Global market Study on Seasonings and Spices: CAGR Estimated at 4.8% over 2014-2020, Europe and APAC to Continue Dominance
New York, NY -- (SBWIRE) -- 09/19/2017 -- According to a new market report published by Persistence Market Research "Global Market Study on Seasoning and Spices: Salt and Salt Substitute to Witness Highest Growth by 2019," the global Seasonings and Spices market was valued at USD 12,530.5 million in 2013 and is expected to grow at a CAGR of 4.8% from 2014 to 2019, to reach an estimated value of USD 16,628.6 million in 2019.
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Increasing income levels resulting in increasing expenditure on food products, changing food habits of Asian consumers and changing demographics are the major growth drivers for the global seasonings and spices market. Asian countries such as India are the major producers of seasonings and spices. Uncertain economic conditions coupled with inefficient logistics act as major growth restraints for seasoning and spice producing countries, such as India. Government policies resulting in rejection of imported spices also hampers the growth in international markets. Increasing demand from the organic segment offers great opportunity for the market.
Similarly, globalization has resulted in increasing the western influence on Indian cuisines, which includes consumption of spices which were traditionally produced and used in American and European countries. Some of the major examples of western spices seeing increased demand in India include different types of pepper, such as Anaheim from Mexico and Marjoram from Southern Europe.
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Seasonings and spices form an integral part of any cuisine as it is responsible for developing the taste and aroma associated with the cuisine. The seasonings and spices market is considered to be one of the most recession-proof markets since during uncertain economic conditions, consumers prefer in-house preparation and consumption rather than opting for the expensive choice of eating out or having ready-meals. However, when the economy is in good shape the situation is reverse. Major growth drivers for the industry are increasing demand for foreign cuisines, such as Italian and French and changing consumer food habits in Asian countries. Use of certain spices and herbs in medicinal fields has also resulted in increased demand for seasonings and spices. Inefficient logistics and uncertain climatic conditions in the spices producing countries are the major growth challenges for the industry. Seasoning and Spices market is bifurcated into four major product type salt and salt substitute, pepper, herbs and spices.
Seasoning and Spices market is bifurcated into four major product type salt and salt substitute, pepper, herbs and spices. The global market for seasonings and spices in value term is expected to grow from USD 12,530.5 million in 2013 to USD 16,628.6 million in 2019 growing at a CAGR of 4.8%. Salt and salt substitutes market (largest segment in 2012) increased by 4.3% CAGR during 2008-2012. In terms of volume the market grew from 634.6 kg million in 2008 to 772.2 kg million in 2012. Salt and salt substitutes market (largest segment in 2012) is forecasted to increase by 4.3% CAGR during 2013-2019 to reach 369.2 million kg in 2019.
The global seasonings and spices market was highly fragmented, with top six companies holding only 15% market share in 2012. McCormick and Unilever are some of the major companies with global operations. While McCormick leads the market, Unilever accounts for only 1.7% share, mainly due to its lower number of products compared to McCormick.