WASHINGTON, Oct. 06, 2022 (GLOBE NEWSWIRE) -- A Comparative research study carry out by Vantage Market Research is database of 144 pages, titled as “Spices and Seasonings Market” with graphs & figures spread through pages, 105+ market data Tables, Pie Charts, and simple to understand comprehensive analysis. Spices and Seasonings Market research report is delivered with commitment depending upon the reader needs. With the defined historic year and the base year, assessments and calculations are performed in this market report. Market size and share analysis and key trend analysis are the prime accomplishing factors in this market research report. Such report helps to recognize how the market is going to perform over the forecast period by giving information about market definition, applications, segmentation and engagements. VMR team provides Spices and Seasonings industry document with loyalty and devotion that is promising and the way in which expected.
Vantage Market Research analyses that the Spices and Seasonings Market revenue was valued at USD 20.9 Billion in 2021, would soar up to USD 43.0 Billion by 2028, is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 12.8% during the forecast period 2022 to 2028.
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List of Prominent Players in the Spices and Seasonings Market:
Ajinomoto Co Inc.
Ariake Japan Co. Ltd.
Associated British Foods PLC
McCormick & Company Inc.
Key Industry Findings & Insights from the report:
The Global Spices and Seasonings Market was valued USD 20.9 Billion in 2021 and is all set to surpass USD 43.0 Billion by 2028, exhibiting a CAGR of 12.8% during the forecast period 2022-2028.
In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
Europe captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Spices and Seasonings industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
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.
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Segmentation of Global Spices and Seasonings Market:
Bakery & Confectionery Products
Meat & Poultry Products
Soups, Sauces, & Dressings
Middle East & Africa
Growing Urbanization and Changing Lifestyles to Accelerate Market Growth
The increasing urbanization and changing lifestyles are 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.
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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
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
The Report on Spices and Seasonings Market highlights:
Assessment of the Market
COVID Impact Analysis
Historic Data, Estimates and Forecast
Global and Regional Dynamics
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.
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)".
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 region will show the fastest and highest growth in the near future?
Which are the top five players and their weakness and strength of the Market?
What will be the future innovation in the upcoming six years?
Which application and product will lead the largest share of the Market?
What are the growth drivers, restraints and challenges of the industry?
What will be the CAGR and size of the Spices and Seasonings Market for the base year and 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:
Market Size Provided for Years
Region & Counties Covered
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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Top Companies in Spices and Seasonings Market | Industry Leading Players Growth Analysis.
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