Spices & Seasonings Market to Hit USD 25.42 billion by 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.

COVID-19 Impact

Interruptions in Supply Chain and Trade during COVID-19 Pandemic to Hamper Growth

The occurrence of the pandemic has led to sluggish growth owing to numerous fiscal, political, and social modifications. The crisis considerably influenced the world's spices sector, with its value chain expanding from the main production hubs in emerging nations to the global spice trade network. Following the imposition of lockdown measures by national governments to stop the spread of the virus, there have been labor scarcities triggered by workforce migration. The border closure of China and India commenced the drop in the price of a few spices.

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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)

Report Coverage

We offer our reports that are navigated with an in-depth review method that primarily focuses on delivering accurate material. Our scholars have applied a data navigation method that further assists us to offer trustworthy predictions and test the general market dynamics perfectly. Further, our analysts have attained permission to numerous international as well as domestic financially backed registers for presenting the up-to-date information so that the shareholders and business experts capitalize in the functional zones.

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.

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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.

Detailed Table of Content:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Overview on the Parent/Related Market
    • Analysis on Supply and Demand of Condiments
  • Supply Chain and Regulatory Analysis
  • Recent Industry Developments – Policies, Mergers, Partnership & Acquisition
  • Market Analysis and Insights (in Relation with COVID-19)
    • Impact of COVID-19 on the Market
    • Supply Chain Challenges due to the Pandemic
    • Potential Opportunities to Support the Market during the Global Crisis

TOC Continued…!

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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.

Nutraceuticals Market to Hit a CAGR of 9.3% by 2021-2028

The global nutraceuticals market size is expected to gain momentum by reaching USD 658.11 billion by 2028 while exhibiting a CAGR of 9.3% between 2021 and 2028. Fortune Business Insights in its latest report, titled, “Nutraceuticals Market, 2021-2028.”, mentions that the market stood at USD 320.00 billion in 2020. Factors such as the increasing personalization in nutritional diet and the increasing investment in R&D activities are expected to propel the demand for the product in the forthcoming years.

For instance, in July 2019, General Mills announced its collaboration with GoodBelly to produce and distribute lactose-free yogurts and a probiotic-based cereal to cater to the growing demand from consumers. Therefore, the increasing focus on the personalization of nutrition has propelled companies to introduce healthy food products worldwide.

List of Companies Profiled in the Global Nutraceuticals Market:

• Herbalife Nutrition Ltd. (California, United States)
• Archer Daniels Midland Company (Illinois, United States)
• General Mills (Minnesota, United States)
• PepsiCo Inc. (New York, United States)
• BASF SE (Mannheim, Germany)
• Abbott (Illinois, United States)
• Amway (Michigan, United States)
• Glanbia Plc. (Ireland)
• Danone S.A. (Paris, France)
• Nestle S.A. (Vevey, Switzerland)

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Massive Spike in Demand for Healthy Food Products amid COVID-19

The COVID-19 pandemic has brought upon a turbulent time for several economies worldwide. However, it has also been an eye-opener for people globally to adopt a healthy and nutritious diet with a core focus on building strong immunity. The demand for vitamins and minerals has surged significantly and people are consuming immunity-boosting products to ensure protection from chronic and infectious diseases. This is expected to bode well for the growth of the market in the forthcoming years.

What does the Report Include?

The global market for nutraceuticals report includes an in-depth analysis of the market and focuses on crucial aspects such as materials, leading companies, applications, and products. Also, the report offers insights into the latest trends and highlights key industry developments. The report further includes historical data & forecasts revenue growth at global, regional, and country levels and analyzes the industry's latest dynamics and opportunities that will impact the market growth between 2021 and 2028.

DRIVING FACTORS

Increasing Investment in Product Development to Favor Growth

In January 2020, Archer Daniels Midland Company announced the acquisition of Yerbalatina Phytoactives, a leading manufacturer of natural plant-based extracts and ingredients. The company with its investment aims to strengthen its position in the market. Similarly, several companies are focusing on investing in R&D activities to develop and introduce health-benefiting food products to cater to the growing demand for nutritious products worldwide. Moreover, the development of natural food products devoid of any harmful substances will boost the global nutraceuticals market growth in the forthcoming years.

REGIONAL INSIGHTS

Asia-Pacific to Remain at Forefront; Demand for Functional Foods to Increase in North America

Among all the regions, Asia-Pacific is expected to remain dominant and hold the highest position in the market during the forecast period. The dominance is attributable to the presence of a large population and the improving living standards in countries such as India, Japan, and South Korea, among others that will boost the demand for nutraceuticals in the region. Moreover, the region stood at USD 124.70 billion in 2020.

The market in North America is expected to hold the second position in the market backed by the increasing demand for plant-based nutritional products and the growing demand for functional food in countries such as the U.S. between 2021 and 2028.

Market Segmentation:

Based on product type, the market is trifurcated into dietary supplements, functional foods, and functional beverages.

On the basis of product type, the dietary supplements segment held a global nutraceuticals market share of about 19.12% in terms of revenue in 2020 and is likely to experience considerable growth. This is due to several companies focusing on expanding their dietary supplement production facilities to cater to the growing consumer demand.

Based on the distribution channel, the market is categorized into hypermarkets/supermarkets, convenience stores, online retail, and others. Lastly, on the basis of region, the market is segregated into Asia-Pacific, North America, Europe, South America, and the Middle East and Africa.

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COMPETITIVE LANDSCAPE:

Merger and Acquisition between Major Companies to Brighten their Market Prospects

The global market comprises small, medium, and large companies that are striving to maintain a stronghold. The large companies are focusing to expand their nutraceuticals portfolio by acquiring other small companies. Moreover, other key players are adopting strategies such as facility expansion, partnership, and collaboration to gain a competitive edge over their rivals that will favor the market growth in the forthcoming years.

Detailed Table of Content:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Overview on the Parent Market
  • Supply Chain Analysis
  • Industry SWOT Analysis
  • Recent Industry Developments - Policies, Mergers & Acquisitions, and
  • New Product Launches
  • Market Analysis and Insights (in Relation with COVID-19)
    • Impact of COVID-19 on the Market
    • Supply Chain Challenges due to the Pandemic
    • Potential Opportunities Due to COVID-19
• Global Nutraceuticals Market Analysis, Insights and Forecast, 2017-2028
  • Key Findings / Summary
  • Market Size Estimates and Forecast 
    • By Product Type (Value)
      •  Dietary Supplements
      •  Functional Foods
      •  Functional Beverages
    • By Distribution Channel (Value)
      • Hypermarkets/Supermarkets
      • Convenience Stores
      • Online Retail
      • Others
    • By Region (Value)
      • North America
      • Europe
      • Asia Pacific
      • South America
      • Middle East & Africa

TOC Continued…!

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Key Industry Development:

September 2020 - Nuliv Science introduced a new compound, Senactiv that helps to promote muscle energy and regeneration. The company further reports that the new sports product is manufactured taking into consideration the surging demand for dietary supplements among consumers.

North America Fast & Oils Market to Hit a CAGR of 4.49% by 2026

According to the research, the North America fats and oils market is anticipated to reach 36.60 million tonnes from 25.92 million tonnes, rising at a CAGR of 4.49% within the forecast period of 2019 to 2026. The market is expected to witness faster growth on account of rising consumption of healthy oils such as olive oil, rapeseed oil, and others.

Presence of Omega-3 and Omega-6 Fatty Acids in Oils and Fats is a Key Factor Driving North America Fats and Oils Market Growth

On the basis of application, the food application segment is likely to hold more than 2/3^rd share of the market. This is because of the increasing demand for fats and oils from the food and beverage industries in the region. Use of fats and oils in food applications is anticipated to rise at a steady 3.22% CAGR in the forecast duration.

On the other side, the soybean oil segment is anticipated to dominate North America fats and oils market in terms of vegetable oils, with an approximate share of 50%. This is owing to the high use of soybean oil for food as well as industrial applications. Likewise, the demand for corn oil and canola oil is also anticipated to witness decent growth in the coming years because of the presence of micronutrients such as omega-3 and omega -6 fatty acids in them. This segment is likely to grow at a CAGR of 6.06% in the foreseeable future.

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Key Points Covered:

• Business Opportunities
• Commerce Challenges
• Demand Insights
• CAGR Values
• Historic Analysis
• Detailed Segmentation
• Top Companies Data
• Market Size
• Supply Trend
• Target Audience
• Key Geographies

Increasing Adoption of Unsaturated Fats and Oils to Boost Market

The oils and fats market in North America is witnessing growth due to diverse factors. These include the rising adoption of unsaturated oils and fats such as rapeseed and canola by food processing and food service industries. In addition, the rise in healthcare expenditure of people living in Canada and the U.S is fueling the demand for oils and fats in North America. Since oils and fats are important ingredients for preparing various food products, it has huge demand in the market. Fats and oils are often used to improve the texture, appearance, and flavor of the food item when used in appropriate amount. These factors also expected to boost North America oils and fats market revenue.

The unhealthy lifestyle of people and their uncertain diet patterns may hamper the overall fats and oils market in North America. Meanwhile, coconut oil is considered as a rich source of fatty acid that is immune to various pathogens such as bacteria.

Nevertheless, rising health consciousness among people and the augmenting trend of health conscious diet are anticipated to fuel demand for healthy oils and fats that will further bring lucrative growth opportunities for the market in the long run.

Rising Trend of Eat Healthy- Stay Healthy to Propel Demand for Market

The competitive landscape of North America fats and oils market is fragmented with the presence of many large and small players, each one trying to stand out in the crowd and generate more to the most revenues. Players are investing huge sums for research and development in order to come out with unique techniques to extract fats and oils from their natural sources.

Some of the players operating in the north America fats and oils market are Associated British Foods Plc (ABF), Louis Dreyfus Company, Incobrasa Industries, Ag Processing, Inc., Cargill Incorporated, Viterra Inc., Perdue Agribusiness, Riceland Foods, Bunge North America, Archer Daniels Midland Company, and others.

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Major Table of Content:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Overview on Parent/Related Market
  • Supply Chain Analysis
  • Recent Industry Developments - Mergers & Acquisitions
• North America Fast & Oils Market Analysis, Insights and Forecast, 2015-2026
  • Key Findings / Summary
  • Market Analysis, Insights and Forecast – By Source
    • Vegetable Fats & Oils
    • Animal Fats & Oils
  • Market Analysis, Insights and Forecast – By Application
    • Food Use
    • Non-food Use
  • Market Analysis, Insights and Forecast – By Type
    • Soybean Oil
    • Canola Oil
    • Corn Oil
    • Palm Kernel Oil
    • Olive Oil
    • Cottonseed Oil
    • Sunflower Oil
    • Sesame Oil
    • Linseed Oil
    • Castor Oil
    • Lard
    • Tallow
    • Fish Oil
    • Butter
  • Market Analysis, Insights and Forecast – By Country
    • U.S.
    • Canada
    • Mexico

TOC Continued…!

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Compound Feed Market Size, Share, Revenue, Global Demand, Drivers and Forecast by 2021-2028

The growing awareness regarding the quality of livestock products is a crucial factor expected to enable growth of the global compound feed market, says Fortune Business Insights™ in a report, titled “Compound Feed Market Size, Share And Global Trend By Ingredient Type(Feed grains, Cakes & Meals, By-Products, Supplements), By Source(Plant-sourced, Animal-sourced), By Livestock (Ruminants(Calves, Dairy, & Beef Cattle), Swine(Starter, Grower, and Sow), Poultry(Chicks, Broilers, and Layers), Aquatic animals(Molluscs and Fish)), And Geography Forecast Till 2028” the growing storage issue with traditional feedstuffs is likely to fuel demand for compound feed during the forecast period.

According to the report, the surge in commercial livestock producing units & scope to enhance the productivity to cater to the increasing demand is expected to contribute positively to the compound feed market revenue during the forecast period. According to the Food and Agriculture Organization (FAO), global milk production is projected to increase by 22% during the medium-term forecast period (2018 to 2027). Furthermore, increasing awareness about the nutritional requirement of livestock animals and balanced feeding practices will further create new growth opportunities for the market in the foreseeable future. In addition, the wide-range of compound feed products offered by key players is expected to accelerate the growth of the market.

The report offers profound insights into all the prevailing trends of the compound feed market. It shares an all-encompassing study of all the segments and provides authentically procured data. It is put together after extensive research followed by descriptive analysis to assist companies, stakeholders, financers, and potential investors. It is designed with an aim to provide a perfect depiction of the market size. Moreover, it also covers parts such as product launches, acquisitions, collaborations & partnerships, and innovations and industry developments.

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Acquisition of Cargill by AURELIUS to Spur Sales Opportunities

AURELIUS Equity Opportunities SE & Co, an asset management group and a leader in animal nutrition, acquired Cargill’s animal nutrition business in Switzerland. The Swiss product offering includes specialty feed for pets, horses, zoo animals and medicated feed. Cargill employs about 250 people who will be transitioned under existing contracts, and operates three well-equipped, state-of-the-art animal feed production sites across Switzerland, among them a new facility constructed in 2016 at its location in Lucens. The new project is expected to aid Cargill in the management of employees and entirely focus on its customers. The acquisition of Cargill by AURELIUS is predicted to stimulate the healthy growth of the market during the forecast period.

Furthermore, the acquisition of Philippines-based Aboitiz Equity Ventures is predicted to boost the compound feed market share during the forecast period. For instance, Philippines-based Aboitiz Equity Ventures acquired a 75% stake in Asia's largest animal feed company Gold Coin Management Holdings in 2018. Moreover, the increasing demand for feed materials due to declining grazing land is expected to foster the growth of the market. The collection and storage issues with traditional feedstuffs is also predicted to bode well for the market.

However, availability & use of cheaply priced substitute products grown at the farms (ease of access) is predicted to hamper the growth of the market. The low purchasing power, inadequate extension, along with poor infrastructure are factors predicted to inhibit the growth of the market in the forthcoming years.

Presence of Key Players to Boost Growth in Asia Pacific

Geographically, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific, followed by Europe, are expected to dominate the global market during the forecast period owing to the presence of significant players in the region. Countries such as Germany, France, Italy, Netherland, and Belgium) have accounted for 50% of the market share in Europe owing to the growing adoption of compound feed.

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Some of the Major Companies in the Global Compound Feed Market include:

• CP Group
• New Hope Group
• Alltech
• ADM
• Cargill
• Land O’ Lakes
• Wens Food Group
• and others

Vegetable Puree Market To Hit a CAGR of 5.40% by 2021-2028

The global vegetable puree market size is expected to gain momentum by reaching USD 14.40 billion by 2028 while exhibiting a CAGR of 5.40% between 2021 to 2028. In its report titled “Vegetable Puree Market, 2021-2028,”. Fortune Business Insights mentions that the market stood at USD 9.59 billion in 2020.

Convenience foods have taken populations by storm due to their schedules getting increasingly hectic and health taking a back seat. Vegetable mashes offer an immediate solution to nutrition needs and prevent people from eating unhealthy in-between meals. Puree, in particular, has garnered roaring popularity, and its demand is escalating in households as well as restaurants and hotels.

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List of Key Market Players Profiled in this Market Report

• Nikken Foods Co. Ltd. (Tokyo, Japan)
• Sun Impex (Dubai, UAE)
• Conrox Agro and Food Pvt. (Maharashtra, India)
• Dohler GmbH (Darmstadt, Germany)
• Del Monte Foods Inc. (California, United States)
• Ingredion Incorporated (Illinois, United States)
• SVZ Industrial Fruit and Vegetable Ingredients (Netherlands)
• Baby Gourmet Foods Inc. (Calgary, Alberta)
• Encore Fruit Marketing Inc. (San Dimas, California)
• Kagome Co. Ltd. (Tokyo, Japan)

COVID-19 Impact

The market growth suffered a setback due to the severe downturn in groceries and supermarket activities amid the COVID-19 pandemic. When the contagion broke out in March 2020, several countries announced strict lockdowns and imposed social distancing rules to curtail the coronavirus spread. As workers in the food industries were not at work, it severely impacted its production, and it further led to a sharp dip in revenues. However, the sales of vegetable puree and other plant-based foods remained functional through online services. Thus, the market is expected to regain its momentum during the forecast period.

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Market Segmentation:

By the product type, the market is divided into carrot, spinach, tomato, and pumpkin.

Based on product type, the carrot segment held a market share of 15.50% in 2020. This is attributable to increased demand for carrot purees in infant food preparation as well as adults owing to its high health benefits. 

On the basis of application, the market is segmented into ready-to-eat/ cook products, infant nutrition, and beverages. By nature, the market is divided into organic and conventional. Finally, based on region, the market is categorized into North America, Europe, Asia-Pacific, and South America.

What does the Report Provide?

The market for vegetable puree provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships and collaboration that will further contribute to the market growth.

Driving Factor 

Shift towards Veganism to Favor the Market Growth

The rising awareness about veganism worldwide is expected to fuel vegetable puree market growth. Reports from Forbes suggest that in the U.S. inclination towards veganism has increased. It grew from 1% to 6% between 2014-2017. Consumers are replacing meat with plant-based products, to maintain their protein intake while keeping their cholesterol in check. As animal protein is high in fat, this leads to heart problems. Apart from being vegan it also promotes gut wellness and boosts immunity, which is of high importance in these pandemic times. Thus, in the middle of a pandemic, the demand for plant-based food and everages is expected to rise.

Regional Insights

Increasing Demand for Healthy Food is Expected to Drive North America’s Market 

North America is expected to hold the highest vegetable puree market share during the forecast period. The market stood at USD 3.53 billion in 2020. The growing consumer preference toward healthy food has witnessed a dramatic rise. For instance, in February 2021, the National Center for Health Statistics of the Centers for Disease Control and Prevention, U.S., stated in its research report that 95.1% of adults in the U.S consume vegetables on any given day. Thus, demand for vegetable products is expected to see growth in the region. North America stood at USD 3.53 billion in 2020.

Europe is expected to showcase significant market growth in upcoming years. In this region, the market is primarily driven by sales of ready-to-cook products. For instance, the report from the Ministry of Foreign Affairs mentioned that in Europe 2020, consumers’ eating habits shifted from traditional breakfast to convenient food such as smoothies and shakes. Thus it has promoted demand for plant-based products in the region. are choosing new options such as smoothies and soups has prompted the demand for vegetable puree.

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Competitive Landscape

Key Players to Focus on Acquisitions to Strengthen Their Positions

The market is consolidated by major companies striving to maintain their position by focusing on facility expansion and launching new products. For instance, SVZ Industrial Fruit and Vegetable Ingredients declared that the company increased its production capacity in Othello (WA). This was done by merging aseptic puree processing and packaging units, to meet the demand for quality fruits and vegetable products. Moreover, other key players are adopting proactive strategies such as new partnerships, mergers, and collaborations to favor the market's growth in the upcoming years.

Key Industry Development

February 2020: Kagome Foods India Pvt Ltd. launched its tomato-based range in India. This new range comrises crushed tomatoes, tomato concentrate and tomato puree, and other products.

Antioxidants Market to Hit a CAGR of 5.61% by 2021-2028

The global antioxidants market size is expected to grow from USD 4.13 billion in 2021 to USD 6.05 billion in 2028. These additives are nowadays being used extensively in multiple cosmetics products, including body lotions, shampoos, conditioners, and creams. BEAUTYLAB, for instance, announced that its Youth Elixir Super Antioxidant Daily Hydrator bagged the Pure Beauty Awards under the Best New Premium Anti-Ageing Product category in November 2019. It helps in protecting the skin from ageing effects. As per a report by Fortune Business Insights™, titled, “Antioxidants Market, 2021-2028,” the market stood at USD 3.92 billion in 2020. It is set to exhibit a CAGR of 5.61% in the forecast period between” 2021-2028.

SI Group Plans to Open New Plant for Producing Weston 705-brand Antioxidants in China

In April 2021, SI Group, a leading manufacturer of chemical intermediates, pharmaceutical ingredients, and performance additives based in the U.S. announced its plans to open its new plant in China by May 2021 to produce Weston 705-brand antioxidants. It will help the company to enhance its customer base and broaden its product portfolio in China and Asia Pacific through simplified logistics and compressed lead time.

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Trade Barriers Have Resulted in Halt of Production in Asia amid COVID-19 Pandemic

Various manufacturers across the globe have halted their production facilities in Asia because of import and export disruptions in China. Also, restricted public mobility and imposition of trade barriers have resulted in disturbances in the supply chain. For instance, BASF SE stopped manufacturing operations in India. But, the situation would gradually normalize, thereby providing numerous growth opportunities to the market amid the pandemic.

Drivers & Restraints-

Rising Usage of Innovative Meat Preservative Techniques to Bolster Growth

Rapid urbanization, surging population, and high disposable income are constantly aiding the demand for animal products, especially in developing nations. The World Bank Data mentioned in 2020 that 55% of the global population lives in cities. This number is expected to grow rapidly in the near future. At the same time, over the past twenty years, the total meat consumption reached 360 million tons worldwide. Amongst this, 54% rise happened because of the high population growth. Companies are using various meat preservative techniques, such as smoking, drying, and salting. Also, the addition of preservatives and unique thermal treatments would also accelerate the antioxidants market growth. However, new product approvals get negatively impacted because of the rising number of stringent policies put forward by regulatory bodies. It may hamper growth.

Segmentation-

Plastic, Rubber, and Latex AdditivesSegment to Grow Lucratively Stoked by Ability to Enhance Flexibility

By applications, the market is segregated into plastic, rubber, & latex additives, fuel & lubricant additives, food & feed additives, pharmaceutical & personal care products, and others. Out of these, the plastic, rubber, and latex additives segment is set to showcase a lucrative growth by generating a significant antioxidants market share. They help in improving the flexibility, appearance, stiffness, and strength of the product. Additionally, they prevent degradation with the help of thermo-oxidative or thermo-mechanical properties.

Regional Insights-

Asia Pacific to Remain at Forefront Fueled by Surging Digitization and Awareness of Additives

• Asia Pacific held USD 1.71 billion in 2020 in terms of revenue. The surging consumer awareness regarding the advantages of using antioxidants and the rising digitization would bolster growth in this region. The Food Export Association of the Midwest USA report mentioned that Japan is the third-largest producer of packaged food, followed by the U.S. and China. It would also aid regional growth.
• In North America, the spurring utilization of this additive in the rubber, lubricant, and plastic industries would drive growth. Besides, the presence of multiple prominent manufacturers is set to boost regional growth.
• Europe is estimated to grow considerably throughout the forthcoming years because of the rising number of personal vehicles. Coupled with this, the high demand for cosmetic products in this region would augment growth.

Fortune Business Insights™ lists out the major manufacturers present in the global market. They are as follows:

• BASF SE (Ludwigshafen, Germany)
• ICC Industries Inc. (United States)
• Kemin Industries Inc. (Iowa, United States)
• Archer Daniels Midland Company (Illinois, United States)
• Barentz International BV (Hoofddorp, Netherlands)
• Kalsec, Inc. (Michigan, United States)
• Eastman Chemical Company (Tennessee, United States)
• Camlin Fine Sciences Ltd. (Maharashtra, India)
• Koninklijke DSM N.V. (Heerlen, Netherlands)
• Givaudan (Vernier, Switzerland)

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Competitive Landscape-

Key Companies Aim to Expand Presence and Portfolios to Intensify Competition

The market contains a large number of manufacturers that are currently focusing on expanding their portfolios and enhancing their geographic footprint. Some of the others are also participating in the launch of new additives as per the requirements of customers. Below is one of the industry developments:

• October 2019: Layn Corp. launched TruGro AOX, its portfolio of natural antioxidants that can be used in animal nutrition, such as oils, fats, premixes, animal feed, and pet foods. It will help in replacing synthetic additives.

Tequila Market to Hit a CAGR of 5.8% by 2021-2028

The global tequila market size is expected to reach USD 14.70 billion by 2028, exhibiting a CAGR of 5.8% during the forecast period. The growing trend towards artisanal spirits coupled with high alcohol consumption among consumers will push the growth of the tequila market in the forthcoming years, states Fortune Business Insights, in a report, titled “Tequila Market Size, Share & COVID-19 Impact Analysis, By Type (Blanco, Reposado, Anejo, and Others), Grade (Value, Premium, High-end Premium, and Super Premium), Distribution Channel (On-trade and Off-trade), and Regional Forecast, 2021 – 2028.” The market size stood at USD 9.41 billion in 2020.

Flourishing E-commerce Channels to Stabilize Market during Pandemic

The COVID-19 pandemic caused massive disruption in the food and beverage industry's supply chain because of restrictions on transportation and logistics. However, the global market reported a steady performance in its annual sales. According to the Tequila Regulatory Council (CRT), its production increased 3.8% compared to the same period of the previous year. The consumers' shift towards drinking at home during the pandemic has led to heightened sales of alcoholic beverages. The bricks-and-mortar alcohol stores remained closed, which negatively impacted the business; nevertheless, the e-commerce channel flourished as people started ordering liquor online. Therefore, the popularity of e-commerce among consumers has unraveled several business plans for the liquor industry.

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List of the Leading Companies Profiled in the Global Tequila Market are:

• Diageo Plc (London, United Kingdom)
• Tequila Ocho (United States)
• Bacardi & Company Ltd. (Hamilton, Bermuda)
• Vault Fine Spirits Pvt. Ltd. (Mumbai, India)
• Charbay Distillery (United States)
• Tequila Fortaleza (Mexico)
• Proximo Spirits, Inc. (New Jersey, United States)
• Brown-Forman Corporation (Kentucky, United States)
• Pernod Ricard S.A. (Paris, France)
• Casa Aceves Spirits (Mexico)

The escalation in Cocktail Culture to Strengthen Tequila Business

Broad-spectrum of people indulging in cocktails such as Paloma, El Diablo, and others can offer immense growth opportunities in the market. The sweet, fruity, and earthy taste of tequila has been the cornerstone behind the drink's popularity among consumers. Moreover, major brands can further intensify tequila market share in the foreseeable future by introducing ready-to-drink cocktails. For instance, in January 2021, Molson Coors Beverage Co, a multinational drink and brewing company headquartered in Chicago, announced its collaboration with spirits company Casa Komos Beverage Group to market ready-to-drink carbonated tequila Paloma cocktail, Superbird. Besides, consumer inclination towards flavorful alcoholic beverages will further bolster the market's growth during the forecast period.

This Report Answers the Following Questions:

• What are the market drivers, hindrances, and dynamics?
• Which region is set to dominate the market in the near future?
• How will the key players generate more sales amid the COVID-19 pandemic?
• Which segment is expected to remain in the leading position in the coming years?

What Does the Report Offer?

The report delivers supremely factual data, consisting of market drivers, trends, prospects, and obstructions. It also contains a profound investigation of all market segments, separately and collectively, and meticulous insights into the regional subtleties influencing the market growth. Apart from these, the market report brings an in-depth assessment of prominent companies and their business strategies

Driving Factors:

Launch of New Interesting Flavors to Incite Business Development

The increasing demand for exotic and artisanal spirits among the population will have an outstanding influence on the market. The popularity of flavourful and unique drinks with great taste has bode well for the alcohol industry. Hence, major companies are introducing new and exotic flavors to attract consumers and establish a name for themselves in the industry. For instance, Patron Spirits International introduced various flavors such as turmeric, floral, black pepper, and pumpkin. Furthermore, the high production and consumption of alcohol in developing countries will have an excellent effect on the tequila market growth. According to the Distilled Spirits Council of the United States (DISCUS), the spirit industry in 2019 experienced accelerated growth, with sales rising to 37.8% of the overall alcoholic beverages market. This was driven by sales growth in tequila, which was up by 12.4% in 2019.

Regional Insights:

Premiumization Trends to Accelerate Market in North America

Based on Geography, the market is separated into North America, Asia Pacific, Latin America, Europe, the Middle East and Africa. The North American market size stood at USD 5.77 billion in 2020 and is expected to remain dominant during the forecast period. The growing consumers’ inclination towards agave-based spirits in the U.S and Mexico to aid the expansion of the market. The increasing Hispanic population coupled with premiumization trends will further aid the growth of the market in the region. The high production of beverages can further contribute to the market growth in the region. For instance, 70% of the blue agave plant distilled beverage produced in Mexico was exported to 120 countries.

Competitive Landscape:

Product Launches by Prominent Brands to Intensify Business

The prominent companies are adopting strategies to reinforce their position in the market. The extensive production by prominent players in Mexico and the U.S. and product launch will aid the companies to remain at the forefront. Companies such as Diageo Plc, Bacardi & Company Ltd., Proximo Spirits, Inc., and Pernod Ricard S.A. are focused on innovating and improving their product quality. The companies are also focused on exports to maintain their stance in the industry.

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Key Market Segments:

Based on type, the market is divided into blanco, reposado, anejo, and others. The blanco variant holds the lion’s share due to its earthy, semi-sweet, distinctive agave flavor. Its smoother taste and popularity boost its consumption among consumers. Reposado and anejo variants have also gained significant attraction in recent years due to rising awareness regarding spirits among consumers.

Based on grade, the market is classified into value, premium, high-end premium, and super premium. The premium tequila is expected to lead the segment owing to the demand for high-quality craft spirits among consumers. The premium-grade spirit is a mixture of all desirable attributes i.e., sensory appeal, mouthfeel, and texture.

Based on the distribution channel, the market is categorized into on-trade and off-trade.