The global spices and seasonings market is set to gain traction from the increasing usage of spice and herbal extracts in conventional medicines. The World Health Organization (WHO) stated that around 80% of the population worldwide relies majorly on traditional medicines for the treatment of primary health issues. This information is published in a report by Fortune Business Insights™, titled, “Spices and Seasonings Market, 2021 – 2028.” As per the report, the market size was USD 17.12 billion in 2020. It is projected to grow from USD 17.75 billion in 2021 to USD 24.23 billion in 2028 at a CAGR of 4.55% in the forecast period.
COVID-19: Shortages of Raw Materials in India, China, & Bangladesh to Hamper Growth
The COVID-19 pandemic has led to trade barriers and nationwide lockdowns, thereby affecting the supply chain of spices and seasonings. Developing nations, such as China, Bangladesh, and India are considered to be the major producers of spices. But, the pandemic has created shortages of raw materials in these countries. Besides, it has also resulted in the migration of the workforce, thereby causing labor shortages.
Segments-
Pepper Segment Earned 34.28% Share in 2020: Fortune Business Insights™
Based on type, the market is divided into cloves, cardamom, nutmeg & mace, turmeric, pepper, cumin, cinnamon, ginger, and chilli. Out of these, the pepper segment generated 34.28% in terms of the spices and seasonings market share in 2020. This growth is attributable to the high demand for this ingredient from numerous food and beverage manufacturers. In 2018, the U.S., India, and Vietnam were the largest consumers of pepper and accounted for approximately 41% share of the market.
Browse In-depth Summary of This Research Insight@ https://www.fortunebusinessinsights.com/industry-reports/spices-and-seasonings-market-101694
Report Coverage-
The report aims to analyze the market by considering contributions, prospects, and trends. It offers detailed profiles of every key company operating in the industry to analyze their core competencies in each segment. Apart from that, it ensures to help our clients better understand the competitive developments, such as collaborations, new product launches, partnerships, mergers, joint ventures, and acquisitions.
Drivers & Restraints-
Rising Demand for Organic Spices to Accelerate Growth
At present, China, India, and Vietnam are the leading exporters of organic spices. The surging usage of gingers, garlics, and chilies for making organic spice commodities is expected to boost the spices and seasonings market growth in the upcoming years. Besides, Europe is experiencing a high demand for organic spices and condiments as these are made of natural ingredients and are pesticide-free. Many European food processors are nowadays utilizing organic spices to differentiate their products from others. Coupled with this, the rising awareness regarding the medicinal properties of spices would aid growth.
However, people often purchase loose spices from local stores owing to the unavailability of branded products. It leads to the rising exposure to adulterated spices that can cause health issues, such as food poisoning. This factor may obstruct growth.
Regional Insights-
Shift of Millennials towards Cross-cultural Foods to Help North America Grow
In 2020, North America procured USD 7.33 billion in terms of revenue in the spices and seasonings industry. This growth is attributable to the increasing shift of millennials towards cross-cultural food items, as well as the expansion of the tourism industry in the region. On the other hand, Europe is anticipated to showcase considerable growth stoked by the enhancement in the usage of spices, ongoing food innovations, and the high popularity of spices in the region. In Asia Pacific, the expansion of the food processing industry would bolster growth.
Competitive Landscape-
Key Players Focus on New Product Launches to Strengthen Their Positions
The global market contains various international and local companies that are extensively investing in research and development activities to introduce novel products to cater to the high consumer demand. Below are the two industry developments:
- February 2021: The Pioneer Woman partnered up with Old World Spices & Seasonings Inc. to introduce a new range of custom seasonings. These new spices were inspired by fan-favorite recipes from the ‘Pioneer Woman,’ Ree Drummond. The company aims to broaden its presence in various areas.
- September 2020: Orkla acquired a majority stake in Eastern Condiments. The deal is worth Rs 2,000 crore and would enable the former to develop robust local brands.
A list of renowned vendors of spices and seasonings present in the global market:
- McCormick & Company (Maryland, U.S.)
- Kerry Group Plc (Ireland)
- Ajinomoto Co., Inc. (Tokyo, Japan)
- Associated British Foods plc (London, U.K.)
- Dohler Group (Darmstadt, Germany)
- Olam International Limited (Singapore)
- Sensient Technologies (Wisconsin, U.S.)
- Worlée-Chemie GmbH (Hamburg-Billbrook, Germany)
- Ariake Japan Company (Japan)
- SHS Group (U.K)
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