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Published Date: 2014-03-21Number of Pages: 116

Seasonings and Spices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019

Global Seasonings and Spices Market: Snapshot 

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. 

 
The fine seasonings and spices market has witnessed a phenomenal growth rate since ancient times. The bold flavors of spices have not only enticed foreign palates, but also treated diseases and illnesses. Owing to globalization and growing influence of countries of the East, the seasonings and spices market has grown tremendously. Consumers are looking at ways to enrich their meals with improved tastes, thereby leading to the growth of the global seasonings and spices market. Hobbled with rising health issues, consumers are turning towards the intrinsic remedial nature of seasonings and spices, which is also fueling the expansion of this market.
 
The vast seasonings and spices market is segmented into broad segments such as salt and salt substitutes, spices, pepper, herbs, and others. The growth of these segments is studied on basis of regions such as North America, Europe, Asia Pacific, and Rest of the World.
 
Overview of the seasonings and spices market
 
Seasonings and spices add to the taste of food and are an important part of cuisines across the world. The report on the global seasonings and spices market indicates that this market has witnessed a steady growth over the years and remains relatively unaffected by recession or the sinusoidal nature of the world economy. The primary growth drivers for the global seasonings and spices market is rising demand for foreign cuisines such as French and Italian and shifting consumer food habits in Asian countries. Increasing awareness about the medicinal properties of certain spices such as turmeric, cinnamon, and cloves is also leading to a sizeable expansion of the seasonings and spices market in the world. Several spices grown in Asian countries such as India are known to treat common cold, fungal infections, and fever at a much faster rate than regular antibiotics can.
 
Spice-producing countries are often susceptible to uncertain climatic conditions as well as inefficient logistics. This, together with government policies restricting imported spices, is expected to restrain the seasonings and spices market. However, there is a niche market for organic seasonings and spices and this factor holds a rather strong scope for growth in the coming years.
 
The report on global seasonings and spices states that the salt and salt substitutes segment and pepper segment hold the biggest market share at about 50%. This dominance can be attributed to their indispensible role in every kind of food. According to the report, Asia Pacific held 66% shares in the global seasonings and spices market in 2012 in terms of volume, and is expected to reach 69% by 2019. In terms of value, Europe led the global seasonings and spices market in 2012 with a market share of 35% while Asia Pacific followed closely at 31%.
 
Companies mentioned in the research report
 
Some of the key players in the global seasonings and spices market are MDH Spices, Everest Spices, McCormick & Company, Catch, Knorr, Nestle, and Kraft Foods. The report profiles these companies, understands their financial outlook, studies their investment plans, and provides a granular view about how their performances are likely to impact the economy at large.
 
Seasonings and spices: Segmentation by product
  • Pepper
  • Salt and salt substitutes,
  • Spices, 
  • Herbs
Major geographies analyzed under this research report are: 
  • Europe
  • North America 
  • Asia-Pacific 
  • Rest of the World 
This report gives you access to decisive data such as:
  • Market growth drivers
  • Factors limiting market growth
  • Current market trends
  • Market structure
  • Market projections for the coming years
Key highlights of this report
  • Overview of key market forces propelling and restraining market growth
  • Up-to-date analyses of market trends and technological improvements
  • Pin-point analyses of market competition dynamics to offer you a competitive edge
  • An analysis of strategies of major competitors
  • An array of graphics and SWOT analysis of major industry segments
  • Detailed analyses of industry trends
  • A well-defined technological growth map with an impact-analysis
  • Offers a clear understanding of the competitive landscape and key product segments


 
 
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