According to the latest publication from Meticulous Research®, the global spices & seasonings market is expected to reach $30.35 billion by 2031, expanding at a CAGR of 5.3% from 2024 to 2031. This growth is supported by increasing demand for convenience foods, a rise in vegetarian and vegan diets, and a growing preference for spicy foods. However, the market faces challenges from the rise of counterfeit spice products.
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Opportunities for growth include a rising focus on health and wellness and a growing demand for organic spices & seasonings. The popularity of ethnic and exotic flavors is also a notable trend. Key players in the market include McCormick & Company, Inc., Kerry Group plc, and Döhler Group.
Key Market Segments:
- Product Type: Spices, herbs, and salt & salt substitutes. The spices segment is expected to dominate with a 55% share in 2024 due to their health benefits and demand for diverse flavors.
- Category: Conventional versus organic. The organic segment is projected to grow at a higher rate due to increasing consumer demand for organic products.
- Form: Whole, crushed, and powder. Powdered spices are expected to hold the largest share due to their ease of use and versatility.
- Distribution Channel: Food service and retail. Retail is anticipated to grow faster, supported by the rise of e-commerce and online grocery shopping.
- Geography: The market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Europe is projected to grow the fastest due to rising interest in exotic and organic products.