Spice and Seasoning Market Growth, Trends and Forecasts (2020 - 2025)
Global seasoning and spices market is projected to grow at a CAGR of 4.7%, during the forecast period (2019-2024).
The global seasoning and spices market is segmented by Product Type into Salt and Salt Substitutes, Herbs and Spices. Herb segment is again fragmented into Thyme, Basil, Oregano, Parsley, Other Herbs. Similarly spice segment is divided into Pepper, Cardamom, Cinnamon, Clove, Nutmeg, Other Spices. By Application the market is segmented into Bakery and Confectionery, Soup, Meat and Seafood, Sauce Salad and Dressing, Savory Snack, Other Applications.
Rising Salt Consumption to Drive the Market
Increase in salt consumption by food processors across the globe will remain steady owing to the rising demand for consumption of packaged and convenience foods in a number of countries. The table salt production industry operates with a high level of market share concentration. This is due to expanded product line offerings and production capacity levels for the industry's major players, as well as the purchase of Morton Salt by K+S Group, which served to expand the scale of production with which the company operates.
Asia-Pacific Is The Fastest Growing Market
Asia-Pacific is the fastest growing market in the global spices and seasonings market. China is the largest market in the region followed by the Indian market. The climatic conditions of the region are favorable for the growth of various spices and seasonings. Thus the Asia-Pacific produces the best quality of spices, which brings the major players to the region. The majority of the demand is observed from countries, such as United States, United Arab Emirates, UK, Germany, etc. Most of the nations in Asia-Pacific use locally produced spices and seasonings. A good amount of spices from the region is exported to Europe and North America. Increasing demand is found in the organic spice and seasoning segment.
The global spices and seasonings market is highly fragmented and competitive with the presence of various players. The companies are making themselves more competitive by strengthening their distribution systems, entering into partnerships, acquisitions, entering new regions, expanding product range etc. The major players are McCromick, Kraft Heinz, Kerry Group, B&G Foods, Associated British Foods PLC, and Sensient Technologies.