Northbrook, IL 60062 -- (SBWire) -- 08/14/2023 --The global spices and seasonings market is anticipated to experience substantial growth in the coming years, as indicated by the report titled "Spices and Seasonings Market by Type, Application, Nature, & Region - Global Trends and Forecast to 2026." The market is currently valued at approximately USD 21.3 billion in 2021 and is projected to reach around USD 27.4 billion by 2026, exhibiting a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period.
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This growth trajectory is fueled by several key factors. Firstly, the escalating demand for convenience food products is a primary driver, propelled by evolving consumer lifestyles and preferences. The market is also responding to the clean label trends, where consumers increasingly seek natural and transparent ingredients in their food. Furthermore, the meat industry's reliance on natural preservatives has fueled demand for spices and seasonings, given their dual function of enhancing flavor and preserving meats.
However, there are challenges to address, including the issue of adulteration and contamination in spices exported from certain developing countries. Regulatory bodies in regions like Europe and America are strengthening safety regulations on imported spices due to these concerns.
Nonetheless, the market also presents various opportunities. Innovations in food products that incorporate natural ingredients, rising demand for health and wellness products, and a growing preference for authentic ethnic cuisines are emerging prospects within the spices and seasonings market.
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It consists of the profiles of leading companies such as the 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).
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Overview of the Global Spices and Seasonings Market Trends and Growth Drivers
Spices and Seasonings Market by Type, Application (Meat & Poultry Products, Snacks & Convenience Food, Soups, Sauces, and Dressings, Bakery & Confectionery, Frozen Products, Beverages), Nature, & Region - Global Trends and Forecast to 2026