Seasoning and Spices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global seasoning and spices market is projected to grow at a CAGR of 4.7%, during the forecast period (2020 - 2025).

Key Highlights

• Spices and herbs are more aligned toward health and wellness, along with it, the retail food products manufacturers have also further increased the application of spices and seasonings, so as to fit the taste and preference of the various ethnicities of the consumer across the globe, therefore driving the market forward.
• Products such as ginger, dried capsicum/pimento, uncrushed pepper, Curcuma, cinnamon, and cloves have the most potential for growth in the market. The nutritional benefits of various spices have helped in the growth of the market.
• The changes in the food habits and consumers looking for new mouthfeels, especially an inclination towards Asian Cuisine which includes more spices in the diet has also fueled the market. Adulteration of the spices and seasonings is an important factor that is hindering the growth of the market. Europe is the largest market followed by North America.

Impact of COVID-19 on the Market:

Key Highlights

• The market for spices and seasonings have witnessed a rapid uptick with the onset of the coronavirus crisis, wherein some select spices that are meant to provide immunity, such as turmeric, ginger, and garlic, has received tremendous response from consumers, globally. Developed economies that are largely dependent on imports from the developing countries, initially, supply chain risk persisted, however, being one of the most sought-after destinations for herbs, spices, and seasonings, as well as products having a recognizable value and local demand, the market entry at present is less impacted by the same.
• As the crisis has also emphasized the vulnerability of agricultural supply chains and consumers' long-term dependence on farmers and their workers, the shift toward a sustainable agricultural supply chain has evolved that will eventually address such a global pandemic on the agricultural sector. For instance, the Royal Dutch Spice Association of the Netherlands entered into an Agreement on International Responsible Business Conduct to cater to negative social and environmental impacts. ​

Key Market Trends

Rising Salt Consumption to Drive the Market

The increase in salt consumption by food processors across the globe will remain steady owing to the rising demand for the consumption of packaged and convenience foods in a number of countries. The table salt production industry operates with a high level of market share concentration. This is due to expanded product line offerings and production capacity levels for the industry's major players, as well as the purchase of Morton Salt by K+S Group, which served to expand the scale of production with which the company operates.

Asia-Pacific is the Fastest Growing Market

Asia-Pacific is the fastest-growing market in the global spices and seasonings market. China is the largest market in the region followed by the Indian market. The climatic conditions of the region are favorable for the growth of various spices and seasonings. Thus the Asia-Pacific produces the best quality of spices, which brings the major players to the region. Most of the nations in Asia-Pacific use locally produced spices and seasonings. Moreover, an increasing demand is found in the organic spice and seasoning segment. Additionally, a significant percentage of spices from the region are exported to Europe and North America.

Competitive Landscape

The global spices and seasonings market is highly fragmented and competitive with the presence of various players. The companies are making themselves more competitive by strengthening their distribution systems, entering into partnerships, acquisitions, entering new regions, expanding product range, etc. Some of the major players operating in the market are Kikkoman Corporation, McCormick & Company, Inc., Olam International, Kerry Group plc, Sensient Technologies Corporation.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support