Persistence Market Research has published an extensive research report on the Global Market Study on Seasonings and Spices: Salt and Salt Substitute to Witness Highest Growth by 2019?. The report gives a detailed understanding of this market, the factors governing it, its strengths, weaknesses, opportunities, and threats. With the help of SWOT and Porter’s five forces analyses, the report answers questions pertaining to the growth of this market in the coming years.
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According to the market research report, the global seasonings and spices market was valued at US$12.5 bn in 2013 and is estimated to reach US$16.6 bn in 2019, growing at a CAGR of 4.80% from 2014 to 2019.
Seasonings and spices have always been an important part of dietary intake for reasons that go beyond the aroma they impart to food. They add to the taste, color, and to the nutritional value of food, thereby enhancing the health of consumers. The indispensable nature of seasoning and spices has made their market recession-proof. Furthermore, as consumers prefer to cook at home over spending at restaurants or on ready-to-cook meals, especially in times when the economy seems unstable, they directly create a support system for the growth of the global seasonings and spices market.
In recent years, the global seasonings and spice market has witnessed an upward demand trend due to the increasing income levels, which are encouraging consumers to spend unflinchingly on food products. The positive sentiment in the seasonings and spices market is also due to the changing food patterns of Asian consumers due to changing demographics. India is among the biggest producers of seasonings and spices in the world. However, the tumultuous nature of the economy along with poor logistical support are big restraints for the seasoning and spice market in India. The market’s growth is also getting hampered by the rejection of imported spices in international markets as a result of prevailing government regulations. Despite the fractured growth pattern of the global seasoning and spice market, the huge demand for organic seasonings and spices will prove to be a worthy opportunity for this market.
The proliferation of seasonings and spices is also due to their use in several types of medicines. A crucial growth driver worth noting is the increasing demand for French and Italian cuisine in Asian countries that is leading to a want for exotic seasonings and spices.
The global seasonings and spices market has been segmented on the basis of products and geography. The products in this market are salt and salt substitutes, herbs, pepper, and spices. Geographically, the global seasonings and spice market is divided into North America, Europe, Asia Pacific, and Rest of the World.
The important players profiled in the global seasonings and spices market study are Knorr, Everest Spices, McCormick & Company, Ajinomoto, Nestle, Catch, MDH Spices, and Kraft Foods. Out of these, McCormick holds the leading position in the market thanks to a wide range of products. The report studies the companies’ financial status, research and development activities, investment plans, and outlook for the coming years.