Spices and Seasonings Market worth $27.4 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 11, 2021 /PRNewswire/ -- According to the new market research report "Spices and Seasonings Market by Type, Application (Meat & Poultry Products, Snacks & Convenience Food, Soups, Sauces, and Dressings, Bakery & Confectionery, Frozen Products, Beverages), Nature & Region - Global Trends and Forecast to 2026", published by MarketsandMarkets™, the global Spices and Seasonings Market is expected to grow from USD 21.3 billion in 2021 to USD 27.4 billion by 2026, at a CAGR of 5.2% from 2021 to 2026. Globally, the spices & seasonings market is driven by the growing demand for convenience food products, clean label trends, and natural preservatives for the meat industry. However, the growing incidents of adulteration and contamination in the spices exported from developing countries such as India and China are prompting regulatory bodies in Europe and America to strengthen the safety regulations on imported spices and seasonings. Growth in food product innovations to incorporate natural ingredients, increase in demand for health and wellness products, and rise in demand for ethnic and authentic food products are emerging opportunities for the spices & seasonings market.
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Ginger, by type, is estimated to hold the largest market share during the forecast period
Among product types, ginger accounts for the largest share in the global market. Spice ginger is obtained from the underground stems or rhizomes of Zingiber officinale, a herbaceous tropical perennial belonging to the family Zingiberaceae. Ginger is largely a universal spice, although its use is more predominant in certain countries such as China. Ginger is used in cooking in various forms, such as immature ginger, mature fresh ginger, dry ginger, ginger oil, ginger oleoresin, dry soluble ginger, ginger paste, and ginger emulsion. It is a popular home remedy for nausea, stomach pain, and other health issues. Antioxidants and other nutrients in ginger may help prevent or treat arthritis, inflammation, and various types of infection.
Meat and poultry products, by application, is estimated to hold the largest share in the spices and seasonings market during the forecast period
Different spices and seasonings such as pepper, cinnamon, cardamom, cumin, turmeric, and capsicum are applied to meatloaves, sausages, salamis, and other processed meat & poultry food products. Both fresh and frozen meats can be spiced and marinated before storage. All these factors have resulted in the high use of spices in the preparation of meat products. Hence, resulting in a high market share. Seasonings are indispensable for the manufacture of processed meat products and in the preparation of any meat recipes. Most spices used with meat are milled or ground. Common seasonings include black pepper, white pepper, cardamom, chilis, paprika, mace, ginger, garlic, cloves, cinnamon, and coriander, to give meat products distinctive flavors. Commercial meat processing plants use spice extracts in place of natural spices. Seasonings and spices used for sausage making are usually fresh as most consumers prefer the taste of freshly made food that often comes from spices. Spices such as garlic, pepper, and chili play a crucial role in the antioxidant and natural preservatives in fermented meat products.
Browse in-depth TOC on "Spices and Seasonings Market"
297 – Tables
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278 – Pages
Conventional spices, by nature, is estimated to account for the largest market share during the forecast period
The conventional spices segment dominated the spices and seasonings market in 2020. Conventional spices are grown using synthetic chemicals, pesticides, fungicides, and insecticides for the cultivation process. These chemicals harm the crops and reduce their nutrition level. So before even the processing begins, crops are subjected to harsh chemicals that hinder their quality. To grow more produce, fertilizers are used, but in turn, they damage the land and drain its fertility. Many unfair and unethical trade practices aim to gain more profit in selling the bulk-produced stock of conventional spices. One of them is to add harmful and artificial colors and flavors to the spices to reduce the cost of production. High-demand spices like turmeric powder and red chili powder are adulterated with food coloring, corn starch, sawdust, brick powder, and lead chromate. These adulterated products are sold at a low cost, but their quality is extremely low. These harsh colors and chemicals affect human health and disrupt the normal functioning of the human body. However, since spices are used in really small quantities in food, the consumption of properly tested and certified conventional spices does not pose any threat to human health.
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Asia Pacific is estimated to hold the largest market share during the forecast period
The Asia Pacific market accounted for the largest share in 2020. The Asia Pacific region is projected to be the fastest-growing market for spices & seasonings, at a CAGR of 4.4% from 2021 to 2026. The usage of spices and seasonings in the industrial sector is less in the Asia Pacific region as compared to that in developed regions, which presents food processing industries with considerable untapped potential. The overall economic growth in the Asia Pacific region has led to an increase in urbanization and rapid industrialization, with a resultant rise in per capita income. These factors play a major role in the changing preference of consumers towards value-added food products.
Compared to Western countries, the level of foods processed in Asian countries, which are growing economically, is low. However, they are experiencing positive market forces due to which the processed food industry is expected to prosper in the near future. Unlike Europe and North America, where a majority of spices and seasonings are consumed by the meat industry, in the Asia Pacific region, convenience food products consume the majority of spices and seasonings.
Key Players:
This report includes a study on the marketing and development strategies, along with a study on the product portfolios of the leading companies operating in the spices and seasonings market. It consists of the profiles of leading companies such as the major spices and seasonings manufacturers include McCormick & Company, Inc. (US), Olam International (Singapore), Ajinomoto Co. Inc. (Japan), Associated British Foods plc (UK), Kerry Group plc (Ireland), Sensient Technologies Corporation (US), Döhler Group (Germany), SHS Group (Ireland), and Worlée Gruppe (Germany). These players have focused on acquisitions to gain a larger market share in the spices & seasonings market.
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