According to UnivDatos, research report Global Spices and Seasoning Market Analysis, 2020, the global spices and seasoning market is projected to grow at a CAGR of 3.88% during 2021-27F. Increase in demand for spices and Seasoning are not only limited to its household consumption, many fast-food chains such as Burger King, KFC and Starbucks has inclined towards using spices Seasoning such as oregano, chilli flakes, black pepper, parsley, ginger powders and others. Furthermore, the increase in number of these fast-food chains has been boosting the market for spices and Seasoning as well. For Instance: In 2020, Subway was dominated in terms of number locations with 42,431 locations worldwide followed by Mc Donalds and Starbucks with 37,200 and 28,212 locations worldwide, respectively.

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Spices and Seasoning gives aroma, color, and enhances the flavor of the food. Depending on various types of cuisines and origin of spices and seasoning, they are available in different forms. Different types of spices and seasoning such as garlic, parsley, mint, cardamom, coriander, cloves, ginger, pepper, cinnamon; etc. gives different flavor, aroma and taste to the food.

Increase in per capita spending of consumers on food and rising popularity of exotic cuisines are the significant factors driving the growth of the global spices and Seasoning market. In North America and European region, the Japanese restaurants has observed a significant growth because of unique flavor of the cuisine. For instance, the United States retail sales of ethnic food increased from 11 billion in 2013 to 12.5 billion in 2018. These ethnic food mostly included Mexican, Asian, and Italian cuisine. The inclination of population across the globe has increased the demand for several indigenous spices and seasoning.

In 2020, the outbreak of Coronavirus illness (COVID-19) acted as a major hindrance on the seasoning and dressing manufacturing business, as supply chains were disrupted by trade restrictions and consumption fell due to government lockdowns around the world. Turmeric is grown in India on an average 95 lakh bags (each weighing 60 kg), of which 70 lakh bags are eaten domestically and around 20 lakh bags are exported. Domestic and export demand, however, were both sluggish in 2020. Moreover, the price of many spices dropped due to the pandemic situation. For instance, the price of Indian cardamom fell by half in a week, and the price of Vietnamese pepper fell by around ten percent. Importers believe there may be some panic buying going on and that prices will rise once markets reopen.

Based on the Product type, the salt and salt substitutes segment acquired the major market share and grabbed US Bn revenue from the spices and condiment market in 2020. Owing to the consistent increase in demand of salt and its substitutes in almost all types dishes. For instance: The Netherlands was the world's largest salt exporter in 2019, with shipments worth around US$ 287.36 million. Germany shipped US$ 264.86 million worth of salt around the world in that year.

Spices to Witness Robust growth

Based on the application, meat & poultry segment grabbed revenue share in 2020. The market size of this segment touched US Bn in 2020. The market share of the segment is expected to maintain its dominance in the forthcoming years as well owing to the the shift in preference of consumers for the ethnic flavors and demand improvement in in the quality, the meat & poultry segment grabbed the major market and dominated the market. As per Statista, In the period between 2016 and 2018, North America had the highest per capita meat consumption, at almost 95 kilos per person. In comparison, the average African consumes less than 13 kg per year.

Asia Pacific to grab major share of the market

Based on the Region, Asia-Pacific dominated the Global Spices and Seasoning market in 2020. The region is projected to maintain its dominance during the forecasted period 2021-27 as the consumers in the regions incorporates spices and Seasoning extensively in their daily meals, Asians have been using different spices and seasoning in their cuisines as a flavor enhancers and, also for their medicinal properties from decades. Moreover, the region has the largest population in the world and has observed high growth in the demand for spices and seasoning.

According to UnivDatos, the key players with a considerable market share in the Everest Spices, Kerry Group, MDH, Azinomoto Co. Inc., Ariake Japan Co., Ltd., Associate British Food PLC, Mc Cormick Company Inc., Dohler Group, Kikkoman Corporation, and Olam International among others. The players are focused on launching new products for gaining customers' traction and expanding their geographical reach to get a competitive edge in the industry. Some of the instances are:

In 2019, Kerry Group launched a USD 22.8 million production plant in Tumkur, India. The facility, which covers 40,585 square metres, is expected to service Indian subcontinent consumers.

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Ajinomoto Co., Inc. (Japan) strengthened its frozen foods business in North America by increasing its production capacity in September 2015. This allowed the company to meet the growing demand for packaged frozen foods from customers

Global Spices and Seasoning Market Analysis, 2020 provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Spices and Seasoning providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.      

Market Segmentation:

By Product Type (Herbs, Salt & Salt substitutes, and Spices)

By Application (Bakery and Confectionary Products,, Meat & Poultry Products, Frozen Food, Soup, Sauces and Dressing, Beverages, and Others)

By Region (North America, Europe, Asia-Pacific, Rest of the World)

By Company (Everest Spices, Kerry Group, MDH, Azinomoto Co. Inc., Ariake Japan Co., Ltd., Associate British Food PLC, Mc Cormick Company Inc., Dohler Group, Kikkoman Corporation, Olam International., etc.)

Key questions answered in the study:

What are the current and future trends of the Global Spices and Seasoning industry?

How the industry has been evolving in terms of end-user demand and application areas?

How the competition has been shaping across the countries followed by their comparative factorial indexing?

What are the key growth drivers and challenges for the Spices and Seasoning industry?

What are the customer orientation, purchase behavior, and expectations from the Spices and Seasoning firms across various regions? 

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