Market Research Report
Spices and Seasoning Market: Current Analysis and Forecast (2021-2027)
|Spices and Seasoning Market: Current Analysis and Forecast (2021-2027)|
Published: June 1, 2021
UnivDatos Market Insights Pvt Ltd
Content info: 112 Pages
Delivery time: 1-2 business days
Spices and seasonings give aroma, color, and enhances the flavor of the food. Depending on various types of cuisines and the origin of spices and seasonings, they are available in different forms. Different types of spices and seasonings such as garlic, parsley, mint, cardamom, coriander, cloves, ginger, pepper, cinnamon; etc. give different flavors, aroma, and taste to the food.
An increase in per capita spending of consumers on food and the rising popularity of exotic cuisines are the significant factors driving the growth of the global spices and seasonings market. In North America and the European region, Japanese restaurants have observed significant growth because of the unique flavor of the cuisine. Furthermore, the rising consumer awareness about the ill effects like hyperactivity in kids, damage to the kidney and liver, from the chemical food preservatives such as sodium benzoate, propionic acid, and benzoic acid has increased the demand for natural preservatives, which includes several spices. This trend is expected to increase the demand for spices and seasonings
However, some of the restraints in the market include adulteration in the quality and its availability. Not all types of spices and seasonings are easily available worldwide, due to this prices of such spices are high in many regions. This factor sometimes prevent the consumers from buying such products
Based on product type, the market is fragmented into herbs, salts & salts substitute, and spices. The herbs segment is further bifurcated into rosemary, fennel, garlic, mint, parsley, oregano, and others. The spices are further segmented into pepper, ginger, cinnamon, cumin, turmeric, cardamom, coriander, cloves, and others. The salt segment generated revenue of USD XX million in 2020. The market is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F owing to its consistent increase in demand in almost all types of dishes. For instance, as per Statista in 2019, salt consumption in China was highest with 10.9 gm of salt per person in a day, followed by Italy with 9.7 gm and India with 9.7 gm of salt consumed by an adult in a day
Based on the application, the market is fragmented into bakery & confectionery products, meat & poultry products, frozen food, soups, sauces & dressings, beverages, and others. Owing to the shift in preference of consumers for the ethnic flavors and demand improvement in the quality, the meat & poultry segment grabbed the major market and dominated the market. The meat & poultry segment generated revenue of USD XX million in 2020. For instance, garlic, pepper, and ginger are added to meat products to enhance their taste and aroma.
For a better understanding of the market adoption of the concentrated fruit juice, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of APAC), and Rest of World. Asia pacific constitutes a major market for the spices and seasonings industry. Consumers in the regions incorporate spices and seasonings extensively in their daily meals, Asians have been using different spices and seasonings in their cuisines as flavor enhancers and, also for their medicinal properties for decades. Owing to this Asia pacific generated revenue of USD XX million in 2020
Some of the major players operating in the market include Everest Spices, Kerry Group, MDH, Ajinomoto Co. Inc., Ariake Japan Co., Ltd., Associated British Food PLC, Mc Cormick Company Inc., Dohler Group, Kikkoman Corporation, Olam International, etc. Several M&A's along with partnerships have been undertaken by these players to boost their presence in different regions