Spices have played an integral role in every civilization through the ages. Even today, the global market for seasonings and spices holds an important position in the world economy, much impacted by the cultures. The global seasonings and spices market has been driven, since time immemorial, due to cultures that existed, evolved, and adapted with times. Though the market is termed and studied as that of spices and seasonings, there is a fine distinction between the two. Spices are made up of dried seeds, fruits, vegetables, roots, barks, and are substances that essentially used for preserving and flavoring food. On the other hand, seasonings refer to a process of using these spices, herbs, or salt to improve or enhance the flavor of food.
Beyond making a value addition to the taste of food items, spices and seasonings play a vital role in several diets across the globe as they have inherent medicinal properties. To elucidate this point further, turmeric, a yellow-colored spice is consumed, and known for its antibiotic properties. Similarly, many other spices are consumed for medicinal purposes, while seasonings which use these spices are used to enhance the taste of the food items.
Integral Components of Seasonings and Spices Market
The vast world of seasonings and spices has been segmented on the basis of products and geography. The product segment of the global seasonings and spices market includes salt and salt substitutes, pepper, herbs, and spices. Each of these segments can be further bifurcated depending on the products each segment may contain such as types of pepper, types of herbs, and types of spices. In terms of geography, the global seasonings and spices market includes regions such as North America, Europe, Asia Pacific, and Rest of the World. The North American segment further includes the whole of U.S. region; Europe includes countries such as France, Italy, Germany, U.K., and Spain; Asia Pacific includes India, China, Japan, and Australia; and the Rest of the World for now only studies Brazilian market for seasonings and spices.
Trajectory of Seasonings and Spices Market
Seasonings and spices form an integral part of most cuisines and food preparation. Thus, the expenditure on the same has remained unaffected despite changing or uncertain economic conditions. As a result, a unique aspect about the global seasonings and spices market is, it is largely recession-proof. Though hospitality industry and food businesses suffered in the recent economic recession, the global seasonings and spices market marched on steadily as consumers preferred home-cooked food as compared to eating out at food joints.
The global seasonings and spices market was valued at US$12,530.5 million in 2013, and is expected to grow at a CAGR of 4.8% to US$16,628.6 million by 2019. Some of the key growth drivers pushing this market are increasing disposable incomes and the subsequent spending on food products, and changing food habits in the world due to exposure to various cuisines influencing taste buds of many across the globe. Additionally, with India being an ancient, trusted, and a key producer of seasonings and spices, they market in this Asian country is growing from the manufacturing perspective as well. However, India faces huge challenges for its booming market due to international government regulations that reject spice imports from India, inefficient logistics, and ineptitude to tackle the two. However, the country can truly tap into the global seasonings and spices market if it harnesses the rising awareness and increasing demand for organic food products.
Some of the noteworthy factors contributing to the growth of global seasonings and spices market are increasing demand for Italian and French cuisines in the Asian countries. In addition to this, as spices and herbs are also being used as medicine the market of the same is expanding in a new direction. The two key players holding and grooming the global seasonings and spices market are McCormick and Unilever.
Though the global seasonings and spice market has a positive trajectory in the forecasted period, it does face a great challenges such as lack of control of climatic conditions and poor logistics management in developing nations. If the two are dealt with, the market sure shows signs of reaching newer highs.
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