Spices and Seasonings Market Size, Regional Analysis, Opportunities and Forecast to 2029

The global spices & seasonings market size was USD 17.75 billion in 2021. The market is projected to grow from USD 18.47 billion in 2022 to USD 25.42 billion by 2029, exhibiting a CAGR of 4.67% during the forecast period.

This information is provided by Fortune Business Insights™, in its report, titled, “Spices & Seasonings Market, 2022-2029.”

The market is mainly navigated by some factors, such as the growing popularity of ethnic cuisines. It is steering the demand for spice blends and original spices.


List of Key Players Covered in the Report

McCormick & Company, Inc. (U.S.)
Kerry Group Plc (Ireland)
Watkins Incorporated (U.S.)
Olam International (Singapore)
Associated British Foods PLC (U.K.)
Ajinomoto Co., Inc. (Japan)
Sensient Technologies Corporation (U.S.)
ARIAKE Japan Co. Ltd. (Japan)
SHS Group (U.K.)
Worlée Group (Germany)
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Segmentation

Snacks and Convenience Foods to Dominate during Forecast Period

Based on type, the market is segregated into pepper, chili, ginger, cinnamon, cumin, turmeric, nutmeg and mace, cardamom, cloves, and others.

On the basis of application, the global spices & seasonings market is segmented into meat and poultry, bakery and confectionery, frozen foods, snacks and convenience foods, and others. Snacks and convenience foods are the most important commodities in the spice and seasoning trade and are expected to lead during the forecast period.

In terms of region, the market is separated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.


Growing Veganism and Vegetarianism to Foster Market Growth

Vegetarianism and veganism are part of a global trend that is promptly extending. The vegan population in the U.S. and the U.K. has grown substantially. Numerous spices used in the meat processing industry beforehand are currently used as non-vegetarian substitutes. This trend assists towards the rise in spice demand. Plant-based diets are transforming expansively across the globe. The companies are accentuating novel product unveilings, particularly for the vegan and vegetarian population, to take benefit of this novel trend.

Regional Insights

North America to Dominate Backed by Increasing Usage of Herbs in Cooking

North America held the largest spices & seasonings market share and stood at USD 7.48 billion in 2021. North America has been one of the prime markets for spices & seasonings as novel consuming practices alter how consumers perceive herbs.

Asia Pacific market is likely to display notable progress due to the growth of food processing industries in the region.

Europe is anticipated to observe considerable spice & seasonings market growth owing to the surging preference of young European consumers towards exotic and prominent food flavors. Europe is among the world's key importers of herbs and spices.

Competitive Landscape

New Product Launch Declarations by Prime Players to Boost Market Growth

The noticeable players embrace numerous strategies to bolster their position in the market as dominating companies. One such key strategy is procuring companies to bolster the brand value among users. Another vital strategy is intermittently unveiling groundbreaking products with a methodical study of the market and its target audience.

Industry Development

September 2021: Olam Food Ingredients unveiled 'Blends of the Americas', which is the first collection in its novel spice blends series. The 17 ready-to-use dry blends offer food service companies, food producers, and retailers an effortless, clean-label solution for manufacturing authentic and constant flavors motivated by the continent's popular cuisines from those in the Caribbean, Mexico, and the U.S. Southwest.

U.S. Protein Supplements Market Size and Industry Trends Till 2029

The U.S. protein supplements market size was USD 7.70 billion in 2021. The market is projected to grow from USD 8.29 billion in 2022 to USD 16.41 billion by 2029, exhibiting a CAGR of 10.26% during the 2022-2029 period. Rising awareness regarding health benefits of protein consumption and surging product demand from young athletes will aid market progression. The growing consumption of whey protein by bodybuilders and sportspeople is also contributing to total sales amassed. This information is provided by Fortune Business Insights, in its report titled, “U.S. Protein Supplements Market, 2022-2029.”

List of Key Players Mentioned in the Report:

Abbott Laboratories (U.S.)
General Nutrition Centers, Inc. (U.S.)
Glanbia Plc (U.S.)
Herbalife Nutrition Ltd (U.S)
Kellogg Company (U.S)
Mondelez International (U.S)
PepsiCo Inc. (U.S)
Post Holdings Inc. (U.S.)
The Beachbody Company (U.S.)
The Simply Good Foods Company (U.S.)

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Segments:

Protein Powder Segment to Lead Backed by Rising Number of Fitness Enthusiasts

Based on product, the market is divided into protein powder, RTD, protein bars, and others. Among these, the protein powder segment is projected to have the largest U.S. protein supplements market share due to growing number of fitness enthusiasts in the country. The U.S. has a large population of elite athletes and a high number of gyms and health clubs. These factors contribute to product demand and drive market progression.

COVID-19 Impacts:

Consumer Inclination Toward Health and Nutrition Products Facilitated Market Expansion Amid the Pandemic

The spread of COVID-19 worldwide affected the protein supplements industry positively as people made a conscious shift toward health and nutrition products. Protein consumption increased owing to increasing focus on strengthening the immune system. The consumer’s purchasing behavior changed amid the pandemic and they preferred health enhancing products. The surging demand for dietary supplements boosted sales of protein supplements, thus aiding the U.S. market growth.

Animal-based Segment to Dominate Owing to Surging Demand from the Sports and Nutrition Industry

As per source, the market is bifurcated into plant-based and animal-based. Among these, the animal-based segment dominated the market due to widespread application in sports and nutrition segment as it blends easily as compared to plant protein. The strong amino profile of animal-based protein and growing concern regarding fitness are also contributing to market proliferation.

Specialty Retailers Segment Holds Significant Share Due to Availability of Wide Variety

According to distribution channel, the market is split into specialty retailers, online stores, and others. Among these the specialty retailers segment captured 45.25% of the market share as they provide a wide range of products in one place. They also provide private label brands and better customer service, which drive the growth of the segment.

Report Coverage:

The report briefs readers about growth stimulants and challenges impacting market trends over the forecast timeframe. It analyzes the market extensively by dividing it into segments and regions. Market share held, growth rate estimates, and valuation of each region and segment are also covered in the document. Leading players, tactical moves undertaken by them, and COVID-19 impact analysis are also given in the report.

Drivers and Restraints:

Rising Demand for Sports Nutrition Supplements to Stimulate Market Proliferation

Protein is an essential part of a healthy diet and lifestyle. It is a crucial macronutrient, which enhances stamina and plays an important role in muscle recovery. Athletes and bodybuilders consume protein supplements for better results and fitness, which propels their demand and aids market progression. As per the Council of Responsible Nutrition (CRN), approximately 77% of Americans consume dietary supplements, out of which, the U.S. residents consume 28% of sports nutrition supplements. They are available in several forms such as drinks, bars, powders, and shakes and help in appetite control and muscle growth. These benefits offered by these supplements surge their demand, thus driving the U.S. protein supplements market growth.

On the other hand, growing concerns among consumers regarding excessive usage of sugar and other artificial sweeteners such as corn syrup will hinder market proliferation in the coming years.

Country Insights:

Rising Concerns Regarding Obesity to Aid Market Elevation

As per the State of Obesity 2022 report, four in ten American adults are obese and obesity rates are continuously rising. Obese people often face other health issues such as high cholesterol, blood pressure, and diabetes. As a result, consumers in the U.S. tend to consume supplements of protein as they curb appetite and help in weight management. The surging demand for on-the-go, convenient snacks that are rich in protein will propel market growth in the economy in the coming years.

Competitive Landscape:

Industry Leaders are Expanding Product Portfolio to Include the Adoption of Plant-based Alternatives

The demand for plant-based products is rising due to increasing willingness of people to reduce meat consumption. Consumers are now looking for plant-based protein supplements, which encouraged leading players to expand their product portfolio. Industry leaders are launching drinks, snacks, and on-the-go foods with plant-based protein. For example, in December 2020, Ingredion Incorporated introduced a pea protein isolate. The new product consists of 80% protein and helps manufacturers to make ‘high-in-protein’ front-pack claimed products. It can also be used to produce protein bars and drinks.

Key Industry Development:

November 2022: Glanbia Nutritionals, a global nutrition company, introduced FerriUp, a new whey protein concentrate. The new product is ideal for active women who may experience depleted energy and iron levels. It is a whey protein concentrate which consists of 80% protein, lactoferrin, and vitamin B12. The product is ideal for bars and ready-to-mix powders.

Beef Market Size and Revenue | Business Share Forecast by Regions 2029

The global beef market size was valued at USD 395.22 billion in 2021 and is projected to grow from USD 414.98 billion in 2022 to USD 604.34 billion by 2029, exhibiting a CAGR of 5.52% during the forecast period.

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The global honey market size was valued at USD 8.17 billion in 2021 and is expected to grow from USD 8.53 billion in 2022 to USD 12.69 billion by 2029, exhibiting a CAGR of 5.83% during the forecast period.

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The global beer market size was USD 743.84 billion in 2020 and is projected to grow from USD 768.17 billion in 2021 to USD 989.48 billion in 2028 at a CAGR of 3.68% during the 2021-2028 period.

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