Pune, India, March 02, 2021 (GLOBE NEWSWIRE) -- The global spices and seasonings market size is projected to gain impetus from the increasing popularity of ethnic cuisines all across the world. Spices and seasonings are ingredients that enhance the flavor, and color of the food. It also helps to preserves cooked food for a longer time. Spices are derived from various natural sources such as the bark of trees, fruits, flowers, seeds, buds, leaves, roots, and others. A recent report by Fortune Business Insights titled, “Spices and Seasonings Market Size, Share & Industry Analysis, By Type (Pepper, Chili, Ginger, Cinnamon, Cumin, Turmeric, Nutmeg and Mace, Cardamom, Cloves, and Others), Application (Meat and Poultry, Bakery and Confectionery, Frozen Food, Snacks and Convenience Food, and Others), and Regional Forecasts 2019-2026,” discusses the market and its growth trajectories in details. As per this report, the market is expected to rise from USD 15.93 billion in 2018 to reach USD 22.87 billion by the end of 2026, exhibiting a CAGR of 4.7% between 2019 to 2026.
List of the Top Companies Operating in the Spices and Seasonings Market are:
Fortune Business Insights lists out some of the significant organizations operating in the spices and seasonings market.
They are as follows:
- Ariake Japan Company
- McCormick & Company
- SHS Group
- Kerry Group Plc
- Olam International Limited
- Ajinomoto Co., Inc.
- Worlée-Chemie GmbH
- Associated British Foods
- Sensient Technologies
- Dohler Group
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Drivers & Restraints-
Natural Medicinal Properties of these Products to Aid in Expansion of Market
The growing demand for organic spices is promoting the spices and seasonings market growth. In addition to this, the increasing demand for turmeric, sold as Curcuma in the European nations is also boosting the market. Moreover, spices have medicinal properties, for instance, peppermint helps to reduce nausea feeling, sage can improve the function of the brain, cinnamon helps to lower the blood sugar and is used for anti-diabetic effect. Such factors also add impetus to the market. Furthermore, the increasing popularity of organic spices is also expected to fuel the demand for spices and condiments in the coming years.
On the contrary, spices and seasonings are highly prone to microbial contaminations and this affects their shelf time, thereby hampering the market. This, coupled with the adulteration of spices may cause hindrance to the overall market in the long run.
Nevertheless, the rise in demand for these products as natural preservatives used in meat and poultry products and the increasing demand for natural products for health and wellness are likely to create lucrative growth opportunities for the market in the coming years.
What is the Scope of the Report?
- The report offers an in-depth analysis of the market, emphasizing factors driving, restricting, challenging, and providing opportunities to the market.
- Competitive landscape of the market, list of key players, and the significant strategies adopted by them to gain traction
- Industry developments, popular trends, and other useful insights into the market
- Detailed segmentation of the market and list of leading segments with attributed factors.
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Pepper Segment likely to Earn 41% Share in Market with Worldwide Transport
Based on type, the market was dominated by the pepper segment. Nations such as the U.S., India, and Vietnam collectively accounted for a 41% share in 2018. Other nations such as Sri Lanka, the U.A.E., Malaysia, China, Singapore, Bulgaria, and the U.K. cumulatively accounted for 33% share in the market. The rest of the world holds the rest of the share.
Asia Pacific to Dominate: Expansion of Food Processing Industry Will Favor Growth
Geographically, the spices and seasonings market is grouped into the Middle East and Africa, Europe, Asia Pacific, North America, and South America. Out of these, Asia Pacific is anticipated to grow exponentially owing to the rapid expansion of the food processing industry. Apart from that, the tradition of consuming spicy food as well as the growing population would accelerate market growth in this region. India is considered to be the largest producer and consumer of various kinds of spices.
Europe, on the other hand, is projected to showcase notable growth in the coming years. This growth is attributable to the trend of consuming organic spices in this region. It is in turn, is likely to create several opportunities for market growth. The region imports ginger, capsicums, and pepper.
Construction of New Spice Factories – Key Objective of Players
At present, Ajinomoto and McCormick have emerged as novel players with their highly aesthetic product standards and innovations. Besides this, players especially in other nations such as the U.S. are investing in the construction of new spice factories for manufacturing spices, thereby gaining a competitive edge in the future market.
Some of the key Industry Developments of the Spices and Seasonings Market include:
August 2016: Ajinomoto Co., a food and biotechnology corporation based in Japan, announced that it would invest USD 23.1 Million to meet the increasing demand for flavor seasonings in Thailand. The company will advance its production capacity for Ros Dee, its flavor seasoning in the Kingdom of Thailand. As per the company, the flavor seasoning market in the country has increased by approximately 1.3 times for the past five years to around 70,000 tons in 2015. It is anticipated to grow in the upcoming years owing to the rising usage of seasonings at houses, food stalls, and restaurants.
Browse Summary of This Research Insights with Detailed TOC:
Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Production, and Consumption Patterns of Spices and Seasonings- Analysis and Forecast
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Global Spices & Seasonings Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Nutmeg and Mace
- By Application (Value)
- Meat and Poultry
- Bakery and Confectionery
- Frozen Food
- Snacks and Convenience Food
- By Region (Value)
- North America
- Asia Pacific
- South America
- Middle East & Africa
- By Type (Value)
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