A new report by Meticulous Research® forecasts that the global spices & seasonings market will reach $30.35 billion by 2031, with a CAGR of 5.3% from 2024 to 2031. Key drivers for this growth include increasing demand for convenience foods, the rise of vegetarian and vegan diets, and consumers’ growing appetite for spicy food.
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Market Restraints
However, market growth may be restrained by the rising proliferation of copyright spice products. These fake products undermine consumer confidence and pose a challenge to the market’s sustained growth.
Opportunities in Organic Spices
Opportunities for growth include the increasing focus on health and wellness, as consumers seek out organic spices and seasonings that align with healthier lifestyles. The demand for organic products continues to rise, fueled by the growing desire for clean-label and sustainable food options.
Industry Leaders
Key players in the spices & seasonings market include McCormick & Company, Inc. (U.S.), Kerry Group plc (Ireland), and Döhler Group (Germany). These companies are leading the charge in providing innovative products that cater to evolving consumer preferences.
Product Type Segmentation
The market is segmented by product type into spices, herbs, and salt & salt substitutes. The spices category, which will represent 55% of the total market share in 2024, is expected to remain dominant. Factors driving this segment include heightened awareness about the health benefits of spices and the rising popularity of processed and functional foods.
Rising Demand for Organic Products
The market is further divided into conventional and organic products, with the organic segment projected to see the highest growth. Consumers are increasingly prioritizing health, wellness, and sustainability, driving the demand for organic spices and seasonings.
Preference for Powdered Spices
Based on form, powdered spices are expected to account for the largest share of the market. Their versatility, ease of use, and longer shelf life make them a popular choice among consumers and food manufacturers alike.
Growth in Retail Channels
The distribution of spices and seasonings is split between food service and retail, with the retail segment projected to register higher growth. The rise in online grocery shopping, coupled with consumers' preference for home cooking, has accelerated this segment’s expansion.
Geographic Growth Patterns
Regionally, Europe is expected to register the highest growth rate, driven by rising consumer interest in exotic cuisines and an increasing preference for organic and natural products.
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