The global spices and seasonings market size is poised to grow by USD 3.66 billion during 2020-2024, progressing at a CAGR of about 4% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Spices and Seasonings Market 2020-2024 (Graphic: Business Wire)
The growing awareness of the medical benefits of spices will drive the growth prospects for the global spices and seasonings market. The medicinal properties of various best spices backed by scientific evidence will accelerate the consumer’s interest in these products. Also, as these spices have antioxidant properties and antiseptic qualities, they are increasingly used as substitutes for various beauty products and medicines. For instance, turmeric is rich in antioxidants and helps in fighting against diseases such as Alzheimer’s, cancer, and joint inflammation. Similarly, black pepper powder is used to cure stomach upset, bronchitis, and cancer. In addition, the increasing advertising campaigns to promote spices and seasonings and the changing consumer taste and preferences will further accelerate the rate of revenue generation in the global spices and seasonings market.
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The major spices and seasonings market growth came from salt and salt substitutes segment. The increasing usage of salt substitutes by health-conscious population, people with diabetes, and high blood pressure is driving the demand for salt and salt substitutes. Market