Seasonings and Spices Market is anticipated to reach a value of US$ 16.62 Bn in 2019

Seasonings and spices are essentials in every cuisine, as they offer a unique aroma and peculiar taste to each cuisine. The seasonings and spices market is one of those markets, which stay recession proof in the long run. Growing popularity for exotic food and rising demand for exquisite spices and seasonings for in-home culinary preparations will continue to drive the global seasonings and spices market over the six-year forecast period, 2013-2019. The global market for seasonings and spices is anticipated to reach a value of US$ 16.62 Bn in 2019, up from US$ 12.53 Bn in 2013. The market will expand at a moderate CAGR of 4.8% over the forecast period.

Rising popularity of exotic cuisines and increased expenditure on food will remain a key factor driving the growth of the global seasonings and spices market. Globalization is rapidly swaying the market with higher penetration of indigenous spices and seasoning products worldwide. There are various types of pepper, such as Marjoram and Anaheim, which are specifically grown in Southern Europe and Mexico respectively. Developing nations in the Asia Pacific region will continue to raise significant demand for such spices. Another factor that is expected to favor the market growth in emerging economies, is rising popularity of Western foods. Changing consumer food habits and an increasing number of dedicated restaurants for Thai, French, and Italian food are a few more factors fueling the demand for spices and seasonings on a global level. Growing popularity of organic spices and seasonings is expected to continue trending by the end of 2020, boosting the revenues of the global market. Organic segment is currently at a nascent stage, and will offer lucrative growth opportunities. Certain spices and herbs even find important application in the medical therapy field. This also is a promising factor that can potentially propel the demand.

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Certain government policies prohibit specific imported spices and seasonings. The market in developing economies will continue to face this challenge during the forecast period. Moreover, uncertain economic conditions and inefficient logistics may also affect the market growth in the next few years. Ever-evolving climatic conditions also impact the market to a large extent.

The global seasoning and spices market is segmented on the basis of product type. There are four key segments viz. salt and salt substitutes, pepper, herbs, and spices. The salt and salt substitutes segment recorded the highest revenue share in 2012, and is expected to register steady growth by 2019 end, at a CAGR of 4.3%. The salt and salt substitutes segment is anticipated to reach a shipment of 369.2 million kg by the end of 2019.

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