SAN FRANCISCO, May 7, 2019 /PRNewswire/ -- The global seasonings and spices market size is expected to reach USD 20.46 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.9% during the forecast period. Changing taste preferences of consumers, along with rising disposable income, and presence of a large number of international as well as local players across the industry value chain are among the key trends escalating market growth.
Key suggestions from the report:
- The global demand for herbs is expected to reach USD 6.75 billion by 2025, rising at a CAGR of 3.9% during the forecast period.
- Among applications, soups, sauces & dressings were valued over USD 3.7 billion in 2017. They are likely to post a CAGR of 4.0% during the forecast period
- Central & South America is projected to witness a CAGR of 3.3% during the same period owing to growing middle class population, which is poised to fuel the demand for improved quality of food
- Countries in Asia Pacific such as India and China are anticipated to observe remarkable growth over the forecast years, progressing at a CAGR of 5.3%, owning to presence of various large scale raw material sources
- The market is partially consolidated and competitive in nature, with presence of several global multinational players
- Some of the key companies present in the market are Ajinomoto Co, Inc.; Associated British Foods Plc; Baria Pepper; McCormick & Company, Inc.; Everest Spices; MDH; and Kerry Group
Read 95 page research report with TOC on "Seasoning And Spices Market Size, Share & Trends Analysis Report By Products (Herbs, Salt & Salt Substitutes, Spices), By Application (Meat & Poultry, Soups & Dressings), And Segment Forecasts, 2018 - 2025" at: https://www.grandviewresearch.com/industry-analysis/seasonings-spices-market
The demand for herbs and spices is estimated to rise at a healthy growth rate, whereas the demand for salt & salt substitutes is anticipated to remain nominal on account of declining consumption globally. Increasing demand for authentic cuisines on a global level is one of the primary factors bolstering the usage of spices & herbs in sauces & dressings. Changing consumer preferences related to flavor in foods & snacks is projected to prompt manufacturers to manufacture products that are appealing, high-quality, and reliable, thereby maintaining consistent standards globally.
Implementation of modern cultivation to facilitate the growth of specific herbs in different regions is poised to magnify the production scenario over the forecast period. Increasing demand for Chinese herbs globally, on account of continuous penetration of Chinese medicine into pharmaceuticals and supplements, is likely to positively influence the growth of the market. On the other hand, the demand for herbal supplements is anticipated to seek moderate growth as consumers are placing their confidence and disposable incomes in nutritional & other health supplements to maintain health and reduce the cost of health care in the future.
Ready-to-use spice mixes are becoming increasingly popular among consumers as they save time and effort and provide consistency in taste in culinary preparation. The hectic lifestyles of consumers, growing demand for convenience in food preparation, and increasing disposable incomes are leading to increase in demand for ready-to-use spice mixes. Seasoning and spice companies are also starting new advertising campaigns to encourage consumers to try recipes at home.
Companies such as McCormick and Kerry have also started campaigns on social media such as Facebook, Pinterest, and Twitter to help establish their brands' identities. Increasing medicinal benefits and changing consumer taste and preferences will continue driving the market.
Grand View Research has segmented the global seasoning and spices market on the basis of product, application, and region:
- Seasoning and Spices Product Outlook (Revenue, USD Billion, 2014 - 2025)
- Salt & Salt substitutes
- Seasoning and Spices Application Outlook (Volume, Kilo Tons; Revenue, USD Billion, 2014 - 2025)
- Bakery & Confectionary Products
- Meat & Poultry Products
- Frozen Food
- Soups, Sauces &Dressings
- Seasoning and Spices Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion, 2014 - 2025)
- North America
- Asia Pacific
- Latin America
- South Africa
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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