The global seasoning and spices market
size is expected to reach USD 22.46 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.3% from 2020 to 2027. Changes in global consumption patterns and growing consumer inclination towards ethnic foods are some of the primary growth drivers for the market. Furthermore, the increased importance of home cooking as a hobby among millennials as a result of the rising number of food recipe videos posted on social media platforms, including Facebook and YouTube, is projected to expand the seasoning and spices industry size in the near future.
Asia Pacific accounted for a revenue share of more than 30.0% in 2019. Most of the spices and herbs are grown in countries, such as India, Vietnam, China, and Thailand, as a result of which Asia Pacific is one of the major exporters of herbs and other seasonings in the world. Growing consumption in the region is also attributed to the increase in disposable income, the emergence of several domestic brands, and increased number of promotional activities in developing economies, including China and India.
The spices segment dominated the market in 2019 with a revenue share of more than 40.0%. Shifting consumer food preference towards various Asian and Middle Eastern cuisines is propelling the demand for spices across the globe. Moreover, customers in Europe and North America have started using various kinds of spices in their cuisines, which is opening new opportunities in the global market.
In terms of application, meat and poultry products are likely to exhibit the fastest CAGR of 6.8% from 2020 to 2027 owing to high consumer demand and changing tastes and preferences. The segment is largely driven by higher income levels, rapid urbanization, and growing dependence on meat to facilitate protein intake in a regular diet. Worldwide meat production has tripled over the last four decades, wherein countries engaged in industrialization are more likely to consume more meat in comparison to developing nations, including China and India.
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Seasoning And Spices Market Report Highlights
- In terms of product, the spices segment dominated the market with over 40.0% share of the global revenue owing to increased demand for Asian and Middle Eastern cuisines
- Asia Pacific dominated the market in 2019, accounting for more than 30.0% share of the global revenue. Rising demand for ethnic flavored foods among middle-income groups in countries, including China and India, is expected to remain the key driving force
- By application, meat and poultry products are expected to expand at the fastest CAGR of 6.8% from 2020 to 2027. Strong demand for meat products during night-outs or weekends among millennials is expected to prompt the consumption of spices and other ingredients as a topical marinade
Product innovation is expected to remain one of the key success factors for the industry growth in the near future.
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