Published On: Apr 03, 2017
The global seasonings and spices market may continue with its highly fragmented nature with six renowned companies accounting for a small share in the past. With India making headway as one of the largest producers and exporters of spices, players such as Everest Spices and Haldiram could make their presence known in the global market. Vendors in India may focus on spices such as black pepper, chili, and red pepper as these are largely exported to the U.S. and also to European countries. However, amongst the international players, McCormick had showcased dominance in the market by accounting for a leading share.
The global seasonings and spices market has been prognosticated to rake in a handsome revenue of US$16.6 bn by 2019 from US$14.4 bn in 2016. Asia Pacific could be a faster growing geographical segment due to changing demographics and heavy expenditure of food items. However, the analysts have anticipated the market to face a neck and neck competition with Europe, which could secure a larger share of 34.4% by the concluding year of the forecast period. The scenario of close competitions could also extend to the products parameter where salt and salt substitutes have been predicted to pip peppers for the first place with a 28.5% share in 2019.
Novel Tastes and Medicinal Benefits Proliferate Demand to Different Countries
The authors of the report foresee globalization as a critical phenomenon that brings people from different countries close to each other, allowing them to share their culture and ethnic cuisines. As a result, new tastes could attract a large number of consumers in the global seasonings and spices market.
The average expenditure on food products has been prophesied to increase with the elevating disposable income of consumers who tend to experiment with new tastes and get allured to new cuisines such as Mexican and continental.
Globalization has had a promising impact on the food habits in Asian countries such as India which is becoming increasingly influenced by western spices offerings varied aromas and flavors. The analysts have foretold this factor to positively affect the growth of the world seasonings and spices market.
The demand in the global seasonings and spices market has also been expected to surge with the growing size of worldwide population turning their focus to eco-friendly, organic, and healthy lifestyle. As more number of people become aware about the medicinal benefits of spices, countries in the West have been registering patents for various plants required during the preparation of different seasonings and spices.
Government Policies Better for Public but Challenging for Manufacturers
Certain government regulations penned down for the betterment of populations could negatively impact the international seasonings and spices market. If there is an increase in the domestic population of a country, the government can impose a scale down in exportable surplus. Besides this, vendors have been researched to find it difficult to maintain the quality standards in different nations due to their differing government policies. The supply of seasonings and spices could suffer because of the inefficiency of the logistics partners of vendors operating in major regions and the unpredictable climatic conditions.
Howbeit, online marketing campaigns conducted using the platforms of digital advertising and social media have been forecasted to help manufacturers build their brand identity in the minds of consumers. More opportunities could take birth in the global seasonings and spices market as the organic segment witnesses a strong increase in the coming years. The awareness about healthy diets among consumers has been projected to help the market grow at a telling level.
The study presented here is based on a report by TMR, titled “Seasonings and Spices Market (Product - Pepper, Salt and Salt Substitutes, Spices, and Herbs) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2013 - 2019.”
The global seasonings and spices market has been segmented as presented below:
Global Seasonings and Spices Market: Segmentation by Product
- Salt and Salt Substitutes
Global Seasonings and Spices Market: Segmentation by Geography
- North America
- Asia Pacific
- Rest of the World
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