The global seasonings and spices market is expected to increase from $12,179 million in 2014, and reach $16,134 million in 2020, with a CAGR of 4.9%. Globalization and varying demographics, and medicinal benefits of spices are some of the factors driving the growth of the global market of seasonings and spices. The consumers trying new and expensive food items and changing food habits is a key trend that can be witnessed in the global seasonings and spices market.
The Asia-Pacific market is expected to witness the fastest growth with a CAGR of 7% during 2015 – 2020. The increasing demand from organic seasonings and spices segment, and online marketing campaigns are expected to give a major boost to the growth of the global market in the near future.
The use of certain spices and herbs in medicinal fields has also resulted in the increased demand for seasonings and spices. Inefficient logistics and uncertain climatic conditions in the spices producing countries are the major growth challenges for the industry.
In 2014, Europe was the largest market of seasonings and spices, in terms of value; and the second largest in terms of volume. The market in Asia-Pacific is growing at a rapid pace due to the increasing demand for seasonings and spices from numerous foods application segments. The growing population in developing countries, such as China and India is a major driving force which is influencing the growth of the Asia-Pacific market of seasonings and spices. Improved standard of living which allows users to spend more on quality food items is another factor driving the growth of the market in the region. The innovative new product development that effectively targets the most pertinent consumer needs, such as meeting age-specific nutritional needs, getting the best value and convenience are boosting the growth of the market.
The major companies operating in the global seasonings and spices market include Everest Spices, MDH Spices, Catch, Baria Pepper, Bart Ingredients, McCormick & Company, Nestle, Knorr, Aginomoto Co. Inc, and The Kraft Heinz Company.
News Courtesy: P&S Market Research