A spice is used to provide a unique flavor to food and seasoning by sprinkling spices and salts to make the food appetizing. Salt is the most essential seasoning ingredient.
Depending on type, the seasoning and spices market is broadly classified into spices, herbs, salts & salt substitutes, and blends. Out of these, salt accounts for having the highest markets share as it contains sodium, which is an important component for the growth of the body, and is also used in food preservation. In addition to this, salt can be used to reduce the effect of other flavors such as bitterness and sweetness. Depending on application, the market is segmented into bakery & confectionary products, meat & poultry products, frozen food, soups, sauces & dressings, beverages, and others. Out of which, soups, sauces, and dressings have the highest market share.
Spices do not hamper the whole nutritional content of the food while cooking. Owing to rise in the demand for flavorsome food, they are massively produced. One can expect that the spices and seasoning market will grow at a substantial rate during the forecast period.
COVID-19 Scenario Analysis
- Spices have a longer shelf life, which has led to stockpiling.
- The closure of industries due to lockdown has not only affected the production scale but also growth of the market.
- Export–import is at a halt.
- Dependency on other countries is also affecting the sales due to impaired supply chain.
- Companies will opt for e-commerce sales post COVID-19 to recover the sales and to adapt to this volatile business environment.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Increased disposable income, changing patterns of taste, inclination of people towards customary food, and high preference for functional food are the major factors fueling the growth of the spices and seasoning market. In addition to this, rise in number of hotels, restaurants, and café is increasing the demand. The spices sprinklers are available on the table tops of restaurants, this helps in generating awareness towards the consumption of spices.
Furthermore, the advanced technology used in the packaging and labelling of spices is creating a wide consumer base. Awareness among people about different cuisines such as Asian, Chinese, and Italian, is propelling the market growth. Spices add a flavor even in the food which is consumed in raw form.
However, the overconsumption of spices might lead to indigestion and obesity, which is a limiting factor in the growth. Conversely, companies are coming up with improved characteristic of spices, which will help in controlling the blood sugar levels and having antioxidant properties. Spices contain essential vitamins and minerals, which help in overcoming the nutritional deficiencies with an added advantage of taste. Hence, these are the major factors escalating the demand for seasoning and spices market.
The global seasoning and spices market trends are as follows:
New product launches to flourish the market
Key market players are concerned about brand loyalty and changing consumer behaviors. They are using this fact as a viable methodology to extend their global footprint. They are opting for robust strategies and expanding their online sales. The availability of new products on different websites is propelling the growth. Also, the usage of advanced technologies and investment in innovation has led to increase the product life cycle.
Surge in usage in automotive and industrial applications
There is an increase in the consumption of spices in salad dressings, pizza, and beverages. Spices are of utmost importance in every cuisine. Hence, the spices and seasoning industry is witnessing a remarkable growth. Also, they are used for the decoration purposes in many cuisines.
Key Benefits of the Report:
- This study presents the analytical depiction of the global seasoning and spices market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global seasoning and spices market share.
- The current market is quantitatively analyzed to highlight the global seasoning and spices market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global seasoning and spices market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Seasoning and Spices Market Research Report:
- Which are the leading players active in the seasoning and spices market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What future projections would help in taking further strategic steps?
Seasoning And Spices Market Report Highlights
By Sales Channel
Key Market Players
Ariake Japan Co., Ltd., SHS Group Limited, Dharampal Satyapal Limited, Kerry Group Plc., Associated British Foods Plc., Ajinomoto Co., Inc, , Nestle S.A., Mahashian Di Hatti Private Limited, Olam International Limited, , McCormick & Company, Inc
Kraft Foods, Catch, Knorr