A recent report published by Infinium Global Research on seasonings and spices market provides an in-depth analysis of segments and sub-segments in the global as well as regional seasonings and spices market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional seasonings and spices market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global seasonings and spices market. According to the report, the global seasonings and spices market is projected to grow at a CAGR of 4.5% over the forecast period of 2018-2024.
Seasonings and spices are substances added to food to enhance flavor and aroma. They magnify the natural flavor of a food making it richer in taste. Seasonings are a blend of salts, spices, and herbs. The most commonly used spices in the world are basil, oregano, cinnamon, pepper, nutmeg, ginger, turmeric, allspice, and several others. Seasoning and spices also provide various health benefits in addition to the augmented flavor. Spices fight inflammation, reduce damage to the body's cells, and boost metabolism. Spices and spice derivatives are also expanding their applications to industries such as pharmaceuticals, medicine, beverages, food processing, and personal hygiene products.
The increasing consumer preference towards multinational ethnic cuisines owing to the rising globalization is the primary factor for the growth of seasoning and spices market. The growing knowledge among the consumers about various cultures due to the advancements in a communication network has resulted in huge demand for multinational cuisines all over the world. The growth of young consumers showing high interest in international foods and the e-commerce boom is creating availability of international spices in the market, thus boosting the growth of seasoning and spices market. The increasing awareness among the consumers about the nutritional benefits of certain spices such as turmeric, pepper, basil, nutmeg, and several others is driving the growth of seasoning and spices market. In addition, the affluence of the working population with an increase in disposable income and their busy lifestyle is leading to an increased demand for ready-made seasonings and spices promotes market growth.
Furthermore, the rise in population coupled with the growing number of restaurants and food outlets fuels the growth of this market. However, uncertain climatic conditions possess a threat to the growth of the seasonings and spices market. The inefficient logistics and strict government regulations related to the rejection of imported spices hamper the growth of seasonings and spices market. Moreover, the increasing consumption of snacks and fast food over the globe is creating opportunities for the seasonings and spices market. Additionally, the growth of the tourism industry, in particular, represents a key opportunity for the seasonings and spices market.
The seasoning and spices market is a highly fragmented market. Among the geographies, Asia Pacific dominates the seasoning and spices market and is very likely to continue its dominance over the forecast period. The changing food habits and increasing affinity towards convenience and fast foods among consumers is the major factor for the growth of seasoning and spices market in this region. The increasing foreign investments and the multinational food joints increasingly strengthening their presence in the Asia Pacific region boasts the seasoning and spices market. North America holds the second largest share in the seasoning and spices market owing to the rising disposable income and high demand for ready-made seasonings and spices. Europe is anticipated to be the fastest growing region owing to the increasing globalization and increasing collaborations with multinational food outlets.
The report on global seasonings and spices market covers segments such as product type and application. On the basis of product type, the sub-markets include herbs, spices, salt and pepper, and others. On the basis of application, the sub-markets include sauces, salads, bakery and confectionery, savory snacks, dressings, meat and seafood, frozen product, and others.
The report provides profiles of the companies in the market such as Mccormick & Company, Inc., Kerry Group, Döhler Gmbh, The Kraft Heinz Company, Sensient Technologies, B&G Foods, Goya Foods Inc., Associated British Foods PLC, Ds Group, Bart Ingredients, Worlée Gruppe, and Olam International.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of seasonings and spices market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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