The global seasonings and spices market is projected to generate USD 56,796 million revenue by 2030, advancing at a CAGR of 5.4% during 2022–2030. This will be due to the surging awareness of the medical benefits of spices, the rising popularity of convenience foods, and the increasing need for ethnic cuisines.
People around the globe have started discovering other cultures by means of food, by visiting local eateries to high-end restaurants serving ethnic cuisines. The increasing interest of people in sampling flavors of faraway destinations has opened up the door of opportunities for the seasonings and spices industry.
Besides the Mexican, Italian, and Chinese, the most prevalent international foods are Thai, Japanese, Greek, Middle Eastern, and Cajun. These cuisines are gaining popularity among people, who are enthusiastically showing their interest in exploring regional variations of food for a more authentic experience. This enthusiasm and interest in new and exciting flavors are likely to aid the growth of the industry during the forecast period.
Globally, food trends are changing, with a noticeable health orientation. Since organic foods are free from chemical toxins, such as artificial anticaking ingredients, preservatives, flavors, and artificial colors, their demand is steadily growing. Although the market for organic spices and seasonings is currently in a nascent stage, it is growing rapidly across the globe, especially in the U.S., Japan, Australia, and European countries. The massive unexplored markets have created ample opportunities for conventional spice manufacturers to tap the industry’s potential.
The retail sector is expected to grow at the highest CAGR, of 5.6%, during the forecast period, due to the increasing availability of different types of spices in supermarkets and hypermarkets, convenience stores, food and beverage specialists, and other types of grocers. These are becoming convenient shops where a variety of options are available for customers to buy spices and seasonings.
Moreover, the organic category is expected to grow at a higher pace during the forecast period. An individual can lead a healthier lifestyle and battle a variety of ailments with the aid of organic spices. Therefore, it is crucial to add spices to the food.
When compared to other non-organic ingredients, they can add additional nutrients and advantages. They are made with the use of compost and natural manure. Owing to this, they are free of any dangerous agricultural chemicals or pesticides. As a result, organic spices are healthier and more nourishing. Over time, they can combat many ailments and immune systems. Also, it is possible to handle a variety of health concerns, including cancer, intestinal difficulties, birth deformities, and others, with the use of these spices.
The North American seasonings and spices market has observed a notable increase in the variants of herbs and spices (blended or alone) lately, which suggests the increasing demand for continental flavors in home-cooked meals and the growing diversity in consumers’ food choices. It has also been observed that the presence of a large ethnic population in the region and increasing globalization have led to the acceptance of bold flavors, such as chili, cinnamon, and pepper (often used in Hispanic and Indian cuisines), by regional consumers.
Additionally, nutritional benefits associated with seasonings and spices are expected to drive the growth of the North American market. In a study, researchers examined the effects of a behavioral intervention, which emphasized the potential usage of herbs and spices for maintaining lower sodium intake at a recommended level of 1500 mg/day (as per USDA Dietary Guidelines for Americans). Also, an increase in health awareness and concerns to tackle obesity and the potential health benefits of spices and seasonings have encouraged the North American population, specifically in the U.S., to adopt new and healthy cooking habits.
The major players operating in the global seasonings and spices market are McCormick & Company Incorporated, Olam International, Ajinomoto Group, The British Pepper & Spice Company Limited, Kerry Group PLC, ARIAKE JAPAN Co. Ltd., Sensient Technologies Corporation, Döhler Group, SHS Group, and Everest Spices.