According to a new report, published by KBV research, The Global Seasoning & Spices Market size is expected to reach $50.1 billion by 2028, rising at a market growth of 5.5% CAGR during the forecast period.
The Herbs segment is showcasing a CAGR of 5.7% during (2022 - 2028). This is due to the numerous health benefits linked with herbs such as garlic, basil, rosemary, coriander, chamomile, and mint are responsible for the segment's rise. Consumers all around the world are increasingly turning to these herbs for their flavor and medical benefits. For example, Garlic, is most commonly used for its potent aroma and distinct flavor, but it is also quite useful in curing the common flu and other ailments. It can also aid with hypertension and heart disease treatment.
The Powder & Crushed segment acquired maximum in the Global Seasoning & Spices Market by Form in 2021, thereby, achieving a market value of $33.4 billion by 2028. It is because powdered spices are being used by some food service outlets to improve the flavor, taste, and color of cooked foods. As per a 2019 study conducted by Kalsec, a world's leading production company of innovative spice and herb flavor extracts, more than half of consumers favor hot and spicy food options for their meals, which has led to the use of powdered spices and seasonings by food processors, restaurants, hotels, and cafés, among others.
The Retail segment has shown growth rate of 6.7% during (2022 - 2028). Because various companies grind imported or locally made spices and seasonings, pack them in various containers, and sell them in retail outlets under their brand or private label. Furthermore, beyond COVID-19, revenues via retail channels are projected to stay strong as demand continues to rise. Spice consumption will remain high as those who were used to cooking during the pandemic continue to cook at home. Furthermore, consumers have been encouraged to season their meat, fish, and vegetables before grilling to enhance flavor, which is projected to support the segment's growth.
The Asia Pacific market dominated the Global Seasoning & Spices Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $21 billion by 2028. The Europe market is estimated to witness a CAGR of 4.8% during (2022 - 2028). Additionally, The North America market would experience a CAGR of 5% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/seasoning-spices-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Samsung Electronics Co., Ltd., BASF SE, DuPont de Nemours, Inc., LG Display Co., Ltd., Xerox Corporation, Koch Industries, Inc., E Ink Holdings, Inc., Enfucell Oy, GSI Technology, Inc., and NovaCentrix.
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