Market Research Report
Seasoning and Spices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
|Seasoning and Spices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 120 Pages
Delivery time: 2-3 business days
The global seasoning and spices market is projected to grow at a CAGR of 4.7%, during the forecast period (2020 - 2025).
Impact of COVID-19 on the Market:
The increase in salt consumption by food processors across the globe will remain steady owing to the rising demand for the consumption of packaged and convenience foods in a number of countries. The table salt production industry operates with a high level of market share concentration. This is due to expanded product line offerings and production capacity levels for the industry's major players, as well as the purchase of Morton Salt by K+S Group, which served to expand the scale of production with which the company operates.
Asia-Pacific is the fastest-growing market in the global spices and seasonings market. China is the largest market in the region followed by the Indian market. The climatic conditions of the region are favorable for the growth of various spices and seasonings. Thus the Asia-Pacific produces the best quality of spices, which brings the major players to the region. Most of the nations in Asia-Pacific use locally produced spices and seasonings. Moreover, an increasing demand is found in the organic spice and seasoning segment. Additionally, a significant percentage of spices from the region are exported to Europe and North America.
The global spices and seasonings market is highly fragmented and competitive with the presence of various players. The companies are making themselves more competitive by strengthening their distribution systems, entering into partnerships, acquisitions, entering new regions, expanding product range, etc. Some of the major players operating in the market are Kikkoman Corporation, McCormick & Company, Inc., Olam International, Kerry Group plc, Sensient Technologies Corporation.