Product Overview

Spice is a plant component, such as a seed, fruit, root, bark, or other parts, that is primarily used for flavoring, coloring, or preserving food. Antimicrobial properties are found in many spices. Seasonings and spices are important in all cuisines because they give each one its own distinct aroma and flavor. The demand for seasonings and spices is one of those that can withstand a downturn in the long run. Immigrants bring their native cuisines with them, resulting in the growing popularity of cross-cultural cuisines around the world. This trend has boosted the global spices market by increasing demand for various spices, especially in Europe and North America. The global seasonings and spices market will continue to be driven by increasing demand for exquisite spices and seasonings for in-home culinary preparations and rising popularity for exotic foods.

Market Highlights

Global Seasoning and Spices market is expected to project a notable CAGR of 4.9% in 2030.

Global Seasoning and Spices Market to surpass USD XXX million by 2030 from USD XXX million in 2020 at a CAGR of 4.9 % in the coming years, i.e., 2021-30. This growth is anticipated due to increasing mergers and acquisitions across various sectors which will create a worldwide demand for Seasoning and Spices. The growth of online stores is also propelling the selling of high-end products. E-commerce allows the simple purchasing of goods manufactured in remote locations. This, in turn, has made a major contribution to the development of the global Seasoning and Spices industry.

Global Seasoning and Spices Market: Segments

Spices segment to grow with the highest CAGR during 2020-30

Global Seasoning and Spices Market is segmented by product type into Herbs, Salt, and Salt substitutes and Spices. Spices segment held the largest market share of in the year 2020. Over the forecast era, raising awareness of the health benefits and properties of various spices would help to boost demand. India was the world's largest manufacturer, buyer, and exporter of the commodity in 2020. Bangladesh, Turkey, China, Ethiopia, Sri Lanka, Jamaica, and Pakistan, for example, produce large quantities of spices.

Soups, Sauces, & Dressing’s segment to grow with the highest CAGR during 2020-30

Global Seasoning and Spices Market is segmented by Application into Bakery & Confectionery Products, Meat & Poultry Products, Frozen Food, Soups, Sauces, & Dressings, Beverages and Others. Over the forecast period, the Soups, Sauces, & Dressings Application is projected to expand at the fastest pace. Salad consumption has increased as people become more health conscious, driving demand for different types of dressings and sauces in the seasoning and spices market. The demand has developed as a result of this. Furthermore, due to the belief that organic products are healthier than refined foods, organic product variants in this segment have seen considerable demand.

Seasoning and Spices Market Dynamics

Drivers

Increasing awareness about best fit and growing availability

Surging demand of Seasoning and Spices Market from numerous end user industries is the key factor contributing in the market growth. Consumers are becoming more aware of foods with high nutritional value, which are free of chemicals and preservatives, as well as microbiological protection. Owing to its high moisture content, richness in growth factors such as nitrogenous compounds, and source of minerals and vitamins, meat is an ideal medium for bacterial growth. In addition, the pH is favorable for microorganism development. Food preservatives inhibit microbial activity as well as chemical and physical reactions that cause meat and meat products to deteriorate and spoil. Meat preservation works by reducing the amount of substances in meat that cause microbes to multiply. Sodium benzoate, benzoic acid, and propionic acid are the most widely used chemical preservatives. While these preservatives aid in the control of microbe growth in meat, they also degrade its nutritional value.

Environmental factors and other factors affect on seasoning and spices

Additionally, they have harmful health effects such as hyperactivity in infants, kidney and liver damage, ingestion, gastritis, and peptic ulcers. As a result of increased consumer awareness of the harmful effects of chemical preservatives, demand for natural preservation, such as spices for meat and poultry products, has increased. As a result, demand for spices and seasonings are expected to rise.

Restraint

Environmental factors and other factors affect on seasoning and spices

Spice production is extremely unpredictable around the world due to environmental factors such as rainfall, floods, and droughts, resulting in a demand-supply gap. Petroleum prices, food stock levels, and currency exchange rates all have an effect on commodity prices. As a result, the market's growth is likely to be hampered.

Global Seasoning and Spices Market: Key Players

Ajinomoto Co, Inc.

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

Associated British Foods plc

Kerry Group

McCormick & Company, Inc.

Baria Pepper

Dohler Group

DS Group

Everest Spices

Bart Ingredients

Other Prominent Players

Global Seasoning and Spices Market: Regions

Global Seasoning and Spices Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Global Seasoning and Spices in APAC held the largest market share of XX.X% in the year 2020 in terms of revenue. Consumers in the area, especially in Southeast and South Asian countries, make extensive use of the products in their daily diets. Asian customs, which have been passed down from generation to generation for improving the taste of food as well as for their medicinal properties, are primarily responsible for the high consumption of seasoning and spices.

Global Seasoning and Spices Market is further segmented by region into:

North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada

Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America

Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe

Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC

Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Global Seasoning and Spices Market report also contains analysis on:

Seasoning and Spices Market Segments:

By Product Type

Herbs

Salt and Salt substitutes

Spices

By Application

Bakery & Confectionery Products

Meat & Poultry Products

Frozen Food

Soups, Sauces, & Dressings

Beverages

Others

Seasoning and Spices Market Dynamics

Seasoning and Spices Market Size

Supply & Demand

Current Trends/Issues/Challenges

Competition & Companies Involved in the Market

Value Chain of the Market

Market Drivers and Restraints

Contents

1. Executive Summary

2. Global Seasoning and Spices Market

1. Product Overview

2. Market Definition

3. Segmentation

4. Assumptions and Acronyms

3. Research Methodology

1. Research Objectives

2. Primary Research

3. Secondary Research

4. Forecast Model

5. Market Size Estimation

4. Average Pricing Analysis

5. Macro-Economic Indicators

6. Market Dynamics

1. Growth Drivers

2. Restraints

3. Opportunity

4. Trends

7. Correlation & Regression Analysis

1. Correlation Matrix

2. Regression Matrix

8. Recent Development, Policies & Regulatory Landscape

9. Risk Analysis

1. Demand Risk Analysis

2. Supply Risk Analysis

10. Global Seasoning and Spices Market Analysis

1. Porters Five Forces

1. Threat of New Entrants

2. Bargaining Power of Suppliers

3. Threat of Substitutes

4. Rivalry

2. PEST Analysis

1. Political

2. Economic

3. Social

4. Technological

11. Global Seasoning and Spices Market

1. Market Size & forecast, 2020A-2030F

1. By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

2. By Volume (Million Units) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12. Global Seasoning and Spices Market: Market Segmentation

1. By Regions

1. North America:(U.S. and Canada), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

2. Latin America: (Brazil, Mexico, Argentina, Rest of Latin America), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

3. Europe: (Germany, UK, France, Italy, Spain, BENELUX, NORDIC, Hungary, Poland, Turkey, Russia, Rest of Europe), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

4. Asia-Pacific: (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia Pacific), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

5. Middle East and Africa: (Israel, GCC, North Africa, South Africa, Rest of Middle East and Africa), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

2. By product type: Market Share (2020-2030F)

1. Herbs, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

2. Salt and Salt Substitutes, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

3. Spices, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

3. By Application: Market Share (2020-2030F)

1. Bakery & Confectionery Products, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

2. Meat & Poultry Products, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

3. Frozen Food, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

4. Soups, Sauces, & Dressing, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

5. Beverages, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

6. Others, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

Company Profile

1. Ajinomoto Co, Inc

1. Company Overview

2. Company Total Revenue (Financials)

3. Market Potential

4. Global Presence

5. Key Performance Indicators

6. SWOT Analysis

7. Product Launch

2. Associated British Foods plc

3. Kerry Group

4. McCormick & Company, Inc.

5. Baria Pepper

6. Dohler Group

7. DS Group

8. Everest Spices

9. Bart Ingredients

10. Other Prominent Players

Consultant Recommendation

**The above-given segmentations and companies could be subjected to further modification based on in-depth feasibility studies conducted for the final deliverable.

Methodology/Research Approach

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Research Programs/Design

Historical Data (2015-2019)	Industry Trends Competitive Landscape By Company Expansion Mergers and Acquisitions Market Segment by Type by Application By Regions/ Geography	Value Status and Outlook Value for Major Players Market Share Growth Rate Present Situation Analysis Value Market Share Growth Rate Present Situation Analysis
Influencing Factors	Market Environment Government Policy Technological Changes Market Risks	Market Drivers Growing Demand of Downstream Reduction in Cost
Market Forecast (2021-2026)	Overall Size by Type by Application By Regions/Geography	Key Data (Value) Market Share Growth Rate CAGR (2021-2026)

Market Size Estimation

Top-down and bottom-up approaches are used to validate the global Voluntary Carbon Offset market size market and estimate the market size for Company, regions segments, product segments and Application (end users).

The market estimations in this report are based on the marketed sale price of Voluntary Carbon Offset (excluding any discounts provided by the player, distributor, wholesaler or traders). The percentage splits, market share, and breakdowns of the product segments are derived on the basis of weights assigned to each of the segments on the basis of their utilization rate and average sale price. The regional splits of the overall Voluntary Carbon Offset market and its sub-segments are based on the percentage adoption or utilization of the given product in the respective region or country.

Major Company in the market is identified through secondary research and their market revenues determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top Company; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs and marketing executives. The percentage splits, market share, Growth Rate and breakdowns of the product markets are determined through using secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or other factors are not accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Market Intellix and presented in this report

The following figure shows an illustrative representation of the overall market size estimation process used for this study.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation, extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report. Extensive qualitative and further quantitative analysis is also done from all the numbers arrived at in the complete market engineering process to list key information throughout the report.

Data Source

Secondary Sources

Secondary sources include such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, etc. This research study involves the usage of widespread secondary sources, directories, databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), and TRADING ECONOMICS, and News Network, statista, Federal Reserve Economic Data, annual reports, BIS Statistics, ICIS; company house documents; CAS(American Chemical Society); investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and Hospitals study of the Voluntary Carbon Offset market. It was also used to obtain important information about the top companies, market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives.

Market Size	Segmental value Geographic Penetration Product Adoption Rate for Different market	Journals, Websites, and Press Releases Annual Reports and SEC Filings Company Websites and Press Releases Public and Paid Databases Market Intellix Data Repository
Market Position of Top Company	Product Financials Geographic value Mix Total Company value Business/Segmental value Mix
Qualitative Analysis	Influence Factors Market Potential Market Risks and Opportunities Industry Trends Geographical Features Government Policies	Company Websites and Press Releases Public and Paid Databases Annual Reports Industry Associations Market Intellix Data Repository

Primary Sources

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product Company (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end use (product buyers), and related key executives from various key companies and organizations operating in the global market.

Primary research was conducted to identify segmentation Type, product price range, product Application, key Company, raw materials supply and the downstream demand, industry status and outlook, and key market dynamics such as risks, influence factors, opportunities, market barriers, industry trends, and key player strategies.

Key Executives Interviewed

Key Data Information from Primary Sources

Primary Sources	Parameters	Key Data
Market Segments(by Application, by Type)	Value by Type Status and Forecast Value by Application Value by Regions, Status and Forecast (2021-2026)	Value Market Share by Type Value Growth Rate by Type Value by Application Percentage and Growth Rate by Application Value Growth Rate and Market Share by Regions Market Size Status and Forecast (2021-2026)
Total Market	Overall Size, Status and Forecast	Market Size Status and Forecast (2021-2026)