Seasoning and Spice Market to Attain a Value of $73 Billion by 2034, Predicts Fact.MR

Use of Seasonings and Spices Increasing Substantially in Dietary Supplement Products.

Rockville, MD., July 10, 2024 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, through its recently updated industry analysis, reveals that worldwide demand for seasonings and spices is expected to reach a market value of US$ 42.7 billion in 2024. The global Seasoning and Spice Market has been analyzed to expand at a CAGR of 5.5% from 2024 to 2034.

Constant changes in consumer lifestyles are pushing companies to introduce supplement options for offering products containing spices as pivotal ingredients for their health benefits, such as nutritional and therapeutic. Growing inclination of more people to experiment with novel flavors in food is contributing to the rising sales of seasonings and spices. In addition, globalization is also driving the demand for several types of seasonings and spices with increasing inclination of people around the world to try spicy and aromatic cuisines.

Local brands in several regions are coming up with a wide variety of herbs to strengthen their market presence. They are investing substantially in marketing and promoting activities to increase their reach among a larger population base.

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Key Takeaways from the Seasoning and Spice Market Study:

• The global seasoning and spice market is forecasted to reach a value of $73 billion by the end of 2034.
• Demand for seasonings and spices in South Africa is projected to accelerate at 6.2% CAGR from 2024 to 2034.
• Sales of seasonings and spices in Japan are approximated to rise at a CAGR of 6% through 2034.
• North America is evaluated to capture a share of 24.3% of global market revenue by 2034.
• Worldwide sales of crushed seasonings and spices are calculated to climb at 6% CAGR and reach US$ 33.3 billion by 2034-end.
• Herbs are analyzed to account for 52.8% share of the global market by the end of 2034.

“Manufacturers of seasonings and spices need to focus on offering quality products while matching set standards implemented by governing bodies that are meant to combat the menace of counterfeiting,” mentions a Fact.MR analyst.

Competitive Landscape

Global demand for herbs is evaluated to accelerate at a CAGR of 5.4% and reach a market value of US$ 38.5 billion by 2034-end. Growing sales of several types of herbs, such as peppermint, parsley, fennel, garlic, basil, and oregano, are due to their health benefits. Consumers are giving preference to herbs for their exceptional medicinal properties as well as taste. For instance, garlic is consumed for its strong aroma and flavor along with assistance in treating flu and several other illnesses.

Leading Players Driving Innovation in the Seasonings and Spice Market:

Mahashian Di Hatti Private Limited (MDH Spices), Elite Spice, SHS Group Limited, Dohler GmbH, McCormick & Company Inc., Everest Spices, The Kraft Heinz Company, Ariake Japan Co. Ltd., Olam International Limited, Ajinomoto Co. Inc., Kerry Group Plc., Unilever Plc, Associated British Foods Plc., Baria Pepper Co. Ltd., and Dharampal Satyapal Limited (DS Group) are some of the prominent manufacturers of seasonings and spices.

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In the seasoning and spice industry, leading players are consistently focusing on strategies such as acquisitions, collaborations, partnerships, and the introduction of new products. The objective of these strategic moves is to fortify their market standing and diversify their product offerings.

• In February 2021, Kerry made a public announcement about its acquisition of Jining Nature Group, a renowned producer of savory seasonings and flavors in China. This strategic move is set to enrich Kerry’s portfolio with a broad spectrum of authentic regional and local technologies.
• In May 2021, Olam Food Ingredients (OFI) declared its acquisition of Olde Thompson, a U.S.-based manufacturer of private-label seasonings and spices. This move not only solidifies a 15-year collaboration between the two companies but also signifies a significant landmark in OFI’s spice business.

More Valuable Insights:

Fact.MR, in its new offering, presents an unbiased analysis of the seasoning and spice market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).

The study divulges essential insights into the market based on form (whole, crushed, powder), product (spices, herbs), nature (organic, conventional), and sales channel (modern trade channels, neighborhood stores, online stores, brick & mortar retail stores, specialty stores), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).

Check out More Related Studies Published by Fact.MR Research:

Dried Spices Market is anticipated to progress at a CAGR of 4.7% through 2033 to value over US$ 9.2 billion.

White Pepper Market is expected to reach US$ 8.2 Billion by 2033 at a 5% CAGR with rise in demand for organic white pepper.

Cinnamon Market is estimated to account for US$ 1.89 billion by 2034 as the demand for clean label and organic ingredients rises.

Flavored Salt Market has been valued at US$ 3.54 billion in 2024, and is projected to reach US$ 6.4 billion by 2034.

Culinary Essence Market is projected to reach US$ 1.36 billion by 2033 as the worldwide demand is predicted to increase at a CAGR of 3.8%.

Citrus Fiber Market valued at US$ 317 million in 2022 and is expected to reach US$ 550 million by 2032.

Garlic Market projects sales to increase at 5.2% CAGR over the next ten years to push the valuation to US$ 35.85 billion by 2033.

About Fact.MR:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning.

With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay competitive.  

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