New York, Sept. 12, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the “Spices and Seasonings Global Market Report 2022” – https://www.reportlinker.com/p06319226/?utm_source=GNW
The global spices and seasonings market is expected to grow from $21.67 billion in 2021 to $23.25 billion in 2022 at a compound annual growth rate (CAGR) of 7.29%. The spices and seasonings market is expected to reach $29.85 billion in 2026 with a CAGR of 6.45%.
The spices and seasonings market includes sales of spices and seasonings by entities (organizations, sole proprietorships and partnerships) that refer to flavoring substances derived from roots, barks, seeds, leaves or plant fruits, and mixtures of salts, sugars, and spices designed to enhance the flavor of foods. The critical element of spices and seasonings depends on the uses and the nature of the dishes.
The main types of spices and seasonings include pepper, capsicum, ginger, cinnamon, cumin, turmeric, nutmeg and mace, cardamom, coriander, cloves and others. Pepper refers to the seeds derived from the dried berries (peppercorns) of the Piper nigrum vine.
Black pepper enhances the flavor of seasonings, spice blends, salad dressings and more. Organic and conventional spices and seasonings are widely used in various applications ranging from meat and poultry products, snacks and confectionery products, bakery and confectionery products, frozen foods, beverages and others.
The Spices and Seasonings Market research report is one of a series of new reports that provide statistics on the Spices and Seasonings market, including the global Spices and Seasonings industry market size. Seasonings, regional shares, competitors holding Spices and Seasonings market share, detailed segments of the Spices and Seasonings market. , market trends and opportunities, and any other data you may require to thrive in the Spices and Seasonings industry. This Spices and Seasonings Market research report provides a comprehensive perspective of everything you need, with an in-depth analysis of current and future industry scenarios.
Growth in the hospitality industry is expected to propel the spices 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 world.
The rapid growth of the hospitality industry is expected to drive the demand for spices and seasonings as they are widely used in food preparations in the majority of cuisines around the world. According to the report released by the India Brand Equity Foundation (IBEF), in May 2022, domestic, international and outbound hotel business in India was valued at $32 billion in FY20 and is expected to reach $52 billion. by FY27 due to growing demand from travelers and persistent attempts by travel agencies to expand the market.
Hence, growth in the hospitality industry is expected to drive the spices and seasonings market over the forecast period.
Natural flavors and ingredients are a key trend that is gaining popularity in the flavoring and seasoning market. Natural flavors and ingredients are derived from natural sources such as essential oils, extracts and others. Companies operating in the flavors and seasonings market are incorporating natural flavors and ingredients to meet customer demands and strengthen their position in the market.
For example, in January 2021, ORCO, a spice and seasoning manufacturer based in India, launched 32 natural and organic condiments and spices for customers around the world.
In April 2021, Olam Food Ingredients (OFI), a Singapore-based spice and seasoning manufacturer, acquired Olde Thompson for $950 million. will accelerate OFI’s growth strategy of providing sustainable, natural and value-added food ingredients and solutions.
Olde Thompson is an American manufacturer of pepper mills, salts and other spices and related products.
North America was the largest region in the spices and seasonings market in 2021. Asia-Pacific is expected to be the fastest growing region during the forecast period.
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 countries covered in the Spices and Seasonings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the United Kingdom and the United States.
Read the full report: https://www.reportlinker.com/p06319226/?utm_source=GNW
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