Seasonings Spices Market to Reach US$ 16.62 Bn by 2026, At growth rate (CAGR) of 4.8%

According to researchers, the global market for spices and seasonings will increase to US$ 16.62 billion in 2019 from US$ 12.53 billion in 2013. The market will expand at a moderate CAGR of 4.8% during the anticipated time frame.

Seasonings and spices are essential to every cuisine because they give each dish its own unique flavour and scent. The business of seasonings and spices has historically resisted economic downturns. The demand for fine spices and seasonings for at-home culinary preparations and the increased popularity of exotic foods will continue to drive the global market for seasonings and spices throughout the six-year projected period, 2013-2019.

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The market for seasonings and spices will keep growing due to rising consumer food spending and the acceptance of ethnic cuisines. Globalization has led to a greater uptake of locally produced spices and seasonings on the international market. Pepper comes in many different types, including Marjoram and Anaheim, which grow particularly well in Mexico and Southern Europe, respectively.

The Asia-Pacific region's developing nations will continue to experience a sharp increase in demand for these spices. Another element that is projected to support market expansion in emerging economies is the growing popularity of Western meals.

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Companies

Some of the major players in the seasonings and spices market:

McCormick & Company.
Everest Spices.
MDH Spices.
Kraft Foods.

Currently in its infancy, the organic segment will present significant growth potential. Some herbs and spices are even used extensively in the field of medical care. This is another encouraging element that may help to increase demand.

Specific imported spices and condiments are prohibited by some national regulations. Throughout the projected period, the market in developing economies will still have to overcome this obstacle. Additionally, shaky economic conditions and ineffective logistics may hinder market expansion in the upcoming years. Climate change has a significant impact on the market as well.

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Regional Segmentation :  (Seasonings Spices Market)

Geographically, the global seasonings and spices market is segmented into four key regional markets. While Europe has been representing the largest market for spices and seasonings over the years, Asia Pacific has also developed into a key market within the recent past.

A few countries in Asia, including India, are among the top producers of a variety of spices and seasonings, and the market in Asia Pacific is anticipated to thrive close to the European market during 2014-2020. Several food application segments across APAC also create sustainable demand for spices and seasonings in bulk.

These two key regions will retain their dominance in the global seasonings and spices market, whereas the market in the U.S. is projected for an uptick, attributed to the consumer inclination toward hot and spicy cuisines.

The most sought after products are observed to be jalapeno, pepperonicini, and poblano peppers.

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