Global Seasonings and Spices Market is expected to grow at $30,412.8 million by 2023 | Top Key Players DS Group, Sleaford Quality Foods, McCormick & Company, FUCHS Group, Paras Spices Pvt. Ltd., Ajinomoto Co., Inc., British Pepper and Spice Co Ltd, TRS Gr

Seasonings and spices market are forecasted to reach $30,412.8 million by 2023, growing at a CAGR of 6.0% during 2018–2023. The growth in the market will be led by the increasing awareness on the medical benefits of spices, the rising demand for ethnic cuisines, and the growing popularity of convenience foods.

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In terms of product, the seasonings and spices market has been categorized into whole and ground. The whole seasonings and spices market are expected to grow at higher rate over ground, in terms of volume and value, during the forecast period. The faster growth of the segment is due to the convenience of processing whole spices, from both the industrial and the residential perspective.

On the basis of end use, the seasonings and spices industry has been categorized into industrial, food service, and retail. Due to the growing usage of seasonings and spices in food processing industries to meet the consumer demand, the industrial sector is expected to grow at a CAGR of 4.9% and 6.0% in terms of volume and value, respectively, during the forecast period.

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Asia-Pacific will remain the largest market during the forecast period

The seasonings and spices market are expected to generate largest revenue in Asia-Pacific, accounting $10,439.6 million in 2017. The market is being driven by factors such as the heavy consumption of seasonings and spices in South Asian countries, growing spice consumption in the Far East, and growth in the seasoning and spice production in the Asian countries.

From supply side, the Asia-Pacific seasonings and spices industry growth is driven by increase in the production of spices in different countries, favorable environment and climatic conditions for spice production, and support from government agencies to increase spice production. For example, in September 2016, the National Bank for Agriculture and Rural Development (NABARD) in India announced its plan to provide financial support to promote 200 farmer producer companies (FPOs) in Tamil Nadu.

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Overview of Global Salt Market
On the basis of type, the global salt market has been segmented into sea salt and rock salt. The sea salt market is expected to grow at a CAGR of 3.1% and 4.7% in terms of volume and value, respectively, during the forecast period. As compared to rock salt, sea salt is widely consumed in most of the countries in the world, owing to its better compatibility with food items, greater nutritional value in terms of high content of trace minerals, and more health benefits. The presence of the world’s two biggest salt-producing nations in the region – China and India, makes Asia-Pacific the largest salt market globally.

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This release was published on openPR.