Seasonings and Spices Market Size to Reach $30,412.8 million by 2023: P&S Market Research

NEW YORK, Feb. 19, 2018 (GLOBE NEWSWIRE) -- According to the report published by P&S Market Research, Seasonings and spices market is forecasted to reach $30,412.8 million by 2023, growing at a CAGR of 6.0% during 2018–2023.

The growth in the market will be led by the increasing awareness on the medical benefits of spices, the rising demand for ethnic cuisines, and the growing popularity of convenience foods.

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In terms of product, the seasonings and spices market has been categorized into whole and ground. The whole seasonings and spices market is expected to grow at higher rate over ground, in terms of volume and value, during the forecast period. The faster growth of the segment is due to the convenience of processing whole spices, from both the industrial and the residential perspective.

On the basis of end use, the seasonings and spices industry has been categorized into industrial, food service, and retail. Due to the growing usage of seasonings and spices in food processing industries to meet the consumer demand, the industrial sector is expected to grow at a CAGR of 4.9% and 6.0% in terms of volume and value, respectively, during the forecast period.

The seasonings and spices market is expected to generate largest revenue in Asia-Pacific, accounting $10,439.6 million in 2017. The market is being driven by factors such as the heavy consumption of seasonings and spices in South Asian countries, growing spice consumption in the Far East, and growth in the seasoning and spice production in the Asian countries.

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Key players in the seasonings and spices industry are launching new products to gain a larger market share. For instance, in August 2017, Sleaford Quality Foods Ltd. introduced eight new spices and herbs to its Chef William pot range. Products introduced included yellow mustard seeds, onion powder, celery seeds, and juniper berries. The company further aims to increase its penetration in the food industry by expanding its product portfolio. Similarly, in January 2017, McCormick & Company Incorporated launched new products in the market to bring flavors from across the world to kitchens and grills. Products launched included Korean BBQ marinade mix, Hawaiian woodfire grill marinade, Brazilian steakhouse seasoning, and Cajun hot sauce.

Some of the other key players operating in the seasonings and spices market are Everest Spices, Mahashian Di Hatti Pvt. Ltd., DS Group, Fuchs Group, Paras Spices Pvt. Ltd., Unilever Group, Ajinomoto Group, The British Pepper & Spice Company Limited, Brake Bros Ltd., Jamie Oliver Enterprises Limited, TRS Group, Camstar Herbs Ltd., and Natco Foods Ltd.

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On the basis of type, the global salt market has been segmented into sea salt and rock salt. The sea salt market is expected to grow at a CAGR of 3.1% and 4.7% in terms of volume and value, respectively, during the forecast period. As compared to rock salt, sea salt is widely consumed in most of the countries in the world, owing to its better compatibility with food items, greater nutritional value in terms of high content of trace minerals, and more health benefits. The presence of the world’s two biggest salt-producing nations in the region – China and India, makes Asia-Pacific the largest salt market globally.

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