Global Seasonings and Spices Market Worth Around USD 21.2 Billion by 2026: Acumen Research and Consulting
The global seasonings and spices market size is expected to around USD 21.2 Billion by 2026, the market is projected to grow with 4.2% CAGR during the forecast timeframe.
Shift in global consumption trends and increasing consumer preference towards ethnic cuisines are some of the chief growth stimulants for the spices and seasonings market. Apart from these, occurrence of a large number of unorganized spices and seasonings market participants and varying lifestyles on account of greater economic participation are anticipated to stir up the need for seasoning and spices across the world.
Rising consumer inclination for ready-made spices in order to save time and attain true flavour is also providing a fillip to the spices and seasonings market. Growing the need for reliable ingredients and a fusion of ethnic flavours is projectedto boost of thespices and seasonings market.
A few important herbs used in Latin cuisine by cumin,Hispanics,jalapeno,chipotle,cilantro,cinnamon,paprika have penetrated the global spices and seasonings market during the forecast. These spices are being mainly adopted by middle-class and working population, which is expected to keep their need high during the forecast period. Most of the Mexican spices and seasonings markets deliver blends of spices for particular dishes, for instance enchilada sauce orspicesfajita seasoning. U.S food makers are highly inclined towards sourcing the above-mentioned products in order to keep the local and migrated consumers satisfied.
Customerinclination to experiment with new flavours and extensive interest in new ethnic tastes are foremost to multiplying of product aids and development in sales of seasonings and spices. In emerged economies for instance, the U.S. and European nations, and Japanese restaurants, that are characterized by importance on natural flavorsandlight seasoning have observedimportantincrease in popularity. Likewise, Italian, Mexican, Chinese, Indian and restaurants, whichdelivers ethnic cuisines have also grown in number.
The utility of consuming spices is not only limited to deliver taste and flavour, but also for health benefits they offer. They show antioxidant qualities that has increased the prominence of their consumption in food to cure health diseasesorproblems. Such as turmeric is rich in antioxidants and aids in fighting against diseases for instance joint inflammation, cancer,and Alzheimer’s. Cumin seeds have antiseptic properties and aid in building and developing the immune system that can also be used as alternative for medicinal and cosmetics products.
Salt is a necessary part and ingredient of food and consequently, consumed in nearly in all the dishes. The average price of salt is also very low as it is easy availability. The need for salt alternates is growing with widening base of consumer with high blood pressure anddiabetes as they are suggested to devour low sodium. Though, risingfeeding of low-salt foods is prominent to increase in the demand for herbs and spices as substitutes for taste, acting as a challenge to this segment.
The global seasonings and spices market is segmented into four major segment named product, application, and region. On the basis of product the seasonings and spices market is segmented into herbs, spices and salt & salt substitutes. These herbs are further bifurcated into rosemary, fennel, garlic, mint, parsley, oregano, and others and the spices connected devices is also further segmented into Pepper, Ginger, Cinnamon, Cumin, Turmeric, Cardamom, Coriander, Cloves and Others. On the basis of application, the seasonings and spices market is segmented into bakery & confectionary products, meat & poultry products, frozen food, soups, sauces & dressings, beverages, and others. On the basis of region the global seasonings and spices market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
The key players catering to the global spices and seasonings market are Kerry Group,ydler India, Ajinomoto Co, Inc.,BiovaGmbh, Associated British Foods Plc, Olam International, VLC Spices,Baria Pepper,Dohler Group, McCormick, andEverest.Product revolution and tie-ups with e-commerce companies are to remain major strategies of producers to be in the competitive. Acceptance of e-commerce portals among buyers is growing as they provide service benefits for instance free home delivery, coupons, and cashback offers. This is boosting the development of seasoning andspices manufacturers to start doing tie-ups with online firms.
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