The global spices andseasonings market size is projected to reach USD 22.87 billionby 2026, exhibiting a CAGR of 4.7% in the forecast period (2019-2026). However,the market was valued at USD 15.93 billion in 2018. This information is publishedin a recent report by Fortune Business Insights, titled, “Spices and SeasoningsMarket Size, Share & Industry Analysis, By Type (Pepper, Chili, Ginger,Cinnamon, Cumin, Turmeric, Nutmeg and Mace, Cardamom, Cloves, and Others),Application (Meat and Poultry, Bakery and Confectionery, Frozen Food, Snacksand Convenience Food, and Others), and Regional Forecasts, 2019 – 2026.”As perthe report, a rise in the demand for new spices and various spice blends isexpected to propel the spices and seasonings market growth during the forecastperiod.
What Does the Report Contain?
· In-depth information about the spices and seasoningsmarket trends, growth drivers, hindrances, opportunities, and other relatedchallenges.
· Impact of several economic, political, and socialfactors in the market.
· Ongoing market dynamics affecting growth.
· Degree of competition and threat of new entrants.
Increasing Demand for Organic Spices & Herbs to Propel Growth
There is a high demand for organicspices around the world. At present, China, India, and Vietnam are the largestexporters of organic spices. They are producing various organic spicecommodities by using several spices, namely, ginger, garlic, and chilies. Besides,in the developed regions, such as Europe,there isrising popularity of organic spices amongst the masses as thesespices aremade out of natural ingredients and are free from pesticides. Also, increasingawareness programs amongst the masses regardingthe medicinal properties ofspices would drive the market growth in the forthcoming years by rising thedemand for organic herbs and spices.
Snacks and Convenience Food Segment to Lead Owing to Rising Consumption ofSnacks
In terms of application, the spicesand seasonings market is divided into snacks and convenience food, meat andpoultry, frozen food, bakery and confectionery, and others. Amongst these, the snacksand convenience food segment is expected to dominate the market owing to a risein the consumption of snack items in several countries.
On the other hand, the bakery andthe confectionery segment would hold the second-largest spices and seasoningsmarket share during the forecast period. It is likely to occur on account ofthe immense growth of the bakery industry in numerous emerging regions,specifically in Asia Pacific.
Key Market Players
Fortune Business Insights lists outsome of the significant organizations operating in the spices and seasoningsmarket. They are as follows:
· Ariake Japan Company
· McCormick & Company
· SHS Group
· Kerry Group Plc
· Olam International Limited
· Ajinomoto Co., Inc.
· Worlée-Chemie GmbH
· Associated British Foods
· Sensient Technologies
· Dohler Group
Asia Pacific toDominate: Expansion of Food Processing Industry Will Favor Growth
Geographically, the spices andseasonings marketis grouped into the Middle East and Africa, Europe, AsiaPacific, North America, and South America. Out of these, Asia Pacific isanticipated to grow exponentially owing to the rapid expansion of the foodprocessing industry. Apart from that, the tradition of consuming spicy food aswell as the growing population would acceleratemarket growth in this region. India is considered to be the largest producerand consumer of various kinds of spices.
Europe, on the other hand, is projectedto showcase notable growth in the coming years. This growth is attributable to thetrend of consuming organic spices in this region. It is in turn, is likely tocreate several opportunities for marketgrowth. The region imports ginger, capsicums, and pepper.
Ajinomoto Increases Production of Ros Dee Flavor Seasoning in Thailand
August 2016: Ajinomoto Co., afood and biotechnology corporationbased in Japan, announced that it would invest USD 23.1 Million to meet theincreasing demand for flavor seasonings in Thailand. The company will advanceits production capacity for Ros Dee, its flavor seasoning inthe Kingdom of Thailand. As per the company, theflavor seasoning market in the country has increased by approximately1.3 timesfor the past five years to around 70,000 tonsin 2015. It is anticipated to grow in the upcoming years owing to the risingusage of seasonings at houses, food stalls, and restaurants.
Information Source:
https://www.fortunebusinessinsights.com/industry-reports/spices-and-seasonings-market-101694
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