The global spices and seasonings market size is projected to reach USD 22.87 billion by 2026, exhibiting a CAGR of 4.7% in the forecast period (2019-2026). However, the market was valued at USD 15.93 billion in 2018. This information is published in a recent report by Fortune Business Insights™, titled, “Spices and Seasonings Market Size, Share Industry Analysis, By Type (Pepper, Chili, Ginger, Cinnamon, Cumin, Turmeric, Nutmeg and Mace, Cardamom, Cloves, and Others), Application (Meat and Poultry, Bakery and Confectionery, Frozen Food, Snacks and Convenience Food, and Others), and Regional Forecasts, 2019 – 2026.” As per the report, a rise in the demand for new spices and various spice blends is expected to propel the spices and seasonings market growth during the forecast period.
Increasing Demand for Organic Spices Herbs to Propel Growth
There is a high demand for organic spices around the world. At present, China, India, and Vietnam are the largest exporters of organic spices. They are producing various organic spice commodities by using several spices, namely, ginger, garlic, and chilies. Besides, in the developed regions, such as Europe, there is rising popularity of organic spices amongst the masses as these spices are made out of natural ingredients and are free from pesticides. Also, increasing awareness programs amongst the masses regarding the medicinal properties of spices would drive the market growth in the forthcoming years by rising the demand for organic herbs and spices.
Snacks and Convenience Food Segment to Lead Owing to Rising Consumption of Snacks
In terms of application, the spices and seasonings market is divided into snacks and convenience food, meat and poultry, frozen food, bakery and confectionery, and others. Amongst these, the snacks and convenience food segment is expected to dominate the market owing to a rise in the consumption of snack items in several countries.
On the other hand, the bakery and the confectionery segment would hold the second-largest spices and seasonings market share during the forecast period. It is likely to occur on account of the immense growth of the bakery industry in numerous emerging regions, specifically in Asia Pacific.
Asia Pacific to Dominate: Expansion of Food Processing Industry Will Favor Growth
Geographically, the spices and seasonings market is grouped into the Middle East and Africa, Europe, Asia Pacific, North America, and South America. Out of these, Asia Pacific is anticipated to grow exponentially owing to the rapid expansion of the food processing industry. Apart from that, the tradition of consuming spicy food as well as the growing population would accelerate market growth in this region. India is considered to be the largest producer and consumer of various kinds of spices.
Europe, on the other hand, is projected to showcase notable growth in the coming years. This growth is attributable to the trend of consuming organic spices in this region. It is in turn, is likely to create several opportunities for market growth. The region imports ginger, capsicums, and pepper.
Ajinomoto Increases Production of Ros Dee Flavor Seasoning in Thailand
Ajinomoto Co., a food and biotechnology corporation based in Japan, announced that it would invest USD 23.1 Million to meet the increasing demand for flavor seasonings in Thailand. The company will advance its production capacity for Ros Dee, its flavor seasoning in the Kingdom of Thailand. As per the company, the flavor seasoning market in the country has increased by approximately 1.3 times for the past five years to around 70,000 tons in 2015. It is anticipated to grow in the upcoming years owing to the rising usage of seasonings at houses, food stalls, and restaurants.
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