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Spices and Seasonings Market Size Predicted to Reach $27.4 Bn by 2026, Growing at a CAGR of 5.2%: Report by MarketsandMarkets™

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Chicago, May 24, 2023 (GLOBE NEWSWIRE) — The spices and seasonings market was valued at USD 21.3 billion in 2021. The market is estimated to expand USD 27.4 billion by 2026, exhibiting a CAGR of 5.2% over the projected period. Globally, the spices & seasonings market is driven by the growing demand for convenience food products, clean label trends, and natural preservatives for the meat industry. MarketsandMarkets™ provides this information in its research report, titled “Spices and Seasonings Market Global Forecast, 2021-2026”.

Download PDF brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=739

Key Industry Development:

There has been a rising demand for organic and natural spices and seasonings as consumers become more conscious about the origin and quality of their food. This trend has led to the development of organic and sustainably sourced spice options in the market, catering to health-conscious consumers.

Report Scope & Segmentation:

Report Metrics Details
Forecast Period 2021-2026
Forecast Period 2021 to 2026 CAGR 5.2%
2026 Value Projection USD 27.4 billion
Segments covered Type, Application, Nature, and Region
Regions covered Asia Pacific, Europe, North America, RoW
Largest Market Asia Pacific

Key Takeaways:

•            Spices and seasonings market size is expected to grow to $27.4 billion by 2026.

•            The globalization of food trade and the growing popularity of ethnic cuisines have expanded the market for spices and seasonings. Consumers are seeking authentic flavors from around the world, leading to the introduction of diverse spice blends and seasonings specific to various regional cuisines.

•          Organic spices are wholesome, non-GMO, and free of insecticides and pesticides. Organics spices are artificially enhanced to be visually appealing. Since organic species are grown without any usage of harmful chemicals to maintain the plant’s phytonutrients properly, the original flavor of spices is preserved.

•           The spices and seasonings market is highly competitive, with numerous players operating in the industry. Key players include McCormick & Company, Inc., Olam International, Ajinomoto Co. Inc, Associated British Foods plc, Kerry Group plc etc.

•            The Asia Pacific region is projected to be the fastest growing market for spices and seasonings.

Drivers and Opportunities:

Clean Label: A clear trend across global food market

Increasing consumption of healthy food products among modern consumers has led to increasing interest in the origin of the ingredients used to produce these products. Consumers prefer natural and clean-label flavors and ingredients as they are constantly looking for ‘natural’ nutrition and are opting for products that incorporate inherently natural, fresh, wholesome, and balanced nutrition. They largely perceive “clean label” as having a natural flavor and natural color.

Encapsulation of spices witness higher sales growth rate

Encapsulation of food products and ingredients has been on the rise over the past couple of years. The advancement of encapsulation has led to its application in almost every sector of the food & beverage industry. A similar kind of application pattern has also been witnessed in the spices & seasonings market. Some of the key manufacturers in the flavor and fragrance industry have been availing the spices variants in encapsulated formats. The UK-based company, TasteTech has developed a new method for processing paprika and turmeric spices. The method is controlled-release encapsulation, whereby the oleoresins and essential oils of spices are extracted and encapsulated within invisible microfilm of hardened vegetable oil, resulting in a free-flowing, easy-to-handle powder. The company claims the flavor is enhanced, as is the coloring effect when compared with original and untreated spices. Thus, higher application of food encapsulation paves the way for the spices and seasoning market to grow significantly in terms of value sales during the forecast period.

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Segments:

Rapidly growing fast-food industry and increasing demand for convenience food propagating the demand.

The changing perception of people with regard to processed foods and the technological innovations in spice and seasoning processing techniques have led to an increase in demand for processed products and subsequently to the growth of the spices & seasonings market. Cinnamon is used to flavor a variety of foods, from confections to curries to beverages, and is popular in bakery goods in many places. Cinnamon also contains large amounts of polyphenol antioxidants. The antioxidants in cinnamon have been found to have anti-inflammatory effects; also, consumption of cinnamon is associated with a short-term reduction in blood pressure. All these benefits have significantly increased the consumption of cinnamon across the world.

Meat & Poultry products account for the most share in the global spices & seasonings market.

The meat & poultry products segment accounted for the largest value during the forecast period, probably because spices stimulate the appetite, adds flavor and acts as natural preservatives for meat and poultry products. Different spices and seasonings such as pepper, cinnamon, cardamom, cumin, turmeric, and capsicum are applied to meatloaves, sausages, salamis, and other processed meat & poultry food products. Both fresh and frozen meats can be spiced and marinated before storage. All these factors have resulted in the high use of spices in the preparation of meat products. Hence, resulting in a high market share. Commercial meat processing plants use spice extracts in place of natural spices. Seasonings and spices used for sausage making are usually fresh as most consumers prefer the taste of freshly made food that often comes from spices. Spices such as garlic, pepper, and chili play a crucial role in the antioxidant and natural preservatives in fermented meat products.

Regional Insights:

  • Asia-Pacific: Asia-Pacific is a significant consumer and producer of spices and seasonings. Countries like India, China, and Indonesia have a rich history of spice cultivation and consumption. In India, a wide range of spices, including turmeric, cumin, coriander, and cardamom, are extensively used in traditional dishes. China is known for spices like Sichuan pepper and star anise, while Southeast Asian cuisines utilize spices such as lemongrass, galangal, and Thai basil.
  • North America: In North America, the spices and seasonings market is influenced by diverse culinary traditions and multicultural influences. Mexican cuisine heavily relies on spices like chili, cumin, and oregano, while Cajun and Creole cuisines in the southern United States use a blend of spices like paprika, cayenne pepper, and thyme. The demand for organic and natural spices is also high in this region.
  • Europe: Europe has a long history of spice trade and usage. Mediterranean countries like Italy, Spain, and Greece utilize herbs like basil, oregano, and rosemary in their cuisines. Middle Eastern spices such as cumin, coriander, and sumac are popular in countries like Turkey and Morocco. The demand for exotic spices and seasoning blends has been rising in Europe due to the increasing popularity of global cuisines.
  • Latin America: Latin American cuisines are known for their bold flavors and vibrant spices. Spices like paprika, cumin, and annatto are widely used in dishes from countries such as Mexico, Brazil, and Argentina. In addition, regional specialties like achiote in Mexican cuisine and chimichurri sauce in Argentine cuisine highlight the importance of spices and seasonings in the region.
  • Middle East and Africa: The Middle East and Africa region has a rich culinary heritage that heavily relies on spices and seasonings. Popular spices include turmeric, cinnamon, cardamom, and cloves. Middle Eastern cuisines like Lebanese, Moroccan, and Persian incorporate a wide range of spices in their dishes, such as za’atar, sumac, and baharat. African cuisine also uses unique spice blends, such as berbere in Ethiopia and ras el hanout in North Africa.
  • Oceania: The spices and seasonings market in Oceania is influenced by indigenous flavors and ingredients. Native spices like wattleseed, lemon myrtle, and bush tomato are used in Australian cuisine. Additionally, the multicultural population in Australia and New Zealand has introduced a wide range of spices from various culinary traditions.

List of Key Players Mentioned in the Report:

•              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)

Have Any Query? Ask Our Experts: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=739

FAQs:

What is the projected market value of the global Spices and Seasonings Market?

The global spices and seasonings market size is projected to reach USD 27.4 billion by 2026.

What is the estimated growth rate (CAGR) of the global Spices and Seasonings Market for the next five years?

The global spices and seasonings market is expected to grow at a compound annual growth rate (CAGR) of 5.2% from 2021 to 2026.

What are the major revenue pockets in the Spices and Seasonings Market currently?

The Asia Pacific region is projected to be the fastest-growing market for spices & seasonings, at a CAGR of 4.4% from 2021 to 2026. The usage of spices and seasonings in the industrial sector is less in the Asia Pacific region as compared to that in developed regions, which presents food processing industries with considerable untapped potential.

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Artificial Intelligence


Elevate Your Virtual Reality Experience with KIWI design RGB Vertical Stand, Now Available on Meta’s Website





 






Published
 1 day ago 
on
 May 11, 2024





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LOS ANGELES, May 11, 2024 /PRNewswire/ — Top-tier VR accessories provider KIWI design has launched its latest product, the RGB Vertical Stand. This Meta-authorized accessory, designed to deepen users’ immersion in the metaverse, is now available on the official Meta website.


“KIWI design’s commitment to pushing the boundaries of virtual reality accessories takes another leap forward with the introduction of our new products,” said Ray,the CEO of KIWI design. “We are always dedicated to bringing innovative upgrades to VR device accessories, with the goal of enriching users’ virtual reality experiences.”

The newly launched RGB Vertical Stand features a user-friendly modular design with push-in assembly, making it easy to set up and use. It is compatible with Meta Quest 3, Quest 2, and Quest Pro, ensuring widespread usability. With a magnetic USB Type-C connector, it provides an effortless way to charge and display your headset. Users can also customize their display with 16 pre-set ambient multicolor RGB light options.

With VR technology constantly evolving, users are seeking more immersive experiences. As a leading manufacturer of VR accessories, KIWI design is committed to enhancing the user experience, through unique product designs. Since its establishment in 2015, KIWI design has acquired over 100 patents and has a diverse product lineup, including head straps, facial interfaces, VR stands, charging accessories, and controller grip covers.

KIWI design has also actively participated in the Made for Meta program, which is provided by Meta to strengthen its partnerships with leading brands to deliver accessories that enhance Meta products with more choice and a richer experience for everyone. KIWI design’s participation in this program validates its high-quality design standards.

The RGB Vertical Stand for Meta Quest 3, Quest 2, and Quest Pro and another specially designed authorized charging dock for the Meta  Oculus Quest 2 are now available for purchase on both KIWI design’s website and Amazon. For more information about our brand and products, please visit our website and follow KIWI design on Facebook, Instagram, X, YouTube and TikTok.

https://www.kiwidesign.com/

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Artificial Intelligence


WIO Taps Gracenote to Revolutionize Television Broadcast Reporting





 






Published
 2 days ago 
on
 May 11, 2024





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LOS ANGELES, May 11, 2024 /PRNewswire/ — WIO LLC, parent company of the global TV broadcast airings platform, WIOpro™, has announced a new strategic agreement with Gracenote, the global content data business unit of Nielsen, to address the longstanding challenge of accurately tracking and collecting music royalties generated by broadcast television and digital programming, With this agreement, WIO will integrate Gracenote TV program metadata and show airings into its WIOpro™ (“When’s It On – Professional”) platform enabling performance rights organizations, copyright management organizations and other entities to better monitor broadcast schedules and identify when royalties have been earned.


By integrating Gracenote historical program data into WIOpro’s new LookBack™ feature, WIO is enhancing its reporting capabilities and empowering Collection Societies, Rights Management Companies and the royalty-earning community to more easily monitor and export broadcast airings and better understand collections opportunities.

“At WIO, we are committed to empowering collection societies and copyright holders around the world with our platform tools and unprecedented access to the best and most accurate television broadcast and streaming data available,” said Shawn Pierce, Co-Founder and CEO of WIO LLC. “We have enjoyed an incredible relationship with Gracenote for 10 years. With the solidification of this agreement, we are able to deliver an unrivaled dataset to the royalty and residual community in a way that has not been offered before.” said Adam Shafron, Co-Founder and CTO of WIO LLC.

“WIO’s platform developed to solve the difficult matter of royalty tracking only becomes more powerful based on the integration of accurate, timely and comprehensive Gracenote metadata,” said Scott Monahan, Director, Strategic Partnerships, Gracenote. “We look forward to the combination of WIOpro’s technology and Gracenote’s program metadata delivering on the promise of transforming music royalty collection so that rights holders can be fairly compensated for use of their work.”

WIO and Gracenote will be at the MusicBiz 2024 conference in Nashville, TN May 13 – 16. Contact Dave Pelman, COO of WIO LLC at [email protected] for media queries or to book an appointment for a product demonstration.

About WIO:WIO is a technology company dedicated to providing broadcast television and digital programming data tailored specifically for the royalty and residual collection industry. Through its platform WIOpro (wiopro.com), users obtain access to real-time broadcast insights, reporting and curated data delivery.

About Gracenote:Gracenote is the content data business unit of Nielsen providing entertainment metadata, connected IDs and related offerings to the world’s leading creators, distributors and platforms. Gracenote enables advanced content navigation and discovery capabilities helping individuals easily connect to the TV shows, movies, music, podcasts and sports they love while delivering powerful content analytics making complex business decisions simpler.

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Artificial Intelligence


IDTechEx Explores Printed Electronics in Electrified and Autonomous Mobility





 






Published
 2 days ago 
on
 May 10, 2024





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BOSTON, May 10, 2024 /PRNewswire/ — Electrification, autonomy, and vehicle ownership saturation are causing a technological revolution in the automotive sector. These automotive meta-trends are driving drastic changes in electronic component requirements and present a high-volume opportunity for printed electronics to capitalize on.


Historically, printed electronics technologies have nurtured a close relationship with the automotive sector, with printed force sensors pioneering passenger safety through seat occupancy and seatbelt detection. As such, the automotive sector continues to represent the lion’s share of the global printed and flexible sensor market, which IDTechEx’s report on the topic evaluates as worth US$421M in 2024. However, if the automotive sector is to continue to be a reliable revenue stream, printed electronics technology providers must adapt to address the emerging technical challenges facing future mobility.

Augmenting autonomous vehicles with printed electronics

As vehicle autonomy levels advance, the increasing number and distribution of spatial mapping sensors required will need continuous performance improvements to ensure passenger safety. Emerging printed electronics technologies can augment these sensors, extending detection bandwidth and maximizing reliability during operation.

Transparent conductive films (TCFs) are being developed to heat and defog LiDAR sensor panels, ensuring the function is unperturbed by external environmental conditions. Properties such as high transparency and low haze are important for defogging. These properties can be easily tuned using the wide variety of material options available for TCFs, including carbon nanotubes and silver nanowires.

IDTechEx identifies printed heating as a leading application of transparent conductive films. This is attributed to diminishing growth prospects in capacitive touch sensing applications. Innovations in thin film coating techniques have enabled indium tin oxide (ITO) to dominate touch sensing applications, all but displacing TCFs completely.

Looking towards the future, printed electronics technologies could play a more active role in advanced autonomous driving. Emerging semiconductive materials, such as quantum dots, printed directly onto conventional silicon image sensor arrays can extend detection range and sensitivity deeper into the infrared region. Augmenting existing image sensor technology with enhanced spectral range could facilitate the competition of hybrid silicon sensors with established InGaAs detectors.

Printed sensors promise granularized battery health monitoring

Vehicle electrification is driving the sustained development and evolution of electronic management systems, particularly in the battery and electric drivetrain. A strong market pull exists for technologies that increase vehicle efficiency, range, and lifetime while reducing recharge times.

Printed pressure and temperature sensors measure battery cell swelling and thermal profiles, providing granularized physical data that can be used to optimize battery deployment and recharging. Moreover, hybrid printed sensors that combine integrated printed heating elements promise a solution to actively address battery temperature. IDTechEx estimates that printed sensor-enabled battery deployment and charging optimizations could be worth up to US$3000 in savings per vehicle.

There remains uncertainty about whether electrification trends will correspond to increased demand for physical sensors in electric vehicle batteries, owing to the utility of existing electronic readouts for managing deployment. Virtual sensors also pose a threat, where AI-enabled software models interpret data to predict and emulate physical sensor functions without the need for discreet components. However, emerging regulations regarding safety and sensor redundancy will likely favor measurable metrics and see automotive makers continue to adopt physical sensors. IDTechEx predicts that virtual sensors are unlikely to displace their physical counterparts – so long as low-cost sensors remain widely available.

Embedding printed electronics in the car of the future

IDTechEx predicts that global car sales will saturate over the next decade, with automakers increasingly looking for premium features and technical innovations to differentiate themselves from the competition. In-cabin technologies will be highly desirable – as the location where passengers reside and interact with the vehicle the most.

Lighting elements are emerging as a prominent differentiator, described as “the new chrome” by Volkswagen’s chief designer. The use of in-mold structural electronics (IMSE) enables the integration of embedded lighting elements using existing manufacturing processes. 3D electronics technologies are intrinsically attractive for automotive integration, as functional layers are conformable and lightweight while easily embedded within existing aesthetic elements.

Despite strong tailwinds, the adoption of in-mold electronics within automotive interiors has been sluggish. This is attributed to the challenges of meeting automotive qualification requirements, as well as stiff competition with less sophisticated alternatives such as applying functional films to thermoformed parts. Nevertheless, momentum is building, with technology providers like Tactotek partnering with Mercedes-Benz and Stallantis to progress the automotive validation of IMSE to TRL5.

Outlook for printed electronics in automotive applications

Just as printed force sensors heralded early passenger safety systems, printed electronics technology is poised to underpin next-generation innovations for the car of the future. But this time, the competition will be stiff. Critical cost requirements must be met, while desirable new functionality must address existing challenges faced by manufacturers. Printed electronics can play a role in supporting emerging electrified and autonomous mobility, such as augmenting LiDAR sensors or optimizing electric battery deployment. Demand for technologies that enhance passenger experience and vehicle aesthetics will continue to grow, and printed electronics can supply low-power, lightweight lighting solutions for these.

Sustained engagement from tier suppliers and manufacturers continues to make the automotive sector key to printed sensor market growth opportunities – a total market IDTechEx predicts will reach US$960M by 2034. Strong partnerships between material providers and printed electronics technology providers are complementary to those of the highly vertically integrated automotive value chains between tier suppliers and OEMs. Leveraging printing techniques to provide solutions that slot into existing manufacturing processes and designs will be crucial. In the medium term, the printed electronics technologies most likely to realize revenue potential are those that can adapt to service emerging challenges already known to the automotive industry.

For more information on IDTechEx’s research on this topic, please see their report, “Printed and Flexible Sensors 2024-2034: Technologies, Players, Markets”. Downloadable sample pages are available for this report.

For the full portfolio of printed and flexible electronics market research from IDTechEx, please visit www.IDTechEx.com/Research/PE.

About IDTechEx:

IDTechEx provides trusted independent research on emerging technologies and their markets. Since 1999, we have been helping our clients to understand new technologies, their supply chains, market requirements, opportunities and forecasts. For more information, contact [email protected] or visit www.IDTechEx.com. 

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Media Contact:

Lucy RogersSales and Marketing [email protected] +44(0)1223 812300

Social Media Links:

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