According to the report by Global Market Insights Inc., the Seasonings Market was estimated at USD 6.5 billion in 2021 and is primed to reach a valuation of around USD 9.5 billion by 2028, progressing at a CAGR of 5.5% from 2022 to 2028. The report gives an in-depth study of market size & estimations, wavering market trends, competitive scenario, drivers & opportunities, top winning strategies, and major investment pockets.
Seasonings offer several advantages, including many health benefits and high content of essential oils and minerals viz., potassium, manganese, and iron, among others. Growing utilization in pharmaceuticals, nutraceuticals, and nutritional product preparations as well as health relief formulation are fueling product demand. Mounting use of seasonings in food preparation and food services industry, particularly in exotic dishes that have unique flavors to cater to the palate requirements of consumers, would foster product outlook. High content of phenolic compounds makes seasonings a superior source of antioxidants, coupled with surging consumer preference for spice blend ingredients, would impel product demand in quick service and street food dishes, which is primed to support the seasonings market share over the forecast period.
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Chili powder is witnessing a spike in consumption owing to rising consumer interest in spicy food in Latin America. Prevalent adoption of chili powder in various cuisines, including Indian Mexican and American, for adding pungency and flavor is promoting product demand. Chili powder also finds usage in the pharmaceutical sector for its high capsaicin content, a bioactive compound with pain-relieving & anti-bacterial properties, which is driving product uptake. Due to these factors, the chili powder segment is foreseen to emerge as a major product in the Latin America seasonings market to attain a valuation of roughly USD 45 million by 2028.
The curry powder segment is projected to observe significant expansion in the Asia Pacific seasonings market at approximately 5.5% CAGR between 2022 and 2028. Mounting utilization of curry powder in authentic native dishes across the Asia Pacific region is estimated to support segmental growth through the assessment timeframe.
Key reasons for seasonings market growth:
- Rising demand for curry powder in APAC.
- Surging utilization of chili powder across LATAM.
- Prevalent consumer in spicy foods during COVID-19.
- Growing seasonings uptake in Europe food & beverage sector.
- Increased consumer inclination towards tajin in the U.S. and Mexico.
2028 forecasts show ‘tajin’ segment retaining its dominance:
The tajin segment is anticipated to be valued at over USD 15 million in the North America seasoning market by 2028 on account of mounting demand for chili lime seasoning in the U.S. and Mexico. Tajin, a unique blend of mild chili peppers, lime, and sea salt, is widely used to improve the taste of numerous foods, including beverages, fruits and vegetables, fish, poultry, eggs, and snacks like popcorn, dips, guacamole, and others. High consumer interest in spice mixtures passed on through generations and ancestral formulations in the preparation of modern-day food is slated to bolster segmental uptake.
Europe to maintain top status in terms of revenue:
On the regional spectrum, the Europe seasonings market is speculated to reach more than USD 3 billion in revenue by 2028. Increasing inclination towards healthy & nutrifying dietary foods has created massive growth potential for the market in the region. The booming food & beverage industry across European countries is also likely to offer growth opportunities for product adoption in varied applications like nutraceutical foods, fast food, bakery products, and packaged exotic cuisines. Moreover, the flourishing tourism and hospitality sectors as well as surging demand for global cuisines among the growing population of immigrants are set to further boost regional market growth through the forecast period.
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Impact of COVID-19 pandemic on seasonings market:
The COVID-19 outbreak prompted widespread research activities to identify different factors and solutions that could alleviate the impact of the coronavirus infection. To that effect, some studies indicated that spices support rapid desensitization of TRPA1/V1 (transient receptor potential ankyrin 1 and vanillin 1), which could potentially reduce the severity of the illness. As a result, growing significance of spices, such as capsaicin-containing chili powder, has been favorable for market outlook during the pandemic.
Leading market players:
Some prominent companies operating in the global seasonings industry include Corbion, McCormick & Company Inc., The Kraft Heinz Co., Olam International, Nestle, Ajinomoto Co., MDH Spices, Symega Foods Ingredients Limited, Associated British Foods Plc, DS Group, Unilever, Everest Spices, and Ariake Japan Co. Ltd. among others.
