Spices and Seasonings Market

Market Synopsis:

The Global Spices and Seasonings Market is valued at USD 20.9 Billion in the year 2021 and is projected to reach a value of USD 43.0 Billion by the year 2028. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 12.8% over the forecast period.

Spices and Seasonings are the ingredients that provide scent, flavor, preservation, and color to food and beverage goods. Flowers, barks, fruits, buds, seeds, leaves, roots, and plant tops are among the plant parts used to make these items. Spices, including nutritious raw materials like turmeric and pepper, are utilized in a variety of dishes and beverages. The global demand for such nutritious spices implies that the market is on the rise. Consumers' eagerness to try new flavors and their growing interest in ethnic cuisine have resulted in a proliferation of product offers and an increase in spice and seasoning sales. This industry's success can also be due to its ability to respond to consumer demand for healthier products, convenience, and a wide range of flavors.

A few variables, such as the increased popularity of ethnic cuisines, are driving the industry. Spice blends and novel spices are in high demand as a result. Spices are frequently used as meat replacements by vegans. They frequently taste like beef. It's opening up a slew of new opportunities for the spice and condiments industry. In addition, the growing demand for turmeric, which is sold as Curcuma in developed regions like Europe, will boost the market's expansion. Veganism and vegetarianism are part of a rapidly growing global trend. Veganism has been increasingly popular in the United States and the United Kingdom. Many spices that were once only used in meat processing are now found in vegetarian alternatives.

Spice demand is increasing as a result of this trend. Plant-based diets are gaining popularity all over the world. To capitalize on this new trend, corporations are focusing on new product launches, exclusively for the vegan and vegetarian community.

Market Segmentation:

The Spices and Seasonings Market is segmented on the basis of Product, Application Outlook and Distribution Channels. On the basis of Product, the market is segmented into Herbs, Rosemary, Fennel, Garlic, Mint, Parsley, Oregano, Others, Salt & Salts Substitutes, Spices, Pepper, Ginger, Cinnamon, Cumin, Turmeric, Cardamom, Coriander, and Cloves. On the basis of Application Outlook, the market is segmented into Bakery & Confectionery Products, Meat & Poultry Products, Frozen Food, Soups, Sauces, & Dressings, Beverages, and Others. On the basis of Distribution Channels, the market is segmented into Hypermarkets, Supermarkets, Online Stores, Convenience Stores, and Specialty Stores.