(Food-Beverage-News.Com, November 29, 2023 ) The global spices and seasonings market is on a trajectory of substantial growth, estimated at USD 21.3 billion in 2021 and projected to reach USD 27.4 billion by 2026, marking a noteworthy Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period. The surge is attributed to the escalating demand for convenient food products, the prevalence of clean label trends, and the pursuit of natural preservatives within the meat industry.
The surge in demand for processed foods, coupled with technological innovations in spice and seasoning processing techniques, has contributed to the market's robust expansion. Cinnamon, a versatile spice known for its application in confections, curries, and beverages, has seen increased consumption globally. Notably, cinnamon's rich content of polyphenol antioxidants is associated with anti-inflammatory effects and a short-term reduction in blood pressure.
Meat & Poultry Products Lead: The meat & poultry products segment dominates the market, leveraging spices for appetite stimulation, flavor enhancement, and as natural preservatives. Various spices such as pepper, cinnamon, cardamom, cumin, turmeric, and capsicum find application in processed meat & poultry products, bolstering market share.
Organic Spices Gain Traction: The appeal of organic spices, characterized by their wholesomeness, non-GMO nature, and absence of insecticides and pesticides, is on the rise. Organic spices, grown without harmful chemicals, preserve the original flavor and align with consumer preferences for natural and high-quality products.
Asia Pacific Emerges as a Growth Hub: While industrial spice usage is lower in the Asia Pacific region compared to developed regions, economic growth, urbanization, and rapid industrialization have unlocked significant potential. Diversified flavor preferences and a burgeoning interest in value-added food products drive the spices & seasonings market in the region.
Opportunities for Industry Players:
Product Innovations: The market presents opportunities for food product innovations that incorporate natural ingredients, catering to the increasing demand for health and wellness products and authentic ethnic foods.
Stringent Regulations: Growing concerns about adulteration and contamination in spices from countries like India and China prompt regulatory bodies in Europe and America to strengthen safety regulations on imported spices. This underscores the need for industry players to ensure quality and compliance.
Leading Companies and Market Strategies:
Prominent companies contributing to the market include McCormick & Company, Inc. (US), Olam International (Singapore), Ajinomoto Co. Inc. (Japan), Associated British Foods plc (UK), Kerry Group plc (Ireland), Sensient Technologies Corporation (US), Döhler Group (Germany), SHS Group (Ireland), and Worlée Gruppe (Germany). These industry leaders have strategically pursued acquisitions to expand their market share.
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