Press release
Asia Pacific to Continue its Dominance in Global Seasoning and Spices Market
Recession-proof Attributes of Seasonings and Spices Market Keep Growth a Constant
The recession-proof nature of the global seasoning and spices market stems from the fact that when economic tidings are good, the demand for these products from restaurants and hotels remains strong. On the other hand, when the economy isn’t faring well, consumers purchase spices and seasonings to prepare food at home. As a result, the demand for spices and seasonings continues to remain constant irrespective of the prevailing economic conditions.
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The ‘world foods’ trend is catching on globally and consumers are now more willing to try exotic cuisines, creating demand for seasonings and spices. Thus, with food trends evolving, demand patterns for spices and seasonings are changing. In Western countries, for instance, the demand for Asian and Latin American food is increasing. Likewise, in countries such as China and India, Italian and Mediterranean cuisine is becoming a trend.
Demand Highest for Pepper and Salt and Salt Substitutes
The global seasonings and spices market can be segmented based on type into: salt and salt substitutes, herbs, pepper, spices, and others. Of these, salt and salt substitutes and pepper together accounted for 50% of the global market. Besides their use in food, spices and seasonings are also used for their medicinal benefits. This aspect further fuels the demand for seasonings and spices worldwide.
From the regional markets standpoint, Asia Pacific constitutes nearly 66% of the seasoning and spices market globally, by volume. Consumers in India, Sri Lanka, and China have traditionally consumed high amounts of spices in their cuisines. However, it is not just the demand for conventionally used spices that is driving the seasonings and spices market in Asia Pacific. The consumption of seasonings and spices here is growing primarily because of the massive population base here and growing wealth that has also brought about a change to consumers’ food habits. Asia Pacific’s share in the global seasonings and spices market is expected to grow to 69% by 2019.
In terms of value, Europe was the leader in the market for seasoning and spices in 2012, representing 35% of the global market. The Europe seasonings and spices market is expected to rise to US$5.7 bn by 2019. Among a few hitherto untapped opportunities for companies in the seasoning and spices market, online retailing is recommended for players wanting to remain competitive in the market.
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