psalexa
logo

Seasonings and Spices Market

Seasonings and Spices Market by Product (Aniseed, Chili Flakes/Pepper, Chives, Cinnamon, Cumin, Dill, Fennel, Parsley, White Poppy Seeds, Blue Poppy Seeds, Sesame, Rosemary, Thyme, Tarragon, Vanilla, Saffron, Ginger, Black Pepper, White Pepper, Basil, Chili Powder, Coriander, Marjoram, Oregano, Paprika, Mint, Sage and Turmeric), by End Use (Industrial, Food Service, Retail), by Geography (U.S., Canada, U.K., Germany, France, Spain, Italy, Turkey, India, China, Japan, Australia, Brazil) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023

Published: February 2018
Report Code: CP10353
Available Format:
Pages: 525

Seasonings and Spices Market Overview

The global seasonings and spices market size is estimated to be valued at $21,507.3 million in 2017, and it is forecasted to grow at a CAGR of 6.0% during 2018–2023. In terms of both value and volume, whole seasonings and spices category is estimated to account for a larger share in 2017 and is expected to lead the market in the coming years as well.

 

GLOBAL SEASONINGS AND SPICES MARKET, BY END USE, $M (2013–2023)

GLOBAL SEASONINGS AND SPICES MARKET

In terms of volume, the ground category of seasonings and spices is projected to witness significant growth, CAGR of 5.7% during the forecast period, as compared to a CAGR of 4.7% witnessed during the historical period. The growth of this category is led by the increasing usage of chili powder and black pepper. Chili powder is used heavily in meat-consuming countries from the Asia-Pacific region. In addition, the growing international trade of chili powder is boosting the growth of ground seasonings and spices market, globally.

By end use, the industrial sector is estimated to be the largest consumer of seasoning and spices, in terms of both volume and value, across the globe. The growth of the industrial end use can be attributed to the usage of seasonings and spices in food processing industries to cater to the growing customer demand. It is also anticipated that this category will lead the market, followed by the retail and food service sectors, during the forecast period.

Globally, Asia-Pacific is estimated to account for the largest share, in terms of both volume (70.9%) and value (48.5%), in the seasonings and spices market in 2017. Asia-Pacific is the largest producer and consumer of seasonings and spices in the world. From the demand side, the need for increasing the production of seasonings and spices to meet the food requirements of the growing population in Asia-Pacific is a factor driving the growth of this market in the region.

According to the data published by the United Nations, population growth in India was 1.3% during 2010–2015. India is the second most populous country and also one of the largest consumers of seasonings and spices in the world. Therefore, growth in the population of India has positively impacted the total consumption of seasonings and spices in the country. In addition, the growing usage of seasonings and spices in food processing industries across different countries in Asia-Pacific is also driving the growth of the seasonings and spices market.

Seasonings and Spices Market Dynamics

Trends

Changing consumer preferences and eating habits and online marketing campaigns as revenue expansion strategy are the key trends observed in the seasonings and spices market. With the increase in disposable income, the food habits of people are also changing, leading to increasing demand for continental flavors, even in home-cooked meals. Besides, consumers are gaining better access to ingredients and recipes from the internet and cooking-based television shows, which is another trend observed in the seasonings and spices market.

Growth Drivers

Factors driving the growth of the seasonings and spices market are the increasing awareness on the medical benefits of spices, the rising demand for ethnic cuisines, and growing popularity of convenience foods. An increasing number of nations are embracing different spices for the treatment of various diseases and disorders and contributing to the growth of the seasonings and spices market. Also, ongoing research to examine the potential nutritional benefits of spices is expected to drive the market growth.

Additionally, with changing consumer preferences, demographic shifts, and lifestyle choices, the demand for ethnic food is increasing across the globe. For example, according to the Migration Policy Institute, the immigrant population in the U.S. increased from less than 5.0% in 1970s to about 15.0% in 2016. It has been observed that the presence of a large ethnic population in the region led to the acceptance of bold flavors such as chili, cinnamon, and pepper (often used in Hispanic and Indian cuisines) by North American consumers.

Reciprocating this demand, the growing popularity of convenience foods worldwide is likely to boost the growth of seasonings and spices market, as it is witnessing an increase in the consumption of processed food products. There has been an increase in consumer spending on confectionery products, baked goods, and ready-to-eat and ready-to-fry foods, particularly in developed economies. As a result, industries related to confection, baking, and processed foods are increasingly purchasing seasonings and spices.

Opportunities

Organic seasonings and spices are the future of the food industry, and changing demographic composition is expected to provide ample opportunities to the players operating in the seasonings and spices industry. With increasing health consciousness and surge in the demand for organic products, several conventional spice manufactures are entering the organic food segment. For example, in June 2016, Simply Organic launched a set of seasoning mixes that included four savory dips and a new seasoning mix. Simply Organic is an all-organic brand of Frontier Co-op. Also, in June 2015, Primal Palate, a U.S.-based spices and seasonings vendor, introduced a line of organic spices and seasonings in the market.

Seasonings and Spices Market Competitive Landscape

As part of business strategy, major market players are focusing on acquisitions to increase their seasonings and spices market share in the coming years. For instance, in October 2017, the Fuchs Group acquired stakes of Bart Ingredients Company Limited, the second largest company of herbs and spices in the U.K. The acquisition was made from a private equity firm, Langholm Capital LLP, and was part of the business strategy of the Group to expand its international reach and significantly enhance its market in the U.K.

Similarly, in April 2016, McCormick & Company Incorporated purchased all shares of Botanical Food Company Pty. Ltd., owner of Gourmet Garden, operating in the chilled convenient packaged herbs segment. The $116.2 million acquisition was a part of the business strategy of the company to expand its presence in the food industry.

Salt Market Overview

The global salt market is estimated to be valued at $13,604.7 million in 2017, and it is expected to grow at a CAGR of 4.9% during the forecast period. Sea salt is estimated to account for a larger share in terms of volume, while rock salt is estimated to account for a larger share in terms of value, in 2017. The larger market share of rock salt is mainly because of its higher cost as compared to sea salt.

On the basis of region, Asia-Pacific is estimated to account for the largest share in terms of volume, while Europe is estimated to account for the largest share in terms of value in the global salt market in 2017. The largest share of Asia-Pacific is because of its large population base. Besides, the daily per capita consumption of salt in Asia-Pacific is much higher as compared to other regions.

Place An Order

Single User License
question-mark

The report will be delivered in PDF format without printing rights. It is recommended for a single user.

USD 9100
Group License
question-mark

The report will be delivered in PDF format along with the printing rights. It is recommended for up to five users.

USD 10500
Enterprise License
question-mark

The report will be delivered in PDF format along with printing rights and detailed Excel sheet. It is recommended for organizations where multiple people would like to access the report from multiple locations.

USD 12500

Pre-Purchase Enquiry