Seasonings Spices Market to be at Forefront by 2014 to 2020
Seasonings and spices are essentials in every cuisine, as they offer a unique aroma and peculiar taste to each cuisine. The seasonings and spices market is one of those markets, which stay recession proof in the long run. Growing popularity for exotic food and rising demand for exquisite spices and seasonings for in-home culinary preparations will continue to drive the global seasonings and spices market over the six-year forecast period, 2013-2019. The global market for seasonings and spices is anticipated to reach a value of US$ 16.62 Bn in 2019, up from US$ 12.53 Bn in 2013. The market will expand at a moderate CAGR of 4.8% over the forecast period.
Key Market Dynamics
Rising popularity of exotic cuisines and increased expenditure on food will remain a key factor driving the growth of the global seasonings and spices market. Globalization is rapidly swaying the market with higher penetration of indigenous spices and seasoning products worldwide. There are various types of pepper, such as Marjoram and Anaheim, which are specifically grown in Southern Europe and Mexico respectively. Developing nations in the Asia Pacific region will continue to raise significant demand for such spices. Another factor that is expected to favor the market growth in emerging economies, is rising popularity of Western foods. Changing consumer food habits and an increasing number of dedicated restaurants for Thai, French, and Italian food are a few more factors fueling the demand for spices and seasonings on a global level. Growing popularity of organic spices and seasonings is expected to continue trending by the end of 2020, boosting the revenues of the global market. Organic segment is currently at a nascent stage, and will offer lucrative growth opportunities. Certain spices and herbs even find important application in the medical therapy field. This also is a promising factor that can potentially propel the demand.
Certain government policies prohibit specific imported spices and seasonings. The market in developing economies will continue to face this challenge during the forecast period. Moreover, uncertain economic conditions and inefficient logistics may also affect the market growth in the next few years. Ever-evolving climatic conditions also impact the market to a large extent.
The global seasoning and spices market is segmented on the basis of product type. There are four key segments viz. salt and salt substitutes, pepper, herbs, and spices. The salt and salt substitutes segment recorded the highest revenue share in 2012, and is expected to register steady growth by 2019 end, at a CAGR of 4.3%. The salt and salt substitutes segment is anticipated to reach a shipment of 369.2 million kg by the end of 2019.
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Geographically, the global seasonings and spices market is segmented into four key regional markets. While Europe has been representing the largest market for spices and seasonings over the years, Asia Pacific has also developed into a key market within the recent past. A few countries in Asia, including India, are among the top producers of a variety of spices and seasonings, and the market in Asia Pacific is anticipated to thrive close to the European market during 2014-2020. Several food application segments across APAC also create sustainable demand for spices and seasonings in bulk. These two key regions will retain their dominance in the global seasonings and spices market, whereas the market in the U.S. is projected for an uptick, attributed to the consumer inclination toward hot and spicy cuisines. The most sought after products are observed to be jalapeno, pepperonicini, and poblano peppers.
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Key Market Players
The global seasonings and spices market is growing at a moderate pace but has been extremely fragmented. Despite a number of established international and domestic brands, the market has only six leading companies collectively holding a market share of nearly 15%. While this was the scenario in 2012, the competitive landscape and positions of individual shareholders are estimated to improve over the forecast period. McCormick will remain the market leader, followed by Unilever. There are a few brands that operate only in specific regional markets. While S&B Foods operate only in Japan, it has over 40% of the revenue share in the Japanese market for spices and seasonings. Moreover, Everest was active only in the Indian market but has now extended in North American and European markets as well.