Growing demand for flavor enhancing ingredients in the food industry is projected to rev up demand for seasonings and spices globally. In addition, increasing number of health related benefits attributed to consumption of the seasonings and spices is projected to impact the global market growth of seasonings and spices positively. Fact.MR states that the global market of seasonings and spices is projected to reflect a CAGR of 4.7% over the forecast period, 2017-2026.
Factors Fuelling Global Market Growth
Growth of the global seasonings and spices market is mainly bound by various macro-economic and micro-economic factors. As preference for the convenience food products continue to increase, demand for the seasonings and spices is projected to remain high globally. Surge in demand for the convenience products is further bound to ready-to-use spice packages that can be conveniently used while traveling and working. Growing expansion of the hospitality sector and tourism has led to surge in development of the tourist destinations. Increasing construction of the restaurants and hotels in the tourist destinations is projected to reflect positively towards the global market of seasonings and spices.
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Moreover, the hoteliers are banking on the growing tourism and hospitality industry to attain a competitive edge over the other players in the global market. In order to benefit, the hoteliers are increasingly offering innovative food products according to the requirements and preferences of the tourists, guests and customers. Moreover, increasing number of price-conscious customers in the hospitality and tourism industry are concentrating on offering innovative food products as a substitute for the lodging products provided to the customers. Greek seasoning, Creole, Garam masala and Cajun are some of the seasonings and spices that continue to witness significant demand for enhancing flavors of the food products significantly. Moreover, demand for cinnamon, cloves and turmeric is further expected to remain high in the global market significantly. Demand for Bound to these factors, demand for the seasonings and spices is projected to remain high in the global market over the forecast period.
Health conscious customers continue to benefit from consumption of the seasonings and spices globally. As modern customers are becoming more health conscious, manufacturers are increasingly opting for organic food ingredients for various products. In addition, surge in the disposable income will further continue to rev up demand for the healthy food products. Growing concerns regarding the various side effects of the grade-B food products and artificial flavors will continue to fuel demand for healthier food options. These factors are expected to contribute towards the global market growth of seasonings and spices over the forecast period.
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Sales to Remain High Through Online Stores
Growing demand for spicy food products is projected to fuel sales of spices in the global market. In terms of revenue, the spices product type segment is projected to witness the highest growth, recording more than US$ 6,600 Mn by 2026-end. However, the salt substitute segment is projected to reflect a robust CAGR throughout the forecast period.
By 2017-end, the conventional nature segment is projected to witness significant revenues growth, accounting for more than US$ 6,500 Mn. On the other hand, the organic nature segment is projected to reflect a significant CAGR by 2026-end.
During the forecast period, the online store sales channel segment is projected to reflect a healthy CAGR. In contrary, the modern trade sales channel segment is projected to represent a robust revenue growth, recording more than US$ 4,400 Mn by 2026-end.
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Major market players in the global market of seasonings and spices are McCormick & Company, Incorporated, Mahashian Di Hatti Private Limited (MDH Spices), Associated British Foods Plc., Olam International Limited, Ajinomoto Co., Inc, Kerry Group Plc., SHS Group Limited, Dharampal Satyapal Limited (DS Group) and Ariake Japan Co., Ltd.
Sneha Varghese is an experienced food & beverage consultant. She covers the latest trends and analysis impacting the food & beverages industry, informing and educating audiences through her writing.