Acumen Research and Consulting, recently published report “Seasonings Market – Global Industry Analysis, Market Size, Share, Growth and Forecast, 2019 - 2026”.
LOS ANGELES, May 02, 2019 (GLOBE NEWSWIRE) -- The Global Seasonings Market size is estimated to grow at CAGR above 4.3 % over the forecast time frame 2019-2026 and reach the market value around USD 25 billion by 2026.
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Some of the market's main stimulants for growth are transition in global consumption trends and increasing consumption in favor of ethnic kitchens. In addition, large numbers of unorganized participants and changing lifestyles are expected to drive demand for seasoning and spices worldwide because of greater economic participation. Increasing consumer preferences for ready-made spices are also a boost for the market in order to save time and achieve real taste. The increasing demand is estimated to work in the market for genuine ingredients and a fusion of ethnic tastes.
Consumer desirability and broad interest to experiment with new tastes lead to a proliferation of products and the growth of seasonings and spice sales. Their demand in new ethnic tastes. Japanese restaurants, which have an emphasis on light seasoning and natural flavors, have experienced a significant increase in popularity in developed economies like the US and European countries. Similarly, the number of restaurants offering ethnic cuisine in Mexico, Italy, India and China has also grown.
Exotic tastes increase in popularity to boost growth
An increasing fame for innovative recettes and increased food consumption remain a key driver of global seasoning and spice growth. Increased infiltration of indigenous spices and seasoning products around the world influences globalization quickly on the market. For example, Marjoram and Anaheim are different types of pepper, which are developed separately in South Europe and Mexico. Developing Asia Pacific countries will continue to raise huge spice demand. The authentic tastes developed in Asian countries have a number of medical benefits that are expected to fuel the demand for these natural benefits across Western regions, for instance, North America and Europe.
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Regional Outlook
Geographically, five major regions were segmented in the global seasonings market: North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America in 2018 represented some 4 billion geographically. A CAGR of over 3 percent during the forecast period is expected to be recorded. The global seasonings market holds a significant share of North America. A high consumption of salad dressings and candies is the reason for the region's growth. During the forecast period Asia Pacific is expected to report the highest CAGR of about 5 percent. The region is one of the leading spice and herb producers and exporters. The region has the world's biggest population, and the demand for spices and seasonings has been growing impressively.
By 2026, Europe is projected to account for around 20.0% of the market value in general. In recent years there has been an increase in the population's inclination to ethnic food. The growing multicultural population in the region and the growing rates of European travel to exotic destinations are attributable to that. This makes exotic food demand easier at home. European consumers can easily use spices, such as peppers, ginger, anises, curry, chilies, cardamom, cassia cinnamon, cloves and fennel.
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Key Players & Strategies
The Seasonings market is consolidated with large number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. The key players of the market are McCormick & Company, Inc., Ajinomoto Co., Corbion, Nestle, Olam International, Associated British Foods PLC. and others.
MDH Spices, Everest Spices, Symega Food Ingredients Limited, DS Group, Unilever, Kraft Heinz Co., and Ariake Japan Company are also notable industries participants. Other key strategies adopted by key industry players are supply chain agreements, mergers & procurements, and product improvements. The Kraft Heinz Co. acquired, for example, the Primal Nutrition LLC for approximately US$ 200 million on 29 November 2018. The acquisition helped the company diversify its product portfolio and innovate them.
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