The global spices and seasonings market size is projected toreach USD 22.87 billion by 2026, exhibiting a CAGR of 4.7% inthe forecast period (2019-2026). However, the market was valued at USD15.93 billion in 2018. This information is published in a recentreport by Fortune Business Insights™, titled, “Spices andSeasonings Market Size, Share & Industry Analysis, By Type (Pepper, Chili,Ginger, Cinnamon, Cumin, Turmeric, Nutmeg and Mace, Cardamom, Cloves, andOthers), Application (Meat and Poultry, Bakery and Confectionery, Frozen Food,Snacks and Convenience Food, and Others), and Regional Forecasts, 2019 – 2026.”As per the report, a rise in the demand for new spices and various spice blendsis expected to propel the spices and seasonings market growth during theforecast period.
Increasing Demand for Organic Spices & Herbs to Propel Growth
There is a high demand for organic spices around the world. Atpresent, China, India, and Vietnam are the largest exporters of organic spices.They are producing various organic spice commodities by using several spices,namely, ginger, garlic, and chilies. Besides, in the developed regions, such asEurope, there is rising popularity of organic spices amongst the masses asthese spices are made out of natural ingredients and are free from pesticides.Also, increasing awareness programs amongst the masses regarding the medicinalproperties of spices would drive the market growth in the forthcoming years byrising the demand for organic herbs and spices.
Snacks and Convenience Food Segment to Lead Owing to RisingConsumption of Snacks
In terms of application, the spices and seasonings market isdivided into snacks and convenience food, meat and poultry, frozen food, bakeryand confectionery, and others. Amongst these, the snacks and convenience foodsegment is expected to dominate the market owing to a rise in the consumptionof snack items in several countries.
On the other hand, the bakery and the confectionery segment wouldhold the second-largest spices and seasonings market share during the forecastperiod. It is likely to occur on account of the immense growth of the bakeryindustry in numerous emerging regions, specifically in Asia Pacific.
Asia Pacific to Dominate: Expansion of Food ProcessingIndustry Will Favor Growth
Geographically, the spices and seasonings market is grouped intothe Middle East and Africa, Europe, Asia Pacific, North America, and SouthAmerica. Out of these, Asia Pacific is anticipated to grow exponentially owingto the rapid expansion of the food processing industry. Apart from that, thetradition of consuming spicy food as well as the growing population wouldaccelerate market growth in this region. India is considered to be the largestproducer and consumer of various kinds of spices.
Europe, on the other hand, is projected to showcase notable growthin the coming years. This growth is attributable to the trend of consumingorganic spices in this region. It is in turn, is likely to create several opportunitiesfor market growth. The region imports ginger, capsicums, and pepper.
Ajinomoto Increases Production of Ros Dee Flavor Seasoning inThailand
August 2016: Ajinomoto Co., a food and biotechnologycorporation based in Japan, announced that it would invest USD 23.1 Million tomeet the increasing demand for flavor seasonings in Thailand. The company willadvance its production capacity for Ros Dee, its flavor seasoning in theKingdom of Thailand. As per the company, the flavor seasoning market in the countryhas increased by approximately 1.3 times for the past five years to around70,000 tons in 2015. It is anticipated to grow in the upcoming years owing tothe rising usage of seasonings at houses, food stalls, and restaurants.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/spices-and-seasonings-market-101694
