Spices and seasonings are an essential part of all types of cuisines across the globe since they enhance the taste of food. With the increased disposable incomes and changing dietary habits and lifestyle of people, the demand for different types of spices and seasonings has increased tremendously over the past few years. In addition, growing awareness about their medicinal benefits for treating diseases and illnesses has also increased the demand, thereby pushing the market for spices and seasonings towards growth.

Drivers & Restraints

The growth of the global market for spices and seasonings can be primarily attributed to the following factors:

• Changing consumer preferences and lifestyles
• Growing demand for snacks & convenience foods and meat & poultry products
• Increased disposable income
• Rapid urbanization

Moreover, increasing demand for health and wellness products and the growing awareness among masses regarding the medicinal benefits of spices is also likely to stimulate the market growth further. However, increasing unfair trading practices such as adulteration of spices and seasonings is likely to hamper the growth of this market. In addition, varying prices across different regions and vulnerability of spices and seasonings being contaminated by microbes remain as key challenges for the leading market players.

Market Trends & Forecasts

The worldwide spices and seasonings market is estimated to grow at a CAGR of 5.2% between 2015 and 2020, reaching a projected value of USD 14.8 Billion by the end of 2020. In 2014, North America accounted for the largest share of the market since it was also the largest importer and consumer of spices and seasonings. Following it were Europe and Asia-Pacific. However, Asia-Pacific is anticipated to be the fastest-growing market, with India being the key revenue pocket, owing to the increased production of spices, low-cost labor, and lower costs of spices in this country. Moreover, increasing urbanization and industrialization has led to rise in per capita income, thereby leading to changed preferences of consumer towards value-added food products.

Based on type, the pepper segment is the leading market, followed by the capsicum segment, owing to the increase in use of pepper as a key ingredient in various cuisines and treatments. However, the capsicum segment is expected to grow at the highest CAGR over the forecast period, owing to its increased demand due to extensive use in various cuisines. Based on application, the meat & poultry products took up the largest market share, followed by snacks & convenience food products. However, the segment of snacks & convenience food products is expected to lead the market in the near future.

McCormick & Company (U.S.), Associated British Foods (U.K.), Kerry Group Plc. (Ireland), Olam International Limited (Singapore), Ajinomoto Co., Inc. (Japan), Ariake Japan Company (Japan), SHS Group (U.K.), Dohler Group (Germany), Worlee Gruppe (Germany), and Sensient Technologies (U.S.) are the leading companies functioning in the global market for spices and seasonings.

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Scope of the Research

The analysis and predictions for the global market for spices and seasonings has been done by breaking it down into following segments and sub-segments:

• Type: Pepper, Capsicum, Ginger, Cinnamon, Cumin, Turmeric, Nutmeg & Mace, Cardamom, Coriander, Cloves, Others (including parsley, fennel, juniper berries, saffron, vanilla, sesame, marjoram, oregano, thyme, bay leaves, rosemary, basil, mint, savory, dill, tarragon, sage, mustard, anise, allspice, wasabi, and dehydrated vegetables such as onions)
• Application: Meat & Poultry Products; Snacks & Convenience Food; Soups, Sauces, and Dressings; Bakery & Confectionery; Frozen Products; Beverages, Others (spice blends and premixes, dairy products, sweets, liquors, pickles, and functional foods)
• Geography: North America, Europe, Asia-Pacific, Latin America, RoW

Summary

Changing lifestyle and increasing demand is primarily driving the global market for spices and seasonings.