Published: Jun, 2017
The global market for seasonings and spices extremely fragmented with many companies, large and small, thriving to get recognition and a stable consumer base, states Transparency Market Research (TMR) in a research report. The competitive scenario in the market is likely to be high over the next couple of years owing to the struggle among the market players to innovate their product base and expand their portfolio. In spite of the presence of many well established domestic and international players in the global seasonings and spices market, only a few are dominant names. The leading vendors operating in the global seasonings and spices market are Nestle, Knorr, McCormick & Company, Everest Spices, Catch, MDH Spices, and Kraft Foods. These companies are further devising strategies to gain a strong hold over the market in the years yet to come. The altering demographics are expected to aid the core players to enhance their penetration in the market with new product varieties.
According to a TMR analyst, “The global market for seasonings and spices is likely to witness a 4.8% CAGR from 2013 to 2019. Expanding from a valuation of US$12.7 bn in 2012, the market is projected to touch US$16.6 bn by the end of 2019.
Salt and Salt Substitutes to Stay Strong in Demand
The global market for seasonings and spices has been classified into herbs, salt and salt substitutes, spices, and, pepper. Amongst these, the segment that emerged dominant is salt and salt substitutes. It has been projected that this segment will maintain a leading position till the end of the forecast period. The progress of this segment can be attributed to the indispensable nature and unique abilities of these products to divulge prompt taste to many food items across the world. Moreover, the spices and herbs segments are also expected to witness strong growth in the years ahead owing to rising consumer awareness regarding the associated medical benefits with it.
Region-wise, the market has been segmented into Europe, Asia Pacific, Latin America, North America, and the Rest of World. Among all these regions, Asia Pacific is anticipated to dominate the market in the coming years owing to both high production and consumption of seasonings and spices in the region. The constantly rising demand for seasonings and spices in the region is expected to keep the region at the upfront. Additionally, substantial growth in emerging countries such as India which is the hub of spices and seasonings. Due to growing awareness among people, the demand for spices and seasonings is also expected to rise in North America and Europe.
Changing Demographics to Play Key Role in Product Consumption
The altering demographics and globalization are anticipated to aid crucial players in augmenting their market diffusion and motivate the demand for seasonings and spices through the forecast period. Furthermore, the varying consumer conducts and the rising disposable income along with some of the other noteworthy factors are projected to boost the global market’s growth. Though, the severe government regulations resulting in refusal of trade in spices and the indeterminate climatic conditions are expected to limit the growth of the global market in the years yet to come. Also, the incompetent logistics in the spice manufacturing countries is one more cause that is likely to curb the growth of the market during the course of the forecast period.
The study presented here is based on a report by Transparency Market Research (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.”
Key segments of the global Seasonings and Spices Market:
Seasonings and spices: Segmentation by product
- Salt and salt substitutes
Major geographies analyzed under this research report are:
- North America
- Rest of the World
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