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Seasoning and Spices Market Segments: By Product Type (Herbs, Salt and Salt Substitutes and Spices); By Application (Bakery & Confectionery Products, Meat & Poultry Products, Frozen Food, Soups, Sauces, & Dressings, Beverages and Others); and Region - Global Analysis of Market Size, Share & Trends for 2019 - 2020 and Forecasts to 2030
[ 170 + Pages Research Report ] Global Seasoning and Spices Market to surpass USD XXX million by 2030 from USD XXX million in 2020 at a CAGR of 4.9 % in the coming years, i.e., 2021-30.
Spice is a plant component, such as a seed, fruit, root, bark, or other parts, that is primarily used for flavoring, coloring, or preserving food. Antimicrobial properties are found in many spices. Seasonings and spices are important in all cuisines because they give each one its distinct aroma and flavor. The demand for seasonings and spices is one of those that can withstand a downturn in the long run. Immigrants bring their native cuisines with them, resulting in the growing popularity of cross-cultural cuisines around the world. This trend has boosted the global spices market by increasing demand for various spices, especially in Europe and North America. The global seasonings and spices market will continue to be driven by increasing demand for exquisite spices and seasonings for in-home culinary preparations and the rising popularity of exotic foods.
Global Seasoning and Spices market is expected to project a notable CAGR of 4.9% in 2030.
This growth is anticipated due to increasing mergers and acquisitions across various sectors which will create a worldwide demand for Seasoning and Spices. The growth of online stores is also propelling the selling of high-end products. E-commerce allows the simple purchasing of goods manufactured in remote locations. This, in turn, has made a major contribution to the development of the global Seasoning and Spices industry.
Spices segment to grow with the highest CAGR during 2020-30
Global Seasoning and Spices Market is segmented by product type into Herbs, Salt, and Salt substitutes and Spices. Spices segment held the largest market share in the year 2020. Over the forecast era, raising awareness of the health benefits and properties of various spices would help to boost demand. India was the world's largest manufacturer, buyer, and exporter of the commodity in 2020. Bangladesh, Turkey, China, Ethiopia, Sri Lanka, Jamaica, and Pakistan, for example, produce large quantities of spices.
Soups, Sauces, & Dressing’s segment to grow with the highest CAGR during 2020-30
Global Seasoning and Spices Market is segmented by Application into Bakery & Confectionery Products, Meat & Poultry Products, Frozen Food, Soups, Sauces, & Dressings, Beverages and Others. Over the forecast period, the Soups, Sauces, & Dressings Application is projected to expand at the fastest pace. Salad consumption has increased as people become more health conscious, driving demand for different types of dressings and sauces in the seasoning and spices market. The demand has developed as a result of this. Furthermore, due to the belief that organic products are healthier than refined foods, organic product variants in this segment have seen considerable demand.
Increasing awareness about best fit and growing availability
Surging demand for Seasoning and Spices Market from numerous end-user industries is the key factor contributing to the market growth. Consumers are becoming more aware of foods with high nutritional value, which are free of chemicals and preservatives, as well as microbiological protection. Owing to its high moisture content, richness in growth factors such as nitrogenous compounds, and source of minerals and vitamins, meat is an ideal medium for bacterial growth. In addition, the pH is favorable for microorganism development. Food preservatives inhibit microbial activity as well as chemical and physical reactions that cause meat and meat products to deteriorate and spoil. Meat preservation works by reducing the number of substances in meat that cause microbes to multiply. Sodium benzoate, benzoic acid, and propionic acid are the most widely used chemical preservatives. While these preservatives aid in the control of microbe growth in meat, they also degrade its nutritional value.
Environmental factors and other factors affect seasoning and spices
Additionally, they have harmful health effects such as hyperactivity in infants, kidney and liver damage, ingestion, gastritis, and peptic ulcers. As a result of increased consumer awareness of the harmful effects of chemical preservatives, demand for natural preservation, such as spices for meat and poultry products, has increased. As a result, demand for spices and seasonings is expected to rise.
Environmental factors and other factors affect seasoning and spices
Spice production is extremely unpredictable around the world due to environmental factors such as rainfall, floods, and droughts, resulting in a demand-supply gap. Petroleum prices, food stock levels, and currency exchange rates all affect commodity prices. As a result, the market's growth is likely to be hampered.
Ajinomoto Co, Inc.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Seasoning and Spices Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. Global Seasoning and Spices in APAC held the largest market share of XX.X% in the year 2020 in terms of revenue. Consumers in the area, especially in Southeast and South Asian countries, make extensive use of the products in their daily diets. Asian customs, which have been passed down from generation to generation for improving the taste of food as well as for their medicinal properties, are primarily responsible for the high consumption of seasoning and spices.
Global Seasoning and Spices Market is further segmented by region into:
Seasoning and Spices Market Segments:
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