Global Seasonings and Spices Market: Overview
Seasonings comprise various herbs and spices that are themselves quite often referred to as “seasonings”. However, some food experts are of opinion that “to season and to flavor are not the same thing” and they emphasize that seasoning comprises a small or a large amount of salt being added to a preparation.
The global seasonings and spices market is expected to gather momentum from the nutritional benefits of various spices. A rising trend of addition of various spices in the various ready-to-drink and ready-to-eat products is likely to emerge as an influencing factor for the global seasonings and spices market over the period of assessment. Changes in the food habits of consumers, which also includes quest for newer mouthfeels is predicted to give the market a thrust. A growing inclination toward Asian cuisines is another factor influencing growth of the market as spices are used in plenty in almost all of the Asian cuisines.
Product and region are the two key parameters based on which the global Seasonings and Spices Market has been divided. The objective of such segmentation is to provide a clearer, all-inclusive view of the global seasonings and spices market.
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Global Seasonings and Spices Market: Notable Developments
One of the developments offering a peek into the market dynamics about the global seasonings and spices market is mentioned below:
- In August 2019, Japan-based food and ingredients company, Ajinomoto Co., Inc. acquired almost half of the US-based More Than Gourmet Holdings, a prominent liquid seasonings company. The latter is a leading producer of French sauces and stocks. This acquisition is estimated to expand the reach of the integrated food solutions business of Ajinomoto in the North America market. Increased use of liquid seasonings in preparations such as sauces, broths, and stocks as compared to powder seasonings is likely to increase the sales of Ajinomoto’s products in the region.
Some well-known organizations in the global seasonings and spices market comprise the below-mentioned:
- Kerry Group Plc
- Ajinomoto Co. Inc.
- McCormick & Company
- Olam International Limited
- Associated British Foods
- Worlee Gruppe
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Global Seasonings and Spices Market: Key Trends
The global seasonings and spices market is marked with the presence of the following restraints, drivers, and opportunities.
Growing Popularity of Traditional Cuisines is Likely to Shoot Up Demand
According to the Food and Agriculture Organization of the United Nations (FAO), change in the dietary habits of the people, particularly in the developing regions of the world, is influenced by rise in the income, urbanization, and rapid economic development. Exposure to exotic food preparations along with growing interest in traditional dishes for daily food intake is estimated to influence the market positively. In addition, increasing availability of seasoning and spices in hypermarkets and supermarkets in urban and semi-urban areas is estimated boost the global seasonings and spices market over the tenure of assessment.
In addition, rising demand for convenience food is likely to drive the demand for seasoning and spices as well. The major end use sectors of various spice mixes comprise producers of ready-to-eat meals, sauces, soups, snacks, and frozen products. Furthermore, growing preference for intake of healthy food products amongst the young people in a bit to stay fit and light has led to rising interest in the origin of the food ingredients. As such, more consumers are opting for clean-label flavors and ingredients as they are continuously looking for natural products, which contain intrinsically wholesome, fresh, balanced, and natural nutrition.
On the other hand, the food industry is faced with the challenge of finding out natural ingredients that will not maintain food quality but also will come with prolonged shelf life, desired texture, and taste. In addition, in comparison with artificial flavors, natural ingredients come costlier.
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Global Seasonings and Spices Market: Geographical Analysis
In the global seasonings and spices market, North America is estimated to account for a sizeable chunk of the global seasonings and spices market. High consumption of sauces and salad dressings in the region is responsible for such high demand of spices and seasonings in the region. Demand for seasonings and spices in Europe is shaped by the growing inclination toward Asian food preparations due to the presence of a sizeable population of Asian ethnicity.
Asia Pacific is predicted to register high growth rate over the forecast tenure. The region is a prominent producer and exporter of herbs and spices. The presence of a large base of population together with plentiful use of spices in the regional cuisines is predicted to bolster growth of the seasonings and spices market in Asia Pacific.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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The food and beverages sector has cemented its place among the global populace firmly over the years. This sector attracts considerable investments and subsidies from numerous government and non-government organizations. The trends and popularity regarding specific sub-categories are dynamic and help in structuring the overall growth. The trends are a way of answering the needs of the consumer. The players in the food and beverages sector have to adapt to the changing trends, which helps increase revenue-generation opportunities.