Global Spices and Seasonings Market, By Type; By Seasonings Type; By Distribution Channel; By Application; By End User -Estimation & Forecast, 2018-2031

Global Spices and Seasonings Market Forecast: Predicted to Reach US$ 54.45 Bn, with CAGR of 8.9% by 2031

The Global Spices and Seasonings Market report provides a comprehensive analysis of the industry from 2018 to 2031. The base year of the report is 2022, with a market value size of US$ 26.25 Bn, and it's expected to reach a value of US$ 54.45 Bn by 2031. The market volume size in 2022 is 17,533,000 tons. The forecast period is characterized by a value CAGR of 8.9% and a volume CAGR of 7.9%.

Growth Influencers:

The growth of the Global Spices and Seasonings Market is mainly driven by the rising popularity of international cuisines and an increasing demand for packaged, ready-to-use spices and seasonings products. However, the growth is restrained by adulteration and food fraud in the spices and seasoning industry, as well as a high dependency of spice crops on climate conditions.

Segments Overview:

The market is segmented by Type, Seasonings Type, Distribution Channel, Application, and End User.

By Type

• Hot spices
• Capsicum (chilies)
• Cayenne pepper
• Black and White peppers
• Ginger
• Mustard
• Others
• Mild spices
• Paprika
• Coriander
• Others
• Aromatic spices
• Cardamom
• Cassia
• Cinnamon
• Clove
• Cumin
• Others
• Herbs
• Basil
• Bay
• Dill leaves
• Marjoram
• Tarragon
• Others

By Seasonings Type

• Salts
• Pepper
• Sugar and Light Flavored Sweeteners
• Acids

By Distribution Channel

• Online
• e-Commerce Website
• Company's Owned Website
• Offline
• Supermarkets/Hypermarkets
• Retail Stores

By Application

• Meat & poultry products
• Snacks & convenience food
• Soups, sauces, and dressings
• Bakery & confectionery
• Others

By End User

• Residential
• Commercial
• Restaurants
• Bar & Cafes
• QSRs

The Hot Spices category under Type is showing the highest CAGR at 9.2% and holds more than 40% of the market share in 2022. Similarly, the Herbs category under Type holds an opportunity of more than US$ 4,537 Mn for 2022-2031. The Salts category under Seasonings Type showcases the highest CAGR at 8.3% and holds more than 43.3% of the market share in 2022. Furthermore, the Online Distribution Channel is predicted to grow at the highest CAGR of 8.5%.

Regional Overview:

The report breaks down the market into regions including North America, Europe, Asia Pacific, Middle East & Africa, and South America.

By Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• South Korea
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• Saudi Arabia
• South Africa
• UAE
• Rest of MEA
• South America
• Argentina
• Brazil
• Rest of South America

The region of North America held a revenue of US$ 2,717.4 Mn in 2022 and is projected to reach US$ 5,348.2 Mn by 2031. However, the highest growth is anticipated in the Asia Pacific region, which holds the highest market share of 67.3% in 2022, and showcases a CAGR of 8.4%.

Competitive Landscape:

The competitive landscape is marked by the dominance of key players like McCormick & Company, Inc., Olam International, Ajinomoto Co. Inc., Associated British Foods plc, Kerry Group plc, and Sensient Technologies Corporation, among others. The cumulative market share of the four major players is close to 41.5%. These market leaders maintain their positions through a combination of strategies including product innovation, competitive pricing, and strategic partnerships.

Report Insight:

• In-depth analysis of emerging lucrative markets
• Insights into untapped geographies
• Details on current investments in the market
• Comprehensive pricing and manufacturing cost analysis

Questions to be Answered:

• What is the projected market size of the Global Spices and Seasonings Market by 2031?
• Which segment is expected to drive market growth and why?
• Which regions hold the most significant growth potential in the forecast period?
• What are the key challenges that the market might face in the future?
• How are the market leaders maintaining their competitive edge?