Seasonings and Spices

Sales Of Organic Spices Are Anticipated To Be The Highest, Clocking A CAGR Of 5% By 2031

Food and beverages

Newly published Fact.MR data expects the global market for seasonings and spices to accelerate at a CAGR of 6.5%, reaching US$ 51.4 Bn in value terms by the end of the 2021-2031 forecast period. Sales are expanding on the back of increased preference for indigenous cuisines amongst consumers.

From 2016 to 2020, sales of seasonings and spices registered a CAGR of 4.7%, and is further anticipated to be valued at US$ 27.4 Bn in 2021. During the COVID-19 pandemic, while demand across commercial settings such as restaurants and cafeterias declined, sales across home setting

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Key Takeaways from the Market Study

  • By nature, conventional spices to yield a value worth US$ 7 Bn by 2025
  • Sales of organic seasonings and spices to grow the fastest, clocking a 5% CAGR
  • Seasonings & spices to account for 1/4th of total revenue as of 2031, by product type
  • Sales via modern trade channels to surpass US$ 5 Bn by the end of the forecast period
  • U.S to be a promising market for seasonings & spices, expanding at 5% CAGR
  • India to remain the largest producer of seasonings and spices, experiencing a CAGR worth 7% until 2031

“Growing demand for ready-to-use spice blends as convenient food-service options is expected to open up new business prospects. Seasonings and spices are in great demand in both the commercial and household sectors, not only for their flavor and taste, but also for the health benefits they bring.” says a Fact.MR Analyst.

Key Segments Covered

  • By Nature :

    • Conventional Seasonings & Spices
    • Organic Seasonings & Spices
  • By Product Type :

    • Seasonings & Spices
    • Herbs
    • Salt Substitutes
    • Seasoning & Spice Blends
  • By Sales Channel :

    • Seasonings & Spices Sales via Modern Trade Channels
    • Seasonings & Spices Sales via Neighborhood Stores
    • Seasonings & Spices Sales via Specialty Stores
    • Seasonings & Spices Sales via Other Brick and Mortar Retail Store
    • Seasonings & Spices Sales via Online Stores

Competitive Landscape

The worldwide spices & seasonings industry is highly fragmented and competitive, with several companies present. Companies are becoming more competitive by upgrading their distribution networks, entering into partnerships, acquisitions, expanding into new markets, and so on.

  • In May 2021, Ajinomoto Co. Inc., invested in SAKA NO TOCHU Co. Ltd., a prominent player in the agricultural products sector. With this initiative, the company intends to establish a new business model, especially e-commerce, to expand outreach of its seasonings and spices business
  • In November 2020, McCormick & Co. announced that it intends to acquire Cholula Hot Sauce®. This acquisition will mark McCormick’s expansion of growth opportunities within its condiments business and broadening its prospects in the hot sauces category

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