Market Trends

Exploring the Robust Expansion of the Global Spices and Seasonings Market

NEW YORK, May 8, 2024 /PRNewswire/ – A remarkable growth trajectory is foreseen for the global spices and seasonings market, which is projected to swell by USD 6.95 billion from the year 2023 to 2027. This pronounced increase is anticipated to occur at an impressive Compound Annual Growth Rate (CAGR) of approximately 6.01% during the forecasted period. These projections underline the vibrant nature and sprawling potential within the spice sector.

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Comprehensive Analysis Expounded in the Technavio Report

In true recognition of analytical precision, the report extends across various defining segments of the market, complete with a historical data review extending from 2017 to 2021. It encompasses vital insights on market performers, regions covered, end-users, and products. The table formed an integral part of the report, elucidating the breadth and depth with which the market landscape is evaluated.

Vital Report Attributes

• Base Year: 2022
• Forecast period: 2023-2027
• Historic Data for: 2017 - 2021
• Segments Covered: End-user (Retail, Food service, and Industrial) and Product (Salt and salt substitutes, Pepper, Dried herbs, and Individual spices)
• Key Companies Covered: Includes esteemed entities such as Ajinomoto Co. Inc., Associated British Foods Plc, and McCormick and Co. Inc.
• Regions Covered: North America, Europe, APAC, South America, and the Middle East and Africa

Catalysts Accelerating Market Growth

An emerging and significant trend within the market is observed in the strategic acquisitions by industry juggernauts, who not only expand their geographic footprint but also delve into new sectors. Illustrative of this dynamic is McCormick's acquisition of FONA International LLC, which took place in December 2020, followed by subsequent market maneuvers such as ABFI's acquisition of the Fytexia Group in February 2022.

The underlying strategy for these acquisitions lies in portfolio enhancement aligning with industries like nutrition, pharmaceuticals, and food, indicating a bullish trend in the market. With these corporate actions strengthening both the capabilities and customer reach of vendors, the unfolding narrative of the spices and seasonings market is one of adaptability, innovation, and expansive growth horizons.

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Ongoing Challenges within the Spices and Seasonings Sphere

Confronting the industry are imperative challenges, particularly the sting of product recalls due to contaminants that not only threaten consumer well-being but also inflict detrimental effects on brand reputation and profitability. Instances that cast long shadows include the recall of McCormick's Au Jus Gravy Mix due to undeclared dairy allergens and MDH's sambhar powder recall for salmonella contamination risks.

Manufacturers in the global spices and seasonings market must institute rigorous quality control measures to uphold product integrity and avoid such reputational pitfalls. Devising strategies to mitigate risks associated with contamination is pivotal for sustaining long-term growth in a market sensitive to consumer trust.

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Breakdown by Market Segmentation

The market report delves into the specifics of segmentation by end-users, products, and geography, each depicting unique growth scenarios:

End-User Segments:

1. Retail: Packaged spices for home cooking are on a robust upward curve, powered by outlets like supermarkets, hypermarkets, grocery, and convenience stores. Notably valued at USD 6.84 billion in 2017, this sector is making prominent advances. Its proliferation is supported by the expansion of supermarkets and convenience stores, which contributes to the growing market demand.
2. Food service
3. Industrial

Product Segments:

1. Salt and salt substitutes
2. Pepper
3. Dried herbs
4. Individual spices

Geographic Segmentation:

1. North America
2. Europe
3. APAC (Asia-Pacific)
4. South America
5. Middle East and Africa

The retail segment, in particular, warrants a closer look. Supermarkets and other retail formats stimulate the expansion of local and regional markets, bolstering offline sales. Spices such as cardamom, cinnamon, and cloves are revered for adding aroma, flavor, and color to a variety of dishes, fostering the segment's growth. Additionally, the trend towards clean-label products and the search for the perfect balance of nutrition and flavor by consumers amplify the sector's prominence.

Food encapsulation technology and innovation are crucial in maintaining the freshness and flavor of spices, all while the convenience food trend propels market growth further in this segment.

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Analyst Perspectives on Market Dynamics

The thriving spices and seasonings market presents a broad spectrum of tangs and savoriness. Market offerings range from whole to ground spices, marinades, and sauces. High-quality, additive and preservative-free goods align with contemporary clean label criteria. The priority is on natural, nutritive ingredients that buttress food quality and authenticity.

Innovation is incessant, as manufacturers concoct new blends to enhance taste, texture, and health benefits. Technologies like the encapsulation of spices, advanced by firms like TasteTech, maximize flavor persistence and shelf life while preserving the essential nutritional values found in spices such as paprika and turmeric.

Peering into the Spices and Seasonings Market Horizon

The market is buzzing with innovative trends and authenticity. Discussions in conferences and webinars ponder over topics like turmeric's burgeoning popularity due to the growing intrigue in veganism and vegetarianism. Digitalization shapes the industry, facilitating processes and addressing issues, exemplified by initiatives like SpiceUp that target spice adulteration.

From the zest of garlic and parsley to the piquancy of oregano and fennel, the spices and seasonings market is abundant with prospects. The market witnesses the emergence of unique flavor combinations and an upswing in the demand for convenient powdered spices alongside whole seasoning alternatives.

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Synopsis and Vital Elements of the Report Structure

The report presents the following salient details:

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation
   • End-user
     • Retail
     • Food Service
     • Industrial
   • Product
     • Salt And Salt Substitutes
     • Pepper
     • Dried Herbs
     • Individual Spices
   • Geography
     • North America
     • Europe
     • APAC
     • South America
     • Middle East And Africa
7. Customer Landscape
8. Geographic Landscape
9. Drivers, Challenges, and Trends
10. Vendor Landscape
11. Vendor Analysis
12. Appendix

About Technavio

Technavio stands at the forefront as a premier global technology research and advisory firm. Their incisive research analyzes burgeoning market trends, delivering actionable insights that empower businesses to ascertain opportunities and optimize their market stance.

Technavio boasts an expert analyst team, over five hundred strong, and a voluminous report library with more than 17,000 studies, spanning 800 technologies across 50 countries. Catering to a vast clientele, including Fortune 500 companies, Technavio's coverage is comprehensive, research extensive, and market insights invaluable, enabling nascent and established ventures alike to navigate evolving market landscapes.

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SOURCE Technavio

Please note that the information provided in this article is up to date as of the knowledge cutoff in 2023.