The overall spices and seasonings market is expected to grow from USD 11.02 billion in 2014 to USD 14.08 billion by 2020, at a CAGR of 5.2% from 2015 to 2020. Factors such as the increasing demand for packaged or convenience food products and meat & poultry products, owing to changing consumer lifestyle are expected to increase the demand for spices and seasonings globally. The demand for spices and seasonings is anticipated to increase in the Asia-Pacific region owing to factors such as rising disposable income, rapidly growing fast food industry, and urbanization in countries such as China, India, and Japan. The rising consumer awareness about the medicinal benefits associated with the consumption of spices is also expected to increase the demand for spices and seasonings globally. The base year considered for the study is 2014, and the forecast has been provided for the period between 2015 and 2023.
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Market Dynamics
Drivers
- Growing demand for convenience food
- Clean label: A clear trend across global food market
- Increased use of spices and seasonings as natural preservative in meat & poultry products
Restraints
- Adulteration of spices
Opportunities
- Increasing in demand for health and wellness products
Challenges
- Spices and seasonings are prone to microbial contaminations
The overall spices and seasoning market is expected to grow from USD 11.02 billion in 2014 USD 14.08 billion by 2020 at a CAGR of 5.2%. Factors such as the increasing demand for packaged or convenience food products and meat & poultry products, owing to changing consumer lifestyle are expected to increase the demand for spices and seasonings globally.
According to the FAOSTAT data, 1.15 million tons of spices and seasonings
The Asia-Pacific region is projected to be the fastest-growing market for spices and seasonings, from 2015 to 2020. The usage of spices and seasonings in the industrial sector is less in the Asia-Pacific region as compared to that in developed regions, which presents food processing industries with considerable untapped potential here. The overall economic growth in the Asia-Pacific region has led to an increase in urbanization and rapid industrialization, with a resultant rise in per capita income. These factors play a major role in the changing preference of consumers towards value-added food products.
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