How is the increasing demand for convenience foods impacting the spices and seasonings market?


Posted July 19, 2024 by Pallavig

Discover the $30.35 billion Spices & Seasonings Market with exclusive insights into key trends, segments, geographical analysis, and competitive landscape.

 
Meticulous Research®, a globally renowned market research firm, has released its latest report predicting that the global spices and seasonings market will reach a staggering $30.35 billion by 2031, growing at a CAGR of 5.3% from 2024 to 2031. The report highlights several key drivers behind this impressive growth, including the rising demand for convenience foods, the increase in vegetarian and vegan diets, and a growing preference for spicy foods. However, the market's expansion may face challenges due to the proliferation of counterfeit spice products.
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Market Opportunities and Trends
The report identifies several opportunities and trends that are expected to fuel the market's growth. The increasing focus on health and wellness and the growing demand for organic spices and seasonings are anticipated to create significant growth opportunities. Additionally, the rising popularity of ethnic and exotic flavors is a prominent trend, with consumers seeking unique and diverse flavor profiles to enhance their culinary experiences.
Key Market Participants
The report provides detailed insights into the competitive landscape of the spices and seasonings market, identifying key players such as McCormick & Company, Inc. (U.S.), Kerry Group plc (Ireland), Döhler Group (Germany), Ajinomoto Co., Inc. (Japan), Associated British Foods plc (U.K.), ARIAKE JAPAN Co., Ltd. (Japan), Baron Spices Inc. (U.S.), SHS Group Limited (U.K.), Watkins Incorporated (U.S.), The Bart Ingredients Company (U.K.), and Frontier Cooperative (U.S.).
Market Segmentation Analysis
The report segments the market based on product type, category, form, distribution channel, and geography, providing a comprehensive analysis of each segment.
Product Type: The market is categorized into spices (pepper, cardamom, cinnamon, ginger, clove, nutmeg & mace, turmeric, coriander, cumin, chili, and other spices), herbs (oregano, basil, thyme, parsley, mint, rosemary, fennel, and other herbs), and salt & salt substitutes. In 2024, the spices segment is expected to account for 55.0% of the market share. This dominance is due to the increasing awareness of the health benefits of spices, the rising demand for processed and convenience foods with diverse flavors, and the growing interest in functional foods.
Category: The market is segmented into conventional and organic. The organic segment is projected to register a higher CAGR during the forecast period, driven by the increasing number of health-conscious consumers, rising demand for organic food products, sustainability and clean label trends, and growing government support for organic food production.
Form: The market is divided into whole, crushed, and powder. The powder segment is expected to hold the largest market share in 2024. The segment's significant share is attributed to the advantages of powdered spices and seasonings, such as ease of use, versatility in mixing with other ingredients, and extended shelf life. Powdered spices and seasonings are versatile and suitable for a wide range of dishes.
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About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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Categories Business , Manufacturing , Retail
Tags spices seasonings market , herbs spices , seasonings market
Last Updated July 19, 2024