LONDON--(BUSINESS WIRE)--The global spices and seasonings market size is poised to grow by USD 3.66 billion during 2020-2024, progressing at a CAGR of about 4% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The growing awareness of the medical benefits of spices will drive the growth prospects for the global spices and seasonings market. The medicinal properties of various best spices backed by scientific evidence will accelerate the consumer’s interest in these products. Also, as these spices have antioxidant properties and antiseptic qualities, they are increasingly used as substitutes for various beauty products and medicines. For instance, turmeric is rich in antioxidants and helps in fighting against diseases such as Alzheimer’s, cancer, and joint inflammation. Similarly, black pepper powder is used to cure stomach upset, bronchitis, and cancer. In addition, the increasing advertising campaigns to promote spices and seasonings and the changing consumer taste and preferences will further accelerate the rate of revenue generation in the global spices and seasonings market.
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Report Highlights:
- The major spices and seasonings market growth came from salt and salt substitutes segment. The increasing usage of salt substitutes by health-conscious population, people with diabetes, and high blood pressure is driving the demand for salt and salt substitutes. Market growth in this segment will be slower than the growth of the market in the pepper, dried herbs, individual spices, and other spices and seasonings segment.
- APAC was the largest spices and seasonings market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The launch of a wide variety of spices and seasonings, the growing use of online platforms for purchasing groceries, increased demand for spices and seasonings, and growing Asian population will significantly drive spices and seasonings market growth in this region over the forecast period.
- The global spices and seasonings market is fragmented. Ajinomoto Co. Inc., Associated British Foods Plc, Dohler GmbH, DS Group, Kerry Group Plc, McCormick & Co. Inc., Organic Spices Inc., SAIGON HANOI IMEXCO Ltd., The Kraft Heinz Co., and Unilever Group. are some of the major market participants. To help clients improve their market position, this spices and seasonings market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global spices and seasonings market 2020-2024 is expected to have Positive and Superior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Increased Varieties of Ready-To-Use Spice Mixes will be a Key Market Trend
Ready-to-use spice mixes are becoming increasingly popular among consumers as they save time and effort and provide consistency in taste every time food is prepared. The hectic lifestyles of consumers, growing demand for convenience in food preparation, and increasing disposable incomes have led to an increase in the demand for ready-to-use spice mixes. The availability of ready-to-use spice mixes has made food preparation easy and quick. New varieties of aromatic tablets and blended spices developed for specific and exotic cuisines are being made available to the consumers. Increased varieties of ready-to-use spice mixes will, thus, drive the demand in this market during the forecast period. As a result of such factors, the spices and seasonings market will during the forecast period.
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Spices and Seasonings Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist spices and seasonings market growth during the next five years
- Estimation of the spices and seasonings market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the spices and seasonings market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of spices and seasonings market vendors
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Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product
- Salt and salt substitutes - Market size and forecast 2019-2024
- Pepper - Market size and forecast 2019-2024
- Dried herbs - Market size and forecast 2019-2024
- Individual spices - Market size and forecast 2019-2024
- Other spices and seasonings - Market size and forecast 2019-2024
- Market opportunity by Product
Market Segmentation by End-user
- Market segments
- Comparison by End-user
- Retail sector - Market size and forecast 2019-2024
- Food service sector - Market size and forecast 2019-2024
- Industrial sector - Market size and forecast 2019-2024
- Market opportunity by End-user
Customer landscape
- Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Volume drivers – Demand led growth
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Ajinomoto Co. Inc.
- Associated British Foods Plc
- Dohler GmbH
- DS Group
- Kerry Group Plc
- McCormick & Co. Inc.
- Organic Spices Inc.
- SAIGON HANOI IMEXCO Ltd.
- The Kraft Heinz Co.
- Unilever Group
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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