The report “Seasonings and Spices Market – Global Industry Trend Analysis and Forecast”, has been prepared based on an in-depth market analysis with inputs from industry experts.
Seasonings and spices are considered as food additives that offer nutrition value and flavor to food preparations. These products are being used across the globe since ancient times, owing to which this market is estimated to grow at a progressive rate throughout the forecast period. Despite several economic ups and downs worldwide, the global market for seasonings and spices has continued to remain strong. The rising popularity of preferring home-cooked and healthy meals is anticipated to encourage the development of the global seasonings and spices market in the next few years.
According to the research study, in 2012, the global market for seasonings and spices was worth US$12.7 bn and is likely to reach a value of US$16.6 bn by the end of 2019. The market is projected to register a healthy 4.80% CAGR between 2013 and 2019.
Demand for Salt and Salt Substitutes to Remain Strong in Coming Years
The changing demographics and globalization are expected to help key players in enhancing their market penetration and drive the demand for seasonings and spices throughout the forecast period. In addition, the changing consumer habits and the growing disposable income and some of the other factors estimated to bolster the global market. However, the stringent government regulations leading to rejection of imported spices and the uncertain climatic conditions are anticipated to restrict the growth of the overall market in the next few years. In addition, the inefficient logistics in the spice producing countries is another reason estimated to curtail the growth of the market throughout the forecast period.
The global seasonings and spices market has been categorized into pepper, spices, salt and salt substitutes, and herbs. Among these key products, the salt and salt substitutes segment is expected to lead the global market and account for a massive share by the end of 2019. The robust growth of this segment can be ascribed to the unique ability and indispensable nature of these products to impart instant taste to several food preparations across the globe. Furthermore, the herbs and spices segments are anticipated to witness substantial growth with the growing awareness among consumers regarding the medicinal benefits of these products.
Asia Pacific to Remain Dominant in Global Seasonings and Spices Market
In the research report, the global market for seasonings and spices has been classified on the basis of geography into North America, Latin America, Europe, Asia Pacific, and the Rest of the World. The overall market is likely to witness a progressive growth throughout the forecast period. However, Asia Pacific is projected to lead the global seasonings and spices market and account for a key share in the near future. The high growth of this region can be attributed to the rising demand for different spices as it has been the oldest and a large number of consumers since last few decades.
In addition, the significant growth of economy of developing regions, especially India is another factor estimated to encourage the growth of the seasonings and spices market. Furthermore, the rising awareness regarding the benefits of consuming different seasonings and spices and the rising popularity are some of the vital factors likely to fuel the growth of the seasonings and spices market in Europe and North America.
Some of the prominent companies operating in the seasonings and spices market across the globe are Knorr, Kraft Foods, Bart Ingredients, McCormick & Company, Catch, Baria Pepper, Ajinomoto, Everest Spices, MDH Spices, and Nestle. The competition among the leading companies is expected to increasing significantly, thus strengthening the overall competitive landscape.
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This post was originally published on The Market Plan