The global spices and seasonings market revenue was valued at USD 19.30 billion in 2023 and is forecasted to grow from USD 20.19 billion in 2024 to USD 29.57 billion by 2032, reflecting a CAGR of 4.89% during the projection period. North America led the market with a 40.47% share in 2023. Additionally, the U.S. spices and seasonings market is expected to grow substantially, reaching an estimated value of USD 6.91 billion by 2032, driven by increasing demand for convenience and ready-to-eat foods and the rising popularity of ethnic cuisines.
Spices and seasonings are essential ingredients used to enhance the aroma, flavor, preservation, and color of food and beverage products. Derived from various plant parts such as flowers, barks, fruits, buds, seeds, leaves, roots, and plant tops, these ingredients are widely used in foods and beverages, including healthy options like turmeric and pepper. The global demand for such nutritious spices signifies the upward trajectory of the market.
The market growth is primarily attributed to factors such as the growing popularity of ethnic cuisines, which has spurred demand for spice blends and novel spices. Spices are also commonly utilized in vegan diets to mimic the taste of meat, creating significant opportunities for the spices and seasonings market. Furthermore, the increasing demand for turmeric, marketed as Curcuma in developed regions like Europe, is expected to bolster the market’s expansion.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/spices-and-seasonings-market-101694
What Does the Report Contain?
Rising Demand for Organic Spices & Herbs to Drive Market Growth
The global demand for organic spices continues to surge, with China, India, and Vietnam emerging as the leading exporters. These countries are producing a variety of organic spice commodities, including ginger, garlic, and chilies. In developed regions like Europe, organic spices are gaining significant popularity due to their natural composition and absence of pesticides. Furthermore, growing awareness campaigns highlighting the medicinal properties of spices are anticipated to bolster market growth by increasing the demand for organic herbs and spices in the coming years.
Snacks and Convenience Food Segment Expected to Dominate Due to Rising Snack Consumption
The spices and seasonings market is segmented into snacks and convenience food, meat and poultry, frozen food, bakery and confectionery, and others based on application. Among these, the snacks and convenience food segment is poised to lead the market, driven by the increasing consumption of snack items across various countries.
Meanwhile, the bakery and confectionery segment is projected to hold the second-largest market share during the forecast period. This growth is attributed to the rapid expansion of the bakery industry, particularly in emerging regions such as Asia Pacific.
Key Market Players
Fortune Business Insights lists out some of the significant organizations operating in the spices and seasonings market. They are as follows: