The global spices and seasonings market is expected to grow from USD21.3bn in 2021 to USD27.4bn by 2026, at a CAGR of 5.2% from 2021 to 2026, according to a new market research report published by MarketsandMarkets.
Globally, the spices & seasonings market is driven by the growing demand for convenience food products, clean label trends, and natural preservatives for the meat industry. However, the growing incidents of adulteration and contamination in the spices exported from developing countries such as India and China are prompting regulatory bodies in Europe and America to strengthen the safety regulations on imported spices and seasonings. Growth in food product innovations to incorporate natural ingredients, increase in demand for health and wellness products, and rise in demand for ethnic and authentic food products are emerging opportunities for the spices & seasonings market, according to the report.
The Asia Pacific market accounted for the largest share in 2020. The Asia Pacific region is projected to be the fastest-growing market for spices & seasonings, at a CAGR of 4.4% from 2021 to 2026. The usage of spices and seasonings in the industrial sector is less in the Asia Pacific region as compared to that in developed regions, which presents food processing industries with considerable untapped potential. The overall economic growth in the Asia Pacific region has led to an increase in urbanization and rapid industrialization, with a resultant rise in per capita income. These factors play a major role in the changing preference of consumers towards value-added food products.
The report shows that when compared to Western countries, the level of foods processed in Asian countries, which are growing economically, is low. However, they are experiencing positive market forces due to which the processed food industry is expected to prosper in the near future. Unlike Europe and North America, where a majority of spices and seasonings are consumed by the meat industry, in the Asia Pacific region, convenience food products consume the majority of spices and seasonings.