The global seasonings & spices market is anticipated to progress considerably over the forecast period owing to globalization, and increasing the influence of Middle Eastern and Asian seasonings in international cuisine.
The market can be segmented by product and application. Segmentation by product includes herbs, spices, salt and salt substitutes, and pepper. Salt and salt substitutes hold significant market share owing to its dominant usage in every type of food. Industry segmentation by application includes bakery and confectionery, sauces and dressings, frozen products, convenience food and snacks, meat and poultry products, and others. Other applications include dairy products, pickles, sweets, and premixes and spice blends. The use of spices and seasonings in convenience foods and snacks is presumed to witness significant growth over the forecast period. Changing eating habits due to factors such as rising number of working women, increasing disposable income, and changing consumer lifestyle has led to an increased demand for convenience and packaged food items.
The industry is anticipated to foresee considerable growth, during both recession and expansion phases of the market. During the recession, people prefer cooking meals at home rather than going out and having meals, while in reverse times, people prefer having meals in restaurants and hotels. These seasonings serve a delight to the taste buds and help in treating various diseases, including heart ailments, cancer, diabetes, chronic inflammation, and the common cold.
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The addition of seasoning enhances the taste of the meal, which has led to the increased use of these flavors among domestic consumers and hoteliers. Consumers are looking for ways to enrich their meals with improved tastes. Hence, the increasing usage of these flavors is expected to open new opportunities in the recent future. Rising health concerns are making the customers explore their remedial nature, which is anticipated to propel the market growth.
The increase in demand for seasonings to be used in overseas cuisines such as continental, French and Italian; is expected to boost the industry growth. Changing dietary habits and increasing awareness of medicinal properties of spices such as cloves, cinnamon and turmeric are anticipated to propel the regional market growth across Asian countries, including India and China.
An emerging trend in the industry is the introduction of online marketing campaigns and accessibility through e-commerce platforms, which has increased the popularity of these flavors around the world, is envisioned drive industry growth shortly. However, uncertain climatic conditions across spice producing countries, such as India, Bangladesh, Turkey and China, are expected to hinder the overall production of these products, eventually leading to insufficient supply across the globe. Moreover, trade regulations on import, as well as inefficient logistics are presumed to challenge the industry growth.
The rapid increase in hospitality sector has raised the global demand for seasonings these flavors enhance the aroma and taste of the cuisines. Globalization has improved spice trade across the world, as countries can import and export them at considerable rates. The authentic flavorings that are grown in Asian countries possess several health benefits, which is anticipated to fuel the demand of these organic flavoring across the western regions such as North America and Europe.
The industry consists a few players dominating the overall market share. The key players include Associated British Foods, Döhler, Everest Spices, McCormick & Company, Knorr, Kerry Group, and Kraft Foods Group. Other players include Olam International Limited, MDH Spices, Nestle, Ariake Japan Company, SHS Group, Sensient Technologies, and WorleeGruppe.
The usage of seasonings and spices in the commercial sector is less in Asia Pacific as compared to that in developed economies, which offers significant growth opportunities for food processing companies in the region. The overall economic growth in Asia Pacific has led to rapid urbanization and increased urbanization, with an eventual rise in per capita income. This has played a critical role in changing preference of customers towards value-added products.
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