Northbrook, IL 60062 -- (SBWIRE) -- 05/15/2023 -- According to a report by MarketsandMarkets, the global spices and seasonings market is estimated to be valued at USD 21.3 billion in 2021. It is projected to reach USD 27.4 billion by 2026, recording a CAGR of 5.2% during the forecast period. The market is segmented by type, application, nature, and region.

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The spices & seasonings market is driven by the growing demand for convenience food products, clean label trends, and natural preservatives for the meat industry. The demand for processed food products has been increasing over the years, owing to the changing perception of people with regard to processed foods and the technological innovations in spice and seasoning processing techniques.

Cinnamon is used to flavor a variety of foods, from confections to curries to beverages, and is popular in bakery goods in many places. Cinnamon also contains large amounts of polyphenol antioxidants. The antioxidants in cinnamon have been found to have anti-inflammatory effects; also, consumption of cinnamon is associated with a short-term reduction in blood pressure. All these benefits have significantly increased the consumption of cinnamon across the world.

By type, the market is segmented into pepper, chili, ginger, cinnamon, cumin, turmeric, nutmeg, cloves, and others. By application, the market is segmented into meat & poultry products, snacks & convenience food, soups, sauces, and dressings, bakery & confectionery, frozen products, beverages, and others. By nature, the market is segmented into organic and conventional.

By region, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). Asia Pacific dominates the market, followed by Europe and North America.

The meat & poultry products segment accounted for the largest value during the forecast period, probably because spices stimulate the appetite, adds flavor and acts as natural preservatives for meat and poultry products. Different spices and seasonings such as pepper, cinnamon, cardamom, cumin, turmeric, and capsicum are applied to meatloaves, sausages, salamis, and other processed meat & poultry food products. Both fresh and frozen meats can be spiced and marinated before storage. All these factors have resulted in the high use of spices in the preparation of meat products.

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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 region's improved agricultural growth over the past decade, followed by advancements in the food industry, has provided new opportunities for the spices & seasonings industry.

Major spices and seasonings manufacturers include McCormick & Company, Inc. (US), Olam International (Singapore), Ajinomoto Co. Inc. (Japan), Associated British Foods plc (UK), Kerry Group plc (Ireland), Sensient Technologies Corporation (US), Döhler Group (Germany), SHS Group (Ireland), and Worlée Gruppe (Germany). These players have focused on acquisitions to gain a larger market share in the spices & seasonings market.

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