Global Seasonings and Spices Market Size Analysis, 2018-2028Posted by Alex Werner on June 10th, 2018 Global Seasonings and Spices Market Size Analysis Global seasonings and spices market sales revenue was valued over US$ 19.1 billion in 2017 and will register a CAGR of 5.7% CAGR to create high incremental opportunity for manufacturers. The industry is highly competitive with presence of large number of regional players. However, most of the players will continue to drive the sales owing to emergence of new distribution channels and change in consumer eating behavior. Global spices market is polarized with Western Countries having high import dependency from South East Asia. Geographical proximity and consumer sentiments has played a key role in overall demand in South East Asia. The prices for spices will increase especially in developing regions. However, the production capacity will continue to be mostly similar in next ten years. Demand for Organic Products to Boost Spices Market Sales Worldwide Nowadays, people are getting more health conscious. As a result, consumers are looking forward to organic food products for health benefits. The trend was witnessed in spice industry as well. Demand for these spices will increase over 6,400 kilo tons by end of 2025. Companies are investing heavily in order to scale their business operations in organic segment. Recently, in 2017, Red Monkey Foods acquired San Francisco Salt Company. The move is expected to help company to strengthen their business presence in North America. Another company IFSC invested in Olam to expand its business reach in Nigeria, India and Singapore. Olam is investing large sum of amount towards organic spices product. It raised US$ 175 million from International Finance Corp. to finance its project in Nigeria and India. Another company – Simply Organic- launched a series of organic spices including four savory dips and seasoning mix in 2016. Organic spices market is a white space opportunity for industry players owing to limited players in business. Well planned strategic expansion could help companies gain higher market share in global seasonings and spices market. To download the sample & get more detail insights, click here: https://bekryl.com/industry-trends/seasonings-and-spices-market-size-analysisGlobal Seasonings and Spices Market Size, By Product Type Chilly and mint products registered highest sales in 2016 and 2017. It will continue to dominate the spices market owing to its wide scale usage in processed foods industry. Chilli is grown almost throughout the year – leading to consistency in production and revenue generation. Other than the food, chilli found its usage in beverages and medicines. While most spices are produced in South East Asia, chilli is also grown on large scale farms in Latin America and South East Asia. India is the largest producer of Chilli accounting for over 1.5 million tons annually in 2018. This is 19% of global chilli production. Trade flow is significantly higher in chilli spices market. While India, China, and Brazil are major exporters, U.S, Mexico, Canada, Singapore and EU-5 are major importers. Mint is another key product that registered significant sales worldwide. It is a calming and soothing herb that primarily finds its usage in digestive purposes. Spearmint and peppermint are two types of mint available in the market. India, China and U.S. are the largest producer of mint in the world. North America has good demand for these products owing to presence of large scale end-use companies. Chewing gum, toothpaste and mouthwash finds most of its usage. U.S. is the leader in peppermint production. Most production and packaging facilities is located in Northwest region of U.S. India mint production is close to U.S., however, major demand is met domestically. These region is highly competitive with presence of large number of small scale players. While U.S. and India account for majority of mint production, China is emerging as the most lucrative destination for suppliers and vendors. The increased demand is primarily attributed to growing usage in Chinese traditional medicines. Global Seasonings and Spices Market Size, By End-use Sales of seasonings and spices will be higher in industrial sector accounting for over 52% of global share in 2017. Spices are in high demand in food processing industry, which is actually driving the industrial demand. The food processing industry is set to register impressive double digit CAGR of 11% in Asia Pacific. Significant demand in this industry is set to create space for spices sales. Global Seasonings and Spices Market Size and Forecast: Regional Analysis Globally, Asia Pacific will continue to dominate the global seasonings and spices market demand worldwide. In 2017, it accounted for over US$ 11,300 million in 2017, and will register impressive CAGR of 7.9% to create higher incremental opportunity in another ten years. Asia Pacific is primarily dominated by China and India spices market. These two countries not only consumes a major portion of spices but also exports to other parts of world including Europe and North America. India is the largest producer of spices in the world, producing 75 of 109 varieties listed by International Organization for Standardization. The country exported over US$ 2.6 billion spices to U.S., Germany, UAE, UK, Sri Lanka, and Malaysia in 2017. North America stands next to Asia Pacific in overall sales. The country rely mostly on import from China and India to meet its domestic demand. Overall, the spices market in U.S. is growing at a higher rate than it used to be in the past. Immigration is one of the key factor in increased demand for spices in the region. Nearly 13.5% of U.S. population are immigrants. Western Europe spices market will continue to register stagnant growth, with Germany, UK and Spain accounting for 73% of overall demand in the region. In Eastern Europe, Russia will be a dominant market. Global Seasonings and Spices Market Size and Forecast: Competition Landscape Some of the key players of the global Seasonings and Spices market are Ajinomoto Group, The British Pepper & Spice Company Limited, Everest Spices, Jamie Oliver Enterprises Limited, Mahashian Brake Bros Ltd., Fuchs Group, Paras Spices Pvt. Ltd., Unilever Group, Di Hatti Pvt. Ltd., DS Group, TRS Group, Camstar Herbs Ltd., and Natco Foods Ltd. Seasonings and Spices Market Entry Scenario: Market entry scenario is increasingly becoming stringent with government regulatory bodies mandating suppliers to comply with food safety and quality norms. This is particularly true in Europe and North America. As such, it is hard for new players to enter the market, however, once approval can easily scale up the operations owing to higher demand of spices worldwide. Seasonings and Spices Industry Company Competition: While the industry is highly fragmented, leading players still capture a major chunk of the market when it comes to higher end spices and specialty spices. It is particularly harder for small scale companies to compete with industry leaders in this segment. The industry is particularly focused on product differentiation rather than pricing parity. Companies are engaged in developing spices that are of good fragrance, better taste and are of higher quality. Rise in disposable income especially in developing regions of Asia Pacific has led to increased demand for packaged products. Organized retail penetration in emerging economies will create opportunity for spices market vendors and suppliers. Research Scope: By Product: Whole
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