LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global spices and seasonings market to grow at a CAGR of above 5% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global spices and seasonings market for 2017-2021. The report analyses the market potential for each product based on the growth rate, macroeconomic parameters, consumer buying patterns, and market demand and supply scenario.
The market is expected to grow moderately during the forecast period because of the increased use of various spices in food preparation, interest in new flavors, growing importance of different spices and herbs for different medicinal properties, and increasing demand for ethnic foods by consumers. However, the rising prices of spices because of gaps in supply and demand and different import as well as export regulations across countries can hinder the growth of this market during the forecast period.
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Technavio food and beverage analysts highlight the following three factors that are contributing to the growth of the global spices and seasonings market:
Growing awareness of the medical benefits of spices
Spices today are not just used for taste and flavor but also for the health benefits they possess. They have antioxidant properties and are thus, used in food to treat health problems or diseases. For instance, turmeric is rich in antioxidants and helps in fighting against diseases such as Alzheimer’s, cancer, and joint inflammation. Cumin seeds have antiseptic qualities and help in building the immune system. They can be used as substitutes even for beauty products and medicines. Black pepper powder is also used to make medicines. It often used to cure stomach upset, bronchitis, and cancer.
Manjunath Reddy, a lead food research analyst at Technavio, says, “Seasoning and spice companies have also started new advertising campaigns to encourage consumers to try recipes at home. Companies like McCormick and Kerry have also started campaigns on social media such as Facebook, Pinterest, and Twitter to help establish their brands' identities.”
Rising popularity of ethnic cuisines
Consumer willingness to experiment with new flavors and widespread interest in new ethnic tastes has led to a proliferation of product offerings and growth in the sales of seasonings and spices. In developed economies like the US and European countries, Japanese restaurants, which are characterized by their emphasis on light seasoning and natural flavors, have witnessed strong growth.
“A rise in demand for authentic ingredients and a fusion of ethnic flavors is driving the market. For instance, a few of the important herbs used in Latin cooking by Hispanics such as cilantro, jalapeno, chipotle, cinnamon, paprika, and cumin, are gaining popularity,” adds Manjunath.
Growing demand for ready-to-use spice mixes
Ready-to-use spice mixes are becoming increasingly popular among consumers as they save time and effort and provide consistency in taste every time a particular dish is prepared. The hectic lifestyles of consumers, growing demand for convenience in food preparation, and increasing disposable incomes have led to an increase in the demand for ready-to-use spice mixes.
Top vendors:
- AJINOMOTO
- Associated British Foods
- Kerry, McCormick
- The Kraft Heinz Company
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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