The global seasonings and spices market size is expected to reach USD 20.46 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.9% during the forecast period. Changing taste preferences of consumers, along with rising disposable income, and presence of a large number of international as well as local players across the industry value chain are among the key trends escalating market growth.
The demand for herbs and spices is estimated to rise at a healthy growth rate, whereas the demand for salt & salt substitutes is anticipated to remain nominal on account of declining consumption globally. Increasing demand for authentic cuisines on a global level is one of the primary factors bolstering the usage of spices & herbs in sauces & dressings. Changing consumer preferences related to flavor in foods & snacks is projected to prompt manufacturers to manufacture products that are appealing, high-quality, and reliable, thereby maintaining consistent standards globally.
Implementation of modern cultivation to facilitate the growth of specific herbs in different regions is poised to magnify the production scenario over the forecast period. Increasing demand for Chinese herbs globally, on account of continuous penetration of Chinese medicine into pharmaceuticals and supplements, is likely to positively influence the growth of the market. On the other hand, the demand for herbal supplements is anticipated to seek moderate growth as consumers are placing their confidence and disposable incomes in nutritional & other health supplements to maintain health and reduce the cost of health care in the future.
Ready-to-use spice mixes are becoming increasingly popular among consumers as they save time and effort and provide consistency in taste in culinary preparation. The hectic lifestyles of consumers, growing demand for convenience in food preparation, and increasing disposable incomes are leading to increase in demand for ready-to-use spice mixes. Seasoning and spice companies are also starting new advertising campaigns to encourage consumers to try recipes at home.
Companies such as McCormick and Kerry have also started campaigns on social media such as Facebook, Pinterest, and Twitter to help establish their brands’ identities. Increasing medicinal benefits and changing consumer taste and preferences will continue driving the market.
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Further key findings from the report suggest:
- The global demand for herbs is expected to reach USD 6.75 billion by 2025, rising at a CAGR of 3.9% during the forecast period.
- Among applications, soups, sauces & dressings were valued over USD 3.7 billion in 2017. They are likely to post a CAGR of 4.0% during the forecast period
- Central & South America is projected to witness a CAGR of 3.3% during the same period owing to growing middle class population, which is poised to fuel the demand for improved quality of food
- Countries in Asia Pacific such as India and China are anticipated to observe remarkable growth over the forecast years, progressing at a CAGR of 5.3%, owning to presence of various large scale raw material sources
- The market is partially consolidated and competitive in nature, with presence of several global multinational players
- Some of the key companies present in the market are Ajinomoto Co, Inc.; Associated British Foods Plc; Baria Pepper; McCormick & Company, Inc.; Everest Spices; MDH; and Kerry Group