Spices & Seasonings Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1704
Spices & Seasonings Market size is mainly driven by rising demand for traditional food products and changing dietary habits of people across the world. Rapid increase in convenience & frozen industry and usage of product as a key ingredient in various cuisines globally will contribute to the growth of industry.
Rising population, globalization, disposable income and food industry will have a positive impact on spices & seasonings market. Diversified market for processed and ready to eat products will also drive the product market. Herbs demand has continued to rise in past few years with the increase in consumption of snacks, fast food and confectionery. Flavourings are even used in beauty and medicine products due to their antiseptic qualities and antioxidant properties which also encourage the market.
Spices are seeds, root, bark and fruit which are primarily used for colouring, flavouring and preserving food. They are used to garnish the food. Generally, they are stems, flowers or leaves also in powder form sometimes. Seasoning is a process of adding salt and herbs to food to improve the flavour. Both are an essential part of food, they are used in building aroma and taste in food.
Spices & seasonings are available in several types named pepper, cinnamon, turmeric, cumin, ginger, pepper, salt, cloves, oregano, basil, parsley and coriander. Salt holds the largest market share due to its wide application in day to day cooking. The product is used in different eatables including snacks & junk food, poultry & meat products, soups & dressings, confectionery products, beverages and frozen products. Other applications of this market are dairy products, herbs blends & premixes liquor, and pickles. Some of them are widely used in convenience and meat industry.
North America, dominated by the U.S. holds the largest market share for spices & seasonings market. Rise in ethnic groups named, Latin Americans, Asians, Europeans and people from other countries of the world has fuelled the product demand. Increased cravings for their homeland food has raised the consumption of such products in this region. Rising number of fast foods restaurants in the region will provide positive outlook to the industry.
Europe is one of the fastest growing region for spices & seasonings market both in terms of value and volume. Europeans travelling to exotic regions are demanding more herbs to their culinary. Hectic schedule has raised the demand for ready to food meals which will also fuel the market size. Spices & seasonings market demand is likely to remain strong in the projected timeframe.
Asia-Pacific, led by China and India is expected to witness significant growth for spices & seasonings market due to increasing population and improved standard of living in the region. People trying new, as well as traditional herbs in this region, is further supporting the market growth. Escalating medicinal benefits from herbs is escalating the spices & seasonings market in this region. Growing popularity of western food in this region will provide lucrative opportunities for the industry.
Middle East spices & seasoning market is emerging as they have witnessed a strong demand for herbs & flavourings due to high consumption of meat in this region. Rising demand of flavourings & herbs not only in Arabic meals but also in dessert and beverages will increase the market size in this region.
Spices & seasonings market is highly competitive in nature due presence of many domestic and international players. Some of the leading key players in this market are AJINOMOTO, The Kraft Heinz Company, Baria Pepper, McCormick & Company, Everest and MDH. Other prominent players are ARIAKE Japan, Dohler, DS Group, Unilever, Frontier Natural Products, British Pepper and Spice and William Foods.
In November 2016, B&G Foods acquired ACH Food Companies, Inc. a leading supplier of spices & seasonings, for $365 million in cash. The acquisition was done in order to generate more income and to broaden their position in the existing market. Later, the company also acquired Victoria Fine Foods for $70 million.
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