Spices and Seasoning Market Trends, Revenue and Volume, Research Report 2021 to 2027

Author : univdatos
Publish Date : 2021-10-29 13:09:06
Spices and Seasoning Market Trends, Revenue and Volume, Research Report 2021 to 2027

Global Spices and Seasoning Market is expected to reach the market valuation of USD -- billion by 2027 expanding at a reasonable CAGR of 3.9% during the forecast period (2021-2027) from USD -- billion in 2020. Spices and condiments give aroma, color, and enhances the flavor of the food. Depending on various types of cuisines and origin of spices and condiments, they are available in different forms.

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 condiments market. The increase in international travel immigration and globalization has drawn consumer’s attention towards ethnic food. For instance, the United States retail sales of ethnic food increased from 11 billion in 2013 to 12.5 billion in 2018. The 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 condiments. Furthermore, the rising consumer awareness about the ill effects like hyperactivity in kids, damage to kidney and liver, from the chemical food preservatives such as sodium benzoate, propionic acid, and benzoic acid has increased the demand of natural preservatives, which includes several spices. This trend is expected to increase the demand for spices and condiments

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. The dynamics of worldwide spice commerce have been affected by certain Chinese and Indian policies. During the early phases of the outbreak, India blocked its borders fully, making it difficult to export any goods. In Vietnam, the same thing happened. The coronavirus outbreak has caused a dramatic drop in demand in China, a key buyer of Indian spices. As a result of this circumstance, the costs of various spices have decreased. 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

Based on product type, the market is fragmented into herbs, salts & salts substitute, and spices. The salt & salts substitute segment dominated the market in 2020 and generated the total revenue of USD -- billion. It is anticipated to maintain its dominance during the forecast period owing to its consistent increase in demand in almost all types of dishes. For instance, as per Statista in 2019, salt consumption in China was highest with 10.9 gm of salt per person in a day, followed by Italy with 9.7 gm and India with 9.7 gm of salt consumed by an adult in a day.

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The total import and export of spices, coffee, tea, and mate` observed a significant growth from 47,442,074 and 48,481,619 in 2016 to 49,871,612 and 49,753,116 in 2018, respectively. Due to the outbreak of COVID the worldwide import and export value observed a sudden fall in 2020 to 49,859,006 and 51,358,179, respectively. The change in consumer preferences of going out for eating and decline in demand for most popular ethnic cuisines worldwide were the major factors responsible. For instance, as per Deloitte 2020 Report, the consumption of Italian decreased to 60% in 2020 from 79% in 2019 and out-of-home consumption reached a negative peak of 45%.

Based on the application, the market is fragmented into bakery & confectionary products, meat & poultry products, frozen food, soups, sauces & dressings, beverages, and others. Owing to 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 in 2020 and generated the total revenue of USD -- billion. It is anticipated to maintain its dominance during the forecast period. Moreover, the segment is also expected to witness highest CAGR during the analyzed period.

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Additionally, the report provides detailed initiatives that are being taken in the field of Spices and Seasoning. The market is classified into distinct regions North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), Rest of World has been conducted. Asia-Pacific dominated the market and generated revenue of USD -- billion in 2020 owing to the fast-paced emergence of marketing & promotional activities and growth of domestic brands in the region have led to a rise in the demand for the spices and condiments. Furthermore, the rise in disposable income and increase in economic growth has positively impacted on the demand of spice and condiments. For instance, as per IBEF, India produces 75 varieties out of 109 varieties listed by International Organization for Standardization (ISO) and accounts for half of the global trading in spices.



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 are some of the prominent players operating in the global Cancer Immunotherapy market. Several M&A’s along with partnerships have been undertaken by these players to develop Cancer Immunotherapy.

Global Spices and Seasonings Market Segmentation

Market Insight, by Product Type

Herbs
Rosemary
Fennel
Garlic
Mint
Parsley
Oregano
Others
Salt and Salt substitutes
Spices
Pepper
Ginger
Cinnamon
Cumin
Turmeric
Cardamom
Coriander
Cloves
Other
Market Insight, by Application

Bakery and Confectionary Products
Meat & Poultry Products
Frozen Food
Soup, Sauces and Dressing
Beverages
Others
Market Insight, by Region

North America
United States
Canada
Europe
France
Germany
Italy
Spain
United Kingdom
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
Rest of World
Top Company Profiles

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

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Table Of Content:

1 Market Introduction
2 Research Methodology Or Assumption
3 Market Synopsis
4 Executive Summary
5 Top Start-Ups Under Spices And Seasonings Sector
6 Spices And Seasonings Amid Covid-19
7 Global Spices And Seasonings Market Revenue (Usd Bn), 2019-2027
8 Market Insights By Product Type
9 Market Insights By Application
10 Market Insights By Region
11 Spices And Seasonings Market Dynamics
12 Spices And Seasonings Market Opportunities
13 Spices And Seasonings Market Trends
14 Legal & Regulatory Framework
15 Demand And Supply Side Analysis
16 Value Chain Analysis
17 Competitive Scenario
18 Company Profiled
19 Disclaimer

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UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.

 



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