In terms of revenue, the Global Spices and Seasonings Market is expected to reach USD 43.0 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 12.8% from 2022 to 2028.
Spices are used for flavor, color, aroma, and preservation of food or beverages. Spices may be derived from many parts of the plant: bark, buds, flowers, fruits, leaves, rhizomes, roots, seeds, stigmas, and styles or the entire plant tops. The major drivers to fuel the Spices and Seasonings Market are rapid urbanization and indulgent lifestyle, along with rising in convenience food is also expected to generate revenue in the forecast years.
- The ginger sub-segment of the type segment is anticipated to dominate the Spices and Seasonings Market. The rapid growth in the food industry and the high consumption of ginger across the globe are the key reasons for the segment to grow.
- The conventional spices segment accounted for the largest market share in 2021 for the Spices and Seasonings Market. The growth in this segment is accounted for owing to the easy availability and affordable price of the spices.
- Asia Pacific is the largest regional segment. This surge is attributed to the rising demand for spices and seasonings in developing economies such as India, China, and Indonesia.
Herbs and spices have been used for centuries to season and flavor foods. Spices are usually grown in tropical countries and are the natural aromatic parts of the plant from the dried seeds, buds, fruit, flower, bark, or root. Once spices were very expensive and only the wealthy people could afford them but nowadays this has changed owing to an increase in trade routes and modern transportation. The Spice Road between Europe and the Middle East was one of the first international trade markets. Modern consumers use both herbs and spices to enhance the flavor and healthfulness of foods. Spices from all over the world are widely available.
Asia Pacific dominated the Global Spices and Seasonings Market in 2021 and is likely to continue the same trend during the forecast period. An increase in government initiatives and support for spice growth is likely to generate demand in this region for this market in near future. Increasing agricultural demand for spices and rapid urbanization in countries such as India & China are further adding to the spotlight. Significant improvements in the agricultural infrastructure, especially in the developing economies, are providing a thrust to the Spices and Seasonings Market growth.