Seasonings and Spices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019
Albany, NY -- (SBWIRE) -- 01/25/2016 -- Seasonings and spices are crucial ingredients of any preparation, since they determine the flavor of the recipe. Seasonings and spices also define a cuisine, as all major cuisines have their own arsenal of major seasonings and spices, which impart the respective cuisine its distinct taste profile. The global market for seasonings and spices has, in fact, played a key role in human history, as the lack of favorable environmental conditions in Europe led to several European nations establishing outposts in Asia and certain spices becoming, at one point, equal in value to gold and precious stones. In the modern world, the balance seems to have reversed, with the growing popularity of Western European cuisines in Southeast Asia expected to be a major driver propelling the global seasonings and spices in the coming years.
The global market for seasonings and spices was worth US$12.7 bn in 2012. Exhibiting a 4.80% CAGR from 2013 to 2019, the global seasonings and spices market is expected to rise to a net valuation of US$16.6 bn by 2019. The market has sustained itself in recent years despite the economic troubles around the world, due to the crucial place spices and condiments hold in any cuisine. Due to the growing demand for diverse cuisines around the world, the global seasonings and spices market is expected to witness a steady growth in demand.
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Asia Pacific Market to Retain Longstanding Lead in Global Seasonings and Spices Market
The global seasonings and spices market can be segmented into Asia Pacific, Europe, North America, and Rest of the World on the basis of the regional distribution of the market. Of these, Asia Pacific has always remained the leading producer and consumer of spices, with the prosperous spice trade across Southeast Asia being an important factor in European imperialism in the 17th and 18th centuries. The APAC seasonings and spices market held a 66% share in the global market by volume in 2012 – expected to rise to 69% by the end of the aforementioned forecast period.
By value, the Asia Pacific market is the second largest market, accounting for 31% of the global market in 2012, following the Europe market's 35% share. This is due to the heavy amount of indigenous consumption of seasonings and spices in Asia Pacific, whereas European countries are highly dependent on spice imports and thus account for a significant share of high-value transactions in the market.
Awareness Regarding Health Benefits of Seasonings and Spices Drives Global Market
The global seasonings and spices market is rising primarily due to rising acknowledgment of the medicinal value of several spices and growing demand for European cuisines in rising Asian countries. The rising inclination to attaining health through a healthy diet rather than cosmetic additions has led to growing interest in spices, which contain high amounts of several beneficial compounds.
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This is partially counteracted by the increasing commercial production of subpar seasonings and spices, wherein intensity of the taste is often preferred instead of authenticity, which also affects the health effects of the substance. Hong Kong's Consumer Council recently released findings revealing elevated levels of sodium and sugar in several popular seasonings, such as oyster sauce and tomato ketchup. In spite of such incidents, the global seasonings and spices market seems set to exhibit a steady growth trajectory in the coming years.
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