Spices And Seasonings Market | Business Economic Outlook, Growth Share, Future Trends & Foracast 2030
The global spices and seasonings market size is expected to reach USD 34.71 billion by 2030 according to a new study by Polaris Market Research.
Increased demand for health and wellness products and purchasers’ willingness to pay a premium for new flavors and ethnic tastes are two significant reasons driving industry expansion. With consumers growing more health-conscious, specific spices and herbs replace sugar, salt, and artificial additives. The three leading causes boosting demand for the market are natural flavoring, organic foods, and safe dietary supplements. Seasonings and other products that claim to have natural components help firms attract more customers.
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The entire natural ingredients industry is driven by the “health and wellness” trend. Consumers are turning to natural alternatives in response to rising rates of lifestyle-related ailments such as cardiovascular disease, obesity, osteoporosis, and diabetes. Furthermore, the popular perception of the negative consequences of consuming synthetic substances has further warned consumers. Natural ingredients are thought to positively impact overall health, whereas synthetic compounds have some adverse effects. As a result, food makers have quickly responded by replacing synthetic components with natural alternatives, either entirely or partially.
Based on nature, the conventional segment accounted for the leading share in the industry in 2021. This is due to its target customers’ easy access to it at reasonable pricing. However, during the projected year, the organic format of the industry is expected to acquire more popularity, with sales increasing at a significant rate.
With the increased demand for packaged and convenience foods in several nations, food processors’ salt usage will rise. The table salt manufacturing industry has a significant concentration of industry share. This is due to the industry’s leading competitors expanding their product lines and production capacity levels and K+S Group’s purchase of Morton Salt, which allowed the company to expand its production scale.
Major players such as Associated British Foods, Worlee Gruppe, Friedrich Ingredients, Ajinomoto Co., Inc, Kerry Group, McCormick & Company, Inc., Moguntia Food Group AG, Ariake Japan Company, Olam International, Pacific Spice Company, Dohler Group, AKO GmbH, Sensient Technologies Corporation, SHS Group, and Zhumadian Wang Shouyi are some key players operating in the global industry.
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Polaris Market Research has segmented the spices and seasonings market report on the basis of type, application, nature, and region:
Spices and Seasonings, Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Nutmeg & Mace
Spices and Seasonings, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Meat & Poultry Products
- Snacks & Convenience Food
- Soups, Sauces, and Dressings
- Bakery & Confectionery
- Frozen Products
Spices and Seasonings, Nature Outlook (Revenue – USD Billion, 2018 – 2030)
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