The Seasoning Market was valued at USD 14,200 Million in 2020 and is anticipated to grow at a CAGR of 6.3% over the forecast period (2021-2028).
The factors driving the growth of Seasoning Market includes increasing use of spices and seasoning by retail food companies, growing consciousness about health benefits of Oregano, Parsley and Thyme and rising demand for Asian cuisines such as Indian, Chinese, Japanese and Thai in the foreign markets. As per the report published by the Times of India, the American consumers spend USD 931 billion on food away from home, on an average every American household spends around USD 3500 annually on in-restaurant dining and the Indian cuisine is starting to grab a sizeable share in the market. Moreover, the increasing vegan population, growing consumption of processed foods beverages and rising urbanization, are some of the additional factors augmenting the Seasoning Market size. According to Bloomberg, the Global Food Flavors Market is anticipated to reach USD 20.39 billion by the end of 2028, exhibiting a CAGR of 4.2% during the forecast period (2021-2028), which is expected to boost the market growth in the approaching years.
However, the growth of Seasoning Market is hindered due to rising practices of adulteration of seasoning and spices around the world.
The leading players operating in the market are ARIAKE JAPAN Co.,Ltd., SHS Group, EVEREST Food Products Pvt. Ltd., McCormick Company, Inc., Associated British Foods plc, Doehler Group SE, Sensient Technologies Corporation, Kerry Group plc, Olam International and Ajinomoto Co., Inc. among others.
Product Type – Segment Analysis
Based on Product Type, the Spices segment is estimated to capture a significant market share over the forecast period increasing consciousness about medicinal benefits of spices such as turmeric and cinnamon amongst consumers.
Application – Segment Analysis
Based on Application, the Sauces, Salads, and Dressing segment is projected to grow at faster CAGR during the forecast period attributed to increasing application of seasonings in dressing and diffrent sauces.
Regional – Segment Analysis
Based on region, the Asia-Pacific region is predicted to capture the highest market share over the forecast period. Favorable climatic conditions, growing consumption of locally produced spices and seasonings and Governments policy to boost the exports of spices and seasoning, are some of the crucial factors, influencing the market growth in Asia-Pacific. As per Economic Times, India’s spice exports in terms of volumes in 2021 was valued at around 1.78 billion tonnes, showing a 37% increase as compared to 1.2 billion tonnes in 2020.
Global Seasoning Market by Product Type
- Salt Salt substitutes
Global Seasoning Market by Application
- Bakery and Confectionery
- Soup, Noodles and Pasta
- Meat and Seafood
- Sauces, Salads, and Dressing
- Savory Snacks
Global Seasoning Market by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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