14-June-2019: The global seasonings and spices market size is
expected to reach USD 20.46 billion by 2025, according to a new report by Grand
View Research, Inc., expanding at a CAGR of 3.9% during the forecast period.
Changing taste preferences of consumers, along with rising disposable income,
and presence of a large number of international as well as local players across
the industry value chain are among the key trends escalating market growth.
The demand for herbs and spices
is estimated to rise at a healthy growth rate, whereas the demand for salt
& salt substitutes is anticipated to remain nominal on account of declining
consumption globally. Increasing demand for authentic cuisines on a global
level is one of the primary factors bolstering the usage of spices & herbs
in sauces & dressings. Changing consumer preferences related to flavor in
foods & snacks is projected to prompt manufacturers to manufacture products
that are appealing, high-quality, and reliable, thereby maintaining consistent
standards globally.
Implementation of modern
cultivation to facilitate the growth of specific herbs in different regions is
poised to magnify the production scenario over the forecast period. Increasing
demand for Chinese herbs globally, on account of continuous penetration of
Chinese medicine into pharmaceuticals and supplements, is likely to positively
influence the growth of the market. On the other hand, the demand for herbal
supplements is anticipated to seek moderate growth as consumers are placing
their confidence and disposable incomes in nutritional & other health
supplements to maintain health and reduce the cost of health care in the
future.
Ready-to-use spice mixes are
becoming increasingly popular among consumers as they save time and effort and
provide consistency in taste in culinary preparation. The hectic lifestyles of
consumers, growing demand for convenience in food preparation, and increasing
disposable incomes are leading to increase in demand for ready-to-use spice
mixes. Seasoning and spice companies are also starting new advertising
campaigns to encourage consumers to try recipes at home.
Companies such as McCormick and
Kerry have also started campaigns on social media such as Facebook, Pinterest,
and Twitter to help establish their brands' identities. Increasing medicinal
benefits and changing consumer taste and preferences will continue driving the
market.
In depth research report on Seasoning And Spices Market
Further
key findings from the report suggest:
· The
global demand for herbs is expected to reach USD 6.75 billion by 2025, rising
at a CAGR of 3.9% during the forecast period.
· Among
applications, soups, sauces & dressings were valued over USD 3.7 billion in
2017. They are likely to post a CAGR of 4.0% during the forecast period
· Central
& South America is projected to witness a CAGR of 3.3% during the same
period owing to growing middle class population, which is poised to fuel the
demand for improved quality of food
· Countries
in Asia Pacific such as India and China are anticipated to observe remarkable
growth over the forecast years, progressing at a CAGR of 5.3%, owning to
presence of various large scale raw material sources
· The
market is partially consolidated and competitive in nature, with presence of
several global multinational players
· Some of
the key companies present in the market are Ajinomoto Co, Inc.; Associated
British Foods Plc; Baria Pepper; McCormick & Company, Inc.; Everest Spices;
MDH; and Kerry Group
Grand View Research has
segmented the global seasoning and spices market on the basis of product,
application, and region:
Seasoning
and Spices Product Outlook (Revenue, USD Billion, 2014 - 2025)
· Herbs
· Rosemary
· Fennel
· Garlic
· Mint
· Parsley
· Oregano
· Others
· Salt
& Salt substitutes
· Spices
· Pepper
· Ginger
· Cinnamon
· Cumin
· Turmeric
· Cardamom
· Coriander
· Cloves
· Others
Seasoning
and Spices Application Outlook (Volume, Kilo Tons; Revenue, USD Billion, 2014 -
2025)
· Bakery
& Confectionary Products
· Meat
& Poultry Products
· Frozen
Food
· Soups,
Sauces &Dressings
· Beverages
· Others
Browse
more research reports of this category:
About
Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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