In 2019, analysts predict that the global Spices and seasonings market will grow to US$ 16.62 billion from US$ 12.53 billion in 2013. Over the projection period, the market will grow at a moderate CAGR of 4.8%.
Every cuisine needs seasonings and spices because they give each one its own distinct flavour and aroma. One of the industries that resist recessions throughout time is the seasonings and spice industry. Over the six-year projection period, 2013-2019, the worldwide seasonings and spices market will continue to be driven by the rising demand for exquisite spices and seasonings for at-home culinary preparations and the growing popularity of exotic food.
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The seasonings and spices market will continue to expand as a result of rising consumer spending on food and the popularity of ethnic cuisines. Increased global market penetration of locally produced spices and seasonings is a result of globalisation. There are numerous varieties of pepper, including Marjoram and Anaheim, which are grown particularly well in Mexico and Southern Europe, respectively.
The demand for such spices will continue to rise significantly in developing countries in the Asia-Pacific region. Rising popularity of Western foods is another factor that is anticipated to favour market growth in emerging economies.
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Companies
Some of the major players in the seasonings and spices market:
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- McCormick & Company.
- Everest Spices.
- MDH Spices.
- Kraft Foods.
Currently in its infancy, the organic segment will present significant growth potential. Some herbs and spices are even used extensively in the field of medical care. This is another encouraging element that may help to increase demand.
Specific imported spices and condiments are prohibited by some national regulations. Throughout the projected period, the market in developing economies will still have to overcome this obstacle. Additionally, shaky economic conditions and ineffective logistics may hinder market expansion in the upcoming years. Climate change has a significant impact on the market as well.
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Regional Segmentation : (Seasonings Spices Market)
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- Geographically, the global seasonings and spices market is segmented into four key regional markets. While Europe has been representing the largest market for spices and seasonings over the years, Asia Pacific has also developed into a key market within the recent past.
- A few countries in Asia, including India, are among the top producers of a variety of spices and seasonings, and the market in Asia Pacific is anticipated to thrive close to the European market during 2014-2020. Several food application segments across APAC also create sustainable demand for spices and seasonings in bulk.
- These two key regions will retain their dominance in the global seasonings and spices market, whereas the market in the U.S. is projected for an uptick, attributed to the consumer inclination toward hot and spicy cuisines.
- The most sought after products are observed to be jalapeno, pepperonicini, and poblano peppers.
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