The global spices and seasonings market was valued at USD 19.30 billion in 2023 and is expected to expand from USD 20.19 billion in 2024 to approximately USD 29.57 billion by 2032, reflecting a compound annual growth rate (CAGR) of 4.89% during the forecast period. In 2023, North America held the largest share of the market, accounting for 40.47%. In the U.S. alone, the market is projected to reach USD 6.91 billion by 2032, driven by rising consumer interest in ready-to-eat meals and growing enthusiasm for diverse, ethnic cuisines.
Spices and seasonings are essential ingredients used to enhance the flavor, aroma, color, and shelf life of food and beverage products. They originate from various plant parts such as seeds, roots, bark, buds, fruits, leaves, flowers, and stems. These components, including popular varieties like turmeric and black pepper, are widely used in cooking for both flavor and health benefits, trends that are helping propel global demand upward.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/spices-and-seasonings-market-101694
Key Insights from the Report
Surging Demand for Organic Spices and Herbs
There is a significant and growing global demand for organic spices. Countries such as India, Vietnam, and China are leading exporters of these natural products, producing varieties like ginger, garlic, and chili peppers. In regions like Europe, consumer preference for pesticide-free, naturally grown spices is gaining momentum. Additionally, increased public awareness of the health and medicinal benefits of spices is expected to further boost the demand for organic herbs and spices in the near future.
Application Insights: Snacks & Convenience Foods Lead
The market is segmented by application into snacks and convenience foods, meat and poultry, frozen foods, bakery and confectionery, and others. Among these, the snacks and convenience foods category is anticipated to lead, driven by rising snack consumption across various countries. The bakery and confectionery segment is expected to hold the second-largest market share due to robust growth in the bakery sector, particularly across the Asia Pacific region.
Regional Outlook: Asia Pacific Takes the Lead
The market is divided geographically into North America, South America, Europe, the Middle East & Africa, and Asia Pacific. The Asia Pacific region is poised for strong growth, fueled by rapid expansion in the food processing sector, a strong cultural preference for spicy foods, and a large, growing population. India stands out as both the largest producer and consumer of spices globally.
Europe is also expected to demonstrate considerable growth, owing to a shift toward organic food consumption. The region is a significant importer of spices such as ginger, chili peppers, and black pepper, further supporting market development.
Prominent Market Players
Key companies operating in the global spices and seasonings market include: