The global seasoning and spices market was valued at USD 57.9 billion in 2022 and is expected to grow at a CAGR of 5.2% from 2023 to 2030. The increasing demand for convenience foods and the growing popularity of exotic flavors are driving the demand for seasoning and spices. The growing health consciousness among people and the increasing demand for organic products are further propelling the market growth. Furthermore, the growing inclination towards the flavor industry among organic food producers and the increasing demand for organic and natural seasonings and spices from the foodservice industry are expected to drive the market.

In the recent years, the seasoning and spices market has seen many new product launches. For instance, in April 2021, McCormick & Company, Inc., launched a new line of Flavor Blends and Perfect Pinch Seasoning Blends. The range combines McCormick herbs and spices to create restaurant-inspired flavors without any artificial flavors or colors. Furthermore, the increasing demand for international cuisine and the growing preference for ethnic cuisines is driving the demand for seasoning and spices. For instance, in March 2021, McCormick launched a new range of global flavors, including Chinese, Indian, and Mexican flavors.

In addition, increasing penetration of global retail chains and the rising demand for ready-to-eat food products from the food industry are further driving the market growth. The growing number of working women and the rising disposable income of consumers in emerging countries are also expected to be some of the major factors driving the demand for the market. Furthermore, the rising popularity of fusion cuisine is creating new opportunities for the market.

The health benefits associated with seasoning and spices are also driving the market. For instance, the use of spices and herbs in food can help reduce inflammation, improve digestion, and boost the immune system. Moreover, the antioxidant properties of spices can help combat cancer. Hence, these factors are expected to drive the market in the coming years.

The herbs & spices segment led the market and accounted for a share of around 37.2% in 2022. Growing demand for seasoning and spices due to the increasing preference for traditional cuisines, changing consumer lifestyle and rising disposable incomes are some of the factors driving the growth of the herbs & spices segment. Moreover, the rising trend of healthy eating, increasing marketing campaigns of various seasoning and spices brands, and the growing number of quick-service restaurants are also contributing to the growth of the segment.

The pepper segment is anticipated to expand at the fastest CAGR of 7.6% over the forecast period. Pepper is one of the most popular spices used all over the world, owing to its superior flavor, aroma and a variety of health benefits. According to an article published by the Science Direct, in June 2019, the demand for pepper has grown significantly in the past decade due to its increasing popularity in various cuisines. Furthermore, rising consumer preference for new flavors, and the introduction of various pepper-based seasonings and spices are some of the factors that are likely to drive the growth of the pepper segment.

The supermarkets and hypermarkets segment held the largest market share of over 52.2% in 2022. The segment is expected to remain dominant over the forecast period owing to consumer preference for supermarkets and hypermarkets for purchasing spices and seasonings. Consumers prefer to purchase spices and seasonings from supermarkets and hypermarkets as they offer a wide range of products with lucrative discounts and offers. In addition, supermarkets and hypermarkets also provide convenience to customers by offering a one-stop shop for all the grocery items, which is driving the growth of this segment.

The specialty stores segment is anticipated to expand at the highest CAGR of 12.4% over the forecast period. Specialty stores offer different varieties of spices and seasonings, leading to higher sales in the segment. These stores also have expert staff members who can guide customers in choosing the right product. Moreover, the rising number of specialty stores and their strategic location, such as malls and other outlets, are further driving the growth of this segment.

The whole spices segment accounted for the largest revenue share of 64.2% in the year 2022. The growing consumer preference for natural and organic ingredients and the increasing trend of health-consciousness are some of the key factors for the growth of this segment. For instance, in May 2022, McCormick, a U.S.-based seasoning and spices company, launched a line of organic spices and herbs in the U.S. market to meet the growing consumer demand for organic products.

The ground spices segment is anticipated to expand at the highest CAGR of 8.7% over the forecast period. Consumers are shifting their preference from whole to ground spices due to convenience, cost, and time savings. Also, the rise in the demand for convenience foods such as ready-to-eat meals and snacks has increased the demand for ground spices. For instance, in November 2020, McCormick launched a new range of plant-based seasoning blends in the U.S. to meet the growing demand for plant-based ingredients.

Europe dominated the market and accounted for the largest revenue share of over 40.2% in 2022. The region has experienced strong growth in the demand for spices and seasonings, driven by the growing popularity of ethnic cuisines and a rise in awareness of the health benefits resulting from the consumption of spices. For instance, in April 2021, British-based spice company Schwartz launched its new product line, called the World of Flavours range, which includes a variety of spices and seasonings from around the world.

Asia Pacific is expected to witness the fastest growth over the forecast period. Factors such as the changing consumer preferences and growing disposable income in the region have led to an increasing demand for high-quality spices and seasonings. Moreover, the availability of a wide range of products in the region is expected to further drive the growth of the market. For instance, in August 2021, Indian spice company Aashirvaad Spices launched a new range of products, including spiced powders, blended spices, and ready-to-cook mixes.

In this part of the seasoning & spices business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your seasoning & spices business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenues for a seasoning & spices business comes from sales of products and services. Here you will find a list with a description of each of them and other possible sources of profit such as subscriptions, promotional activities, and bulk orders.

Projecting Expenses
In this section, all the regular expenses related to keeping the seasoning & spices business running will be described. The list of operating expenses includes ingredient costs, packaging costs, marketing & advertising, wages, utilities, insurance policies, and others.

Some of the key companies operating in the seasoning & spices market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In June 2022, McCormick & Company, Inc. launched a line of seasonings and spices designed to provide great flavor and health benefits.

– In August 2022, Nestle S.A. launched a new line of organic seasonings and spices, designed to appeal to health-conscious consumers.

– In October 2022, Unilever launched a line of seasonings and spices designed to add a unique flavor to dishes.

Some of the prominent players in the seasoning & spices market include:

– McCormick & Company, Inc.
– Nestle S.A.
– Unilever
– Olam International
– Ajinomoto Co., Inc.
– Associated British Foods Plc
– Kerry Group
– ACH Food Companies, Inc.
– Givaudan
– Sensient Technologies Corporation

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global seasoning and spices products market based on product, distribution channel, type, and region:

1. Product Outlook (Revenue, USD Million, 2017 – 2030)

– Herbs
– Curry Powders
– Dry Rubs
– Spice Blends
– Others

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Supermarkets & Hypermarkets
– Online
– Others

3. Type Outlook (Revenue, USD Million, 2017 – 2030)

– Natural
– Organic
– Synthetic

4. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What are the factors driving the seasoning & spices products market?
[A]: The rise in food innovations, increasing consumer demand for convenience foods, and the growth of the global foodservice industry are some of the major factors driving the growth of the seasoning & spices products market. Consumers are increasingly looking for convenience and variety in the food they are consuming, and this is leading to a rise in the demand for seasoning & spices products.

[Q]: Who are the Key Players in the Seasoning & Spices Products Market?
[A]: Major players in the seasoning & spices products market include McCormick & Company, Inc., Cargill Inc., Olam International Ltd., Kikkoman Corporation, Unilever, Nestle SA, and Ajinomoto Co., Inc.

[Q]: What are the Trends in the Seasoning & Spices Products Market?
[A]: The seasoning & spices products market is witnessing the emergence of natural and organic products, as consumers are becoming more health conscious and looking for products that are free from artificial colors and flavors. Additionally, the market is witnessing an increase in the demand for ethnic flavors, as consumers are becoming more adventurous with their food choices.

[Q]: What is the Potential for Product Innovation?
[A]: With the rise in consumer demand for convenience, product packaging innovations are playing an important role in the seasoning & spices products market. Manufacturers are introducing new packaging designs and sizes, such as single-serve sachets and resealable packaging, to make the product more convenient and user-friendly. Additionally, manufacturers are introducing unique blends of spices and seasonings to cater to the growing demand for ethnic flavors.

[Q]: Which Region Offers the Largest Opportunity for Sales of Seasoning & Spices Products?
[A]: Asia-Pacific is expected to be the largest market for seasoning & spices products, with an absolute dollar opportunity of $9 B (USD). This can be attributed to the increasing demand for convenience foods and ethnic flavors in the region. Additionally, the growth of the foodservice industry in the region is also driving the demand for seasoning & spices products.