The global spices and seasoningsmarket size is projected to gain impetus from the increasingpopularity of ethnic cuisines all across the world. Spices and seasonings areingredients that enhance the flavor, and color of the food. It also helps topreserves cooked food for a longer time. Spices are derived from variousnatural sources such as the bark of trees, fruits, flowers, seeds, buds,leaves, roots, and others. A recent report by Fortune Business Insightstitled, “Spices and Seasonings Market Size, Share & IndustryAnalysis, By Type (Pepper, Chili, Ginger, Cinnamon, Cumin, Turmeric, Nutmeg andMace, Cardamom, Cloves, and Others), Application (Meat and Poultry, Bakery andConfectionery, Frozen Food, Snacks and Convenience Food, and Others), andRegional Forecasts 2019-2026,” discusses the market and its growthtrajectories in details. As per this report, the market is expected to risefrom USD 15.93 billion in 2018 to reach USD 22.87 billion by the end of 2026,exhibiting a CAGR of 4.7% between 2019 to 2026.
Drivers & Restraints-
Natural Medicinal Properties of these Products to Aid inExpansion of Market
The growing demand for organic spices is promoting thespices and seasonings market growth. In addition to this, the increasing demandfor turmeric, sold as Curcuma in the European nations is also boosting themarket. Moreover, spices have medicinal properties, for instance, pepperminthelps to reduce nausea feeling, sage can improve the function of the brain,cinnamon helps to lower the blood sugar and is used for anti-diabetic effect.Such factors also add impetus to the market. Furthermore, the increasingpopularity of organic spices is also expected to fuel the demand for spices andcondiments in the coming years.
On the contrary, spices and seasonings are highly prone tomicrobial contaminations and this affects their shelf time, thereby hamperingthe market. This, coupled with the adulteration of spices may cause hindranceto the overall market in the long run.
Nevertheless, the rise in demand for these products asnatural preservatives used in meat and poultry products and the increasingdemand for natural products for health and wellness are likely to createlucrative growth opportunities for the market in the coming years.
Regional Analysis-
Asia Pacific may Rise at 8.4% CAGR with Booming FoodProcessing Industry
The growth of the food processing industry is having apositive impact on the spices and condiments market share in the Asia Pacific.This region is expected to rise at a CAGR of 8.4% during the forecast periodowing to wide population dynamics, and the age-old spicy food traditionfollowed by the region. Top spice producing nations in this region includePakistan, China, and Turkey. India exports an average of 15-20% of spices toother nations. Vietnam is responsible for approximately 50% of the globalpepper trade.
Besides this, the European market will also witnesssignificant growth on account of the increasing consumption of organic spices.Most of the spices imported include ginger, capsicum, and pepper.
Competitive Landscape-
Construction of New Spice Factories – Key Objective ofPlayers
At present, Ajinomoto and McCormick have emerged as novelplayers with their highly aesthetic product standards and innovations. Besidesthis, players especially in other nations such as the U.S. are investing in theconstruction of new spice factories for manufacturing spices, thereby gaining acompetitive edge in the future market.
Browse Summary of This Research Insights with DetailedTOC: https://www.fortunebusinessinsights.com/industry-reports/spices-and-seasonings-market-101694
