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Industry Profile Spices

The US spices market is fragmented but poised for growth. It is estimated at $4.01 billion in 2023 and expected to reach $5.03 billion by 2028, growing at a CAGR of 4.65%. While India is the largest producer and exporter of spices globally, the US is the largest importer, making up 36% of the global spices market. Major players in the US market are engaging in mergers and acquisitions to strengthen their portfolios. Increasing awareness of health and wellness is driving demand for natural seasonings and ethnic cuisine is fueling demand for spice blends.

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79 views3 pages

Industry Profile Spices

The US spices market is fragmented but poised for growth. It is estimated at $4.01 billion in 2023 and expected to reach $5.03 billion by 2028, growing at a CAGR of 4.65%. While India is the largest producer and exporter of spices globally, the US is the largest importer, making up 36% of the global spices market. Major players in the US market are engaging in mergers and acquisitions to strengthen their portfolios. Increasing awareness of health and wellness is driving demand for natural seasonings and ethnic cuisine is fueling demand for spice blends.

Uploaded by

anchit kumar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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US Spices Industry Overview

Industry Overview
US spices market is fragmented and poised to grow well in near future

Industry Overview1 Market Share1


 The North American Seasonings and Spices Market size is estimated at USD
4.01 billion in 2023, and is expected to reach USD 5.03 billion by 2028,
growing at a CAGR of 4.65% during the forecast period (2023-2028) 26%
32% US
 According to the Trade Promotion Council of India, India is the largest
Canada
producer, exporter, and consumer of spices in the world, but the United States
is the largest importer Mexico
 North America hold the maximum share of ~36% in the global spices and Rest of North
seasoning market, followed by Europe (~27%) 2
18% America

24%
Major Players1 Market Fragmentation1

Stanley Capital Source – 1 Mordor Intelligence 2 Precedence Research 2

Confidential – Working Draft


Industry Overview
Market players are engaging in mergers and acquisitions with companies to strengthen their portfolios

Growth Drivers Market Segmentation1


 Factors like the enormous populace and the developing interest for valid ethnic
spices, the rising prevalence of comfort food sources, and developing Thyme
consciousness of the restorative properties of spices and seasonings are driving Basil
the North American market Salt and Salt Oregano
 North Americans are becoming increasingly aware of health issues, resulting in Substitutes,
Parsley
a shift in their attitude toward natural products due to a powerful 'green wave,' Herbs and
a strong driving force for herbs like basil, oregano, and parsley Seasonings

 Rising demand for ethnic cuisine food offerings that include different gravies
Others
and sauces is driving the demand for spice blends across the US region
By Product Type
Pepper
Major M&A2 Cardamom
Cinnamon
 In April 2023, Tabitha Brown and McCormick announced the extension of
their partnership to launch a range of five new salt free and vegan seasonings Spices Clove

 In April 2022, Kerry Group Inc. completed the acquisition of US-based Nutmeg
Natreon Inc., a leading supplier of branded Ayurvedic botanical ingredients Turmeric
 In Feb 2021, Kerry declared the procurement of Jining Nature Group, a main Others
maker of exquisite spices and seasonings in China Bakery and Confectionery
 In May 2021, Olam Food Ingredients (OFI) reported the procurement of
Soup, Noodles, and Pasta
driving US private-name spices and seasonings maker, Olde Thompson
Meat and Seafood
 In December 2020, McCormick and Company Inc. declared the acquisition of By Application
100 percent portions of FONA International, LLC Sauces, Salads, Dressing
Savory Snacks
Others
Stanley Capital Source – 1 Mordor Intelligence 2 Desktop Research 3

Confidential – Working Draft

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