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Spices and Seasonings Global Market Report 2023
Major players in the spices and seasonings market are McCormick & Company, Olam International, Ajinomoto Co Inc., Associated British Foods plc, Kerry Group, Sensient Technologies Corporation, Döhler Group, ARIAKE JAPAN CO Ltd.
New York, March 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Spices and Seasonings Global Market Report 2023" - https://www.reportlinker.com/p06319226/?utm_source=GNW
, Everest Spices, DS Group, Baria Pepper, Worlée Gruppe, SHS Group, Watkins Incorporated, Kikkoman Corporation, Knorr, MDH Spices, Bart Ingredients, Spice Hunter, Unilever, Catch, Kraft Foods, Frontier Natural Products, British Pepper and Spice, and William Foods.
The global spices and seasonings market grew from $23.45 billion in 2022 to $25.14 billion in 2023 at a compound annual growth rate (CAGR) of 7.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The spices and seasonings market is expected to grow to $33.55 billion in 2027 at a CAGR of 7.5%.
The spices and seasonings market consists of sales of cloves, coriander, cumin, cardamom, cinnamon, mace, and chili powder.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The 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 critical element of spices and seasonings depends on the uses and nature of dishes.
North America was the largest region in the spices and seasonings market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the spices and seasonings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of spices and seasonings include pepper, capsicum, ginger, cinnamon, cumin, turmeric, nutmeg & mace, cardamom, coriander, cloves, and others.Pepper refers to seeds derived from dried berries (peppercorns) of the vine Piper nigrum.
Black pepper enhances the flavor in rubs, spice blends, salad dressings, and others. Both organic and conventional spices and seasonings are widely used in various applications ranging from meat & poultry products, snacks & confectionery products, bakery & confectionery products, frozen products, beverages, and others.
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.According to the report published by India Brand Equity Foundation (IBEF), in May 2022, the domestic, international, and outbound hotel business in India was valued at $32 billion in FY20 and is anticipated to grow to $52 billion by FY27 as a result of rising traveller demand and persistent market expansion attempts by travel agencies.
Therefore, the growing hospitality industry is expected to boost the spices and seasonings market during the forecast period.
Natural Flavors and Ingredients is a key trend gaining popularity in the flavors and seasonings market.Natural Flavors and Ingredients are derived from natural sources such as essential oils, extracts, and others, The companies operating in the flavors and seasonings market are incorporating natural flavors and ingredients to meet customer demands and strengthen their market position.
For instance, in January 2021, ORCO, an India-based manufacturer of spices and seasonings launched 32 natural and organic condiments and spices for customers across the globe.
In April 2021, Olam Food Ingredients (OFI), a Singapore-based manufacturer of spices and seasonings, acquired Olde Thompson for $950 million.This acquisition will strengthen the OFI’s offering of private label solutions, particularly in the United States, and additionally, this will accelerate OFI’s growth strategy of providing sustainable, natural, value-added food ingredients and solutions.
Olde Thompson is a USA-based manufacturer of pepper mills, salts, and other spices and related products.
The countries covered in the spices and seasonings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The spices and seasonings market research report is one of a series of new reports that provides spices and seasonings market statistics, including spices and seasonings industry global market size, regional shares, competitors with a spices and seasonings market share, detailed spices and seasonings market segments, market trends and opportunities, and any further data you may need to thrive in the spices and seasonings industry. This spices and seasonings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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