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LONDON, GREATER LONDON, UNITED KINGDOM, September 4, 2024 /EINPresswire.com/ -- The spices and seasonings market has experienced robust growth in recent years, expanding from $25.05 billion in 2023 to $26.88 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to increased demand for spices and seasonings to enhance the flavor of food, growing popularity of ethnic foods and home cooking, rising income levels and newer food experiences, increased preference for trying out new flavors in the foodservice sector and processed food products, demand from consumers for high-quality, healthy food ingredients.
Strong Future Growth Anticipated
The spices and seasonings market is projected to continue its strong growth, reaching $36.82 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to growing awareness of the medical benefits of spices and seasonings, increasing demand for new and exotic tastes along with organic flavors, rising consumer health consciousness, evolving consumption patterns, shelf-life extension.
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Growth Driver Of The Spices and Seasonings Market
The growing hospitality industry is expected to propel the spice and seasonings market. Rapid growth in net disposable income, new travel trends, and better work-life balance are contributing to the growth of the hospitality industry across the globe. The rapid growth in the hospitality industry is expected to boost demand for spice and seasonings, as it is widely used in food preparations in the majority of cuisines across the globe.
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Major Players And Spices and Seasonings Market Trends
Key players in the spices and seasonings market include McCormick & Company Incorporated, Olam International Limited, Ajinomoto Co. Inc., Associated British Foods PLC.
Major companies operating in the spices and seasonings market are adopting a strategic partnership approach for new product launches. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success.
Spices and Seasonings Market Segments:
1) By Type: Pepper, Capsicum, Ginger, Cinnamon, Cumin, Turmeric, Nutmeg & Mace, Cardamom, Coriander, Cloves, Other Types
2) By Nature: Organic, Conventional
3) By Application: Meat & Poultry Products, Snacks & Convenience Food, Soups, Sauces, And Dressings, Bakery & Confectionery, Frozen Products, Beverages, Other Applications
Geographical Insights: North America Leading The Spices and Seasonings Market
North America was the largest region in the spices and seasonings market in 2023. Asia-Pacific is expected to be the fastest-growing region in the spices and seasonings market share during the forecast period. The regions covered in the spices and seasonings market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Spices and Seasonings Market Definition
Spices and seasonings refer to aromatic substances derived from root, bark, seed, leaves, or fruit of the plant, and blends of salts, sugars, and spices designed to enhance the flavor the food. The importance of spices and seasonings is determined by the use and nature of the dish.
Spices and Seasonings Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Spices and Seasonings Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on spices and seasonings market size, spices and seasonings market drivers and trends, spices and seasonings market major players, spices and seasonings competitors' revenues, spices and seasonings market positioning, and spices and seasonings market growth across geographies. The spices and seasonings market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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