The spices and seasonings market is expected to grow significantly during the forecast period owing to the growing awareness of the medical benefits of spices and the increasing popularity of ethnic cuisines. The spices and seasonings market trend is depicting a steady change in the eating habits of the population. This fact is majorly driving the global sales of spices and seasonings owing to consumers’ shift towards eating between meals in a day.
The market is further, expecting an increase in the availability of advanced distributing channels and networks for spices and seasonings including in places like the hyper/supermarkets is expected to fuel the demand. Manufacturers in the global market premises are focusing on targeting the demographic of urban consumers willing to switch from conventional and other baked items to healthier and more spicy alternatives. Thee global Spices and Seasonings Market companies and investors are majorly forming strategies that involve more product variations and portfolios for the target audience in the portfolio to grab the attention of the target consumers.
COVID 19 Analysis
In the current scenario, it has become an important fact to boost the immunity to fight the deadly coronavirus, along with the maintenance of proper hygiene and following all medical advisories that have been laid down. Even the guidelines provided by the World Health Organization (WHO) in the treatment of the COVID-19 pandemic and its analysis suggest the world population consumes immunity-boosting foods. Hence, there has been a huge demand for medicinal spices extracts that are carrying the properties of boosting human immunity is at the surge in the pharmaceuticals & nutraceuticals industry.
The worldwide has entered the lockdown, however, has also affected farming practices, which has highly impacted the demand and supply of the raw materials of spices and seasonings. The outbreak of the COVID-19 impact on logistics also contributes to the increased prices of raw materials, which is likely to be boosting the cost for medicinal spices and seasonings manufacturers.
The spices and seasonings market share is witnessing a growth in the rising degree towards health awareness and demand for chemical-free food products are the major factors propelling the market growth based on the predictions for the forecast period that will be ending in 2027.
The spices and seasonings market value is at the stake of rising during the ongoing forecast period owing to the lack of awareness amongst the target consumers followed by their altered ability to fund the purchases because of the lifestyle and preference changes that have been introduced because of the pandemic during 2020 followed by its repercussions in the ongoing forecast period that will be ending in 2028.
In March 2021, one of the prominent market players - Sensient Natural Ingredients LLC (SNI) displayed excellent market conduct and announced that it finalized a transaction to acquire New Mexico Chili Products Inc. This product is a dehydrated chili production facility in Deming, NM, that processed capsicum followed by a variety of specialty chilies for commercial sale to CPG food manufacturers.
The spices and seasonings have been segmented for a promising functioning of the global market during the ongoing forecast period that ends in 2027. The global spices and seasonings market segmentation is helping in the expansion of the revenue potential of the market followed by their rising need to meet the vibrant needs of the global target audience. The global market has the following sub-segments.
The spices and seasonings market is growing because of the performance that has been recorded by the following market players:
The spices and seasonings market report has been prepared to understand the propelling market dynamics that will have an impact on the functioning of the market during the forecast period that ends in 2028. The global market report will help to lay down an understanding of the basis of the market segmentation to meet the rising needs of the audience and the developments that have been undertaken during the period.
Frequently Asked Questions (FAQ) :
Spices and seasonings market is majorly driven by preparation of exotic dishes by consumers.
North America is pegged to lead the global spices and seasonings market due to increased demand for spices in foods in the region.
APAC can lead the global spices and seasonings market in the coming years due to major exports coming from Thailand, China, India, and Vietnam.
Associated British Foods PLC, Döhler Group, Olam International, Ajinomoto Co., Inc., the SHS Group, Ariake Japan Co., Ltd, SHS Group, McCormick & Company, Inc., Kerry Group PLC, and Sensient Technologies Corp. are major players of the global spices and seasonings market.