The global spices and seasonings market size is projected to gain impetus from the increasing popularity of ethnic cuisines all across the world. Spices and seasonings are ingredients that enhance the flavor, and color of the food. It also helps to preserves cooked food for a longer time. Spices are derived from various natural sources such as the bark of trees, fruits, flowers, seeds, buds, leaves, roots, and others. A recent report by Fortune Business Insights titled, “Spices and Seasonings Market Size, Share & Industry Analysis, By Type (Pepper, Chili, Ginger, Cinnamon, Cumin, Turmeric, Nutmeg and Mace, Cardamom, Cloves, and Others), Application (Meat and Poultry, Bakery and Confectionery, Frozen Food, Snacks and Convenience Food, and Others), and Regional Forecasts 2019-2026,” discusses the market and its growth trajectories in details. As per this report, the market is expected to rise from USD 15.93 billion in 2018 to reach USD 22.87 billion by the end of 2026, exhibiting a CAGR of 4.7% between 2019 to 2026.
Worldwide COVID-19 Impact Analysis:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this, too, shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling, and some are thriving. Overall, almost every sector is anti**ted to be impacted by the pandemic.
We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Drivers & Restraints-
Natural Medicinal Properties of these Products to Aid in Expansion of Market
The growing demand for organic spices is promoting the spices and seasonings market growth. In addition to this, the increasing demand for turmeric, sold as Curcuma in the European nations is also boosting the market. Moreover, spices have medicinal properties, for instance, peppermint helps to reduce nausea feeling, sage can improve the function of the brain, cinnamon helps to lower the blood sugar and is used for anti-diabetic effect. Such factors also add impetus to the market. Furthermore, the increasing popularity of organic spices is also expected to fuel the demand for spices and condiments in the coming years.
On the contrary, spices and seasonings are highly prone to microbial contaminations and this affects their shelf time, thereby hampering the market. This, coupled with the adulteration of spices may cause hindrance to the overall market in the long run.
Nevertheless, the rise in demand for these products as natural preservatives used in meat and poultry products and the increasing demand for natural products for health and wellness are likely to create lucrative growth opportunities for the market in the coming years.
Pepper Segment likely to Earn 41% Share in Market with Worldwide Transport
Based on type, the market was dominated by the pepper segment. Nations such as the U.S., India, and Vietnam collectively accounted for a 41% share in 2018. Other nations such as Sri Lanka, the U.A.E., Malaysia, China, Singapore, Bulgaria, and the U.K. cumulatively accounted for 33% share in the market. The rest of the world holds the rest of the share.
Asia Pacific may Rise at 8.4% CAGR with Booming Food Processing Industry
The growth of the food processing industry is having a positive impact on the spices and condiments market share in the Asia Pacific. This region is expected to rise at a CAGR of 8.4% during the forecast period owing to wide population dynamics, and the age-old spicy food tradition followed by the region. Top spice producing nations in this region include Pakistan, China, and Turkey. India exports an average of 15-20% of spices to other nations. Vietnam is responsible for approximately 50% of the global pepper trade.
Besides this, the European market will also witness significant growth on account of the increasing consumption of organic spices. Most of the spices imported include ginger, capsicum, and pepper.
Browse Summary of This Research Insights with Detailed TOC: