traditional foods are becoming more and more common in people's daily meals. In metropolitan regions, the growth of retail outlets such as supermarkets and hypermarkets are likely to increase spice availability, which is expected to boost demand for spices and seasonings. Consumer lifestyles have shifted as a result of urbanization. Cooking time has decreased as a result of more employment options, higher discretionary income.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the food & beverage industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The Report on Spices and Seasonings Market highlights:
- Assessment of the Market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Europe to Witness Fastest Growth in the Global Spices and Seasonings Market
Europe is expected to grow at a fastest Compound Annual Growth Rate (CAGR)during the forecast period. This is due to the rising fast-food industry and young demography in the region. Furthermore, the market's regional growth is likely to be fuelled by increase in the consumption of frozen, packaged, and convenience food. China and India are the largest producers and consumers of spices and are also major countries that are contributing significantly towards the regional growth of the market.
List of Prominent Players in the Spices and Seasonings Market:
- Ajinomoto Co Inc.
- Ariake Japan Co. Ltd.
- Associated British Foods PLC
- Kerry Group
- McCormick & Company Inc.
- Baria Pepper
- Dohler Group
- DS Group
- Everest Spices
- Bart Ingredients
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on "Spices and Seasonings Market Size, Share & Trends Analysis Report by Product (Herbs, Rosemary, Fenne, Garlic), by Salts Substitutes (Spices, Pepper, Ginger, Cinnamon), by Application (Bakery & Confectionery Products, Meat & Poultry Products , Frozen Food, Soups, Sauces, & Dressings), by Distribution Channels (Hypermarkets, Supermarkets, Online Stores, Convenience Store), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/spices-and-seasonings-market-011922
Recent Developments:
May, 2021: Olam Food Ingredients (OFI) announced the acquisition of leading US private-label spices and seasonings manufacturer, Olde Thompson. The acquisition would build on a 15-year partnership with Olde Thompson and mark a significant milestone for OFI’s spices business.
May, 2022: Symega Food Ingredients Limited launched ‘CUISINARY’, a range of premium quality food solutions, including seasonings, sauces, coatings and flavor enhancers for professional kitchens.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Spices and Seasonings Market?
- How will the Spices and Seasonings Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Spices and Seasonings Market?
- What are the Spices and Seasonings market drivers and restrictions?
- What will be the CAGR and size of the Spices and Seasonings Market throughout the forecast period?
This report titled “Spices and Seasonings Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Product • Herbs • Rosemary • Fennel • Garlic • Fennel • Mint • Parsley • Oregano • Others • Salts Substitutes • Spices • Pepper • Ginger • Cinnamon • Cumin • Turmeric • Cardamom • Coriander • Cloves • Application • Bakery & Confectionery Products • Meat & Poultry Products • Frozen Food • Soups, Sauces, & Dressings • Beverages • Others • Distribution Channels • Hypermarkets • Supermarkets • Online Stores • Convenience Stores • Specialty Stores • Region • North America • Europe • Asia Pacific • Latin America • Middle East & Africa |
| • North America • U.S. • Canada • Mexico • Europe • U.K • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC Countries • South Africa • Rest Of Middle East & Africa | |
| Companies Covered | • Ajinomoto Co Inc. • Ariake Japan Co. Ltd. • Associated British Foods PLC • Kerry Group • McCormick & Company Inc. • Baria Pepper • Dohler Group • DS Group • Everest Spices • Bart Ingredients |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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