Market Research Report
Seasonings Market Size By Type, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025
|Published by||Global Market Insights Inc.||Product code||836163|
|Published||Content info||300 Pages
Delivery time: 2-3 business days
|Seasonings Market Size By Type, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025|
|Published: April 12, 2019||Content info: 300 Pages||
Seasonings Market Size By Type (Oregano, Pepper, Paprika, Ginger, Cinnamon, Cumin, Turmeric, Garlic, Cardamom, Coriander, Cloves), By Application (Bakery & Confectionery, Beverages, Frozen Foods, Savory Snacks, Meat & Poultry), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Romania, Hungary, Netherlands, China, India, Japan, South Korea, Malaysia, Indonesia, Brazil, Argentina, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025 .
Rise in popularity for ethnic food in western countries owing to changing taste preferences and growing multicultural population is propelling the seasonings market growth. Increasing popularity of Thai curry mixes, Indian garam masala, Chinese five spices, and Mexican chilies, oregano, and coriander will support industry expansion. Further, growing demand for clean label products is driving the use of natural flavors and spice mixes, rather than the use of artificial compounds.
Growing consumer consciousness pertaining to health benefits associated with turmeric and coriander consumption will boost the seasonings market share. For instance, turmeric possesses anti-oxidant & anti-inflammatory properties and assists in reducing depression levels, prevents heart diseases and cancer, and reduces the risk of brain diseases such as Alzheimer. Asia Pacific and Middle East & African countries readily use these spices, however developed countries across North America and Europe observe shifting trends for these spices.
Rise in consumer spending on food & beverage segments such as frozen foods, meat & poultry, and savory products will generate new growth opportunities. Manufacturers are focusing on innovating new seasoning mixes to cater the diverse applications. Also, government regulation on product imports to maintain the quality standards will augment the product adoption particularly in developed economies. However, rise in the cost of spices and climatic factors can hamper the seasonings market development.
Cinnamon is projected to witness the fastest growth in seasonings market from 2018 to 2025. Cinnamon offers superior taste & aromatics and possesses several medicinal properties. Cinnamon has anti-inflammatory and anti-oxidant properties. The product reduces the risk of CHD by lowering the total cholesterol levels and has an anti-diabetic effect as is lowers the blood sugar levels. Rise in global cinnamon production to support the increased product demand will drive the industry development. Countries in Asia Pacific including Indonesia, China, and Vietnam are the leading manufacturers of the product, together accounting for around 90% of the global production.
Savory applications will observe notable gains over the forecast timeframe. Increase in product demand with innovative flavors in savory snacks derived from potato, rice, wheat, and maize is escalating the business growth. The products including tortillas, potato chips, and baked snacks, and snack nuts dominate the seasonings market in savory applications. Factors such as rapid urbanization, and lifestyle changes has shifted the preference towards convenience food products.
Asia Pacific will witness over 4.5% CAGR in the global seasonings market over the forecast timeframe. India, China, and Indonesia are expected to observe a significant rise in demand for frozen food and meat product applications supported by the preference towards varied spices such as curry powder and other seasoning mixes. Also, increasing consumer spending on savory & snacking products available in diverse flavors has fueled the seasonings market growth. Further, Asia Pacific dominates the global spices production and hence the raw material is easily available.
The global seasonings market share is fragmented with presence of limited multinational corporations and several regional players. The key industry participants include McCormick & Company, Inc, Kraft Heinz, Symega Food Ingredients Limited, Olam International, Nestle, Ajinomoto Co., Corbion, MDH Spices, Unilever, Associated British Foods Plc, and DS Group. The key strategies observed in the seasonings market include new product development, geographic expansions, and merger & acquisitions to gain competitive advantage. For instance, in January 2017, McCormick introduced 17 new flavors to enhance its product portfolio.