According to the latest report by IMARC Group titled, “Spices and Seasonings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the market to exhibit a CAGR of around 4% during 2020-2025.
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Spices and seasonings are integral components of the food and beverage industry. Spices are obtained from the leaves, flowers and stems of various plants, and are primarily used for flavoring, coloring and preserving food products. On the other hand, seasonings refer to a combination of herbs, salt, or spices, which are added during the preparation of food to enhance its flavor and taste. In addition to flavor enhancement, spices and seasonings also offer health benefits, such as improving memory and boosting immunity.
The growing consumer inclination toward innovative cuisines and flavor-rich dishes is one of the primary factors driving the market growth. Growing health consciousness among consumers is another major growth-inducing factor. High in antioxidants and having medicinal properties, various spices and seasonings are extensively utilized as a natural remedy for treating diseases and ailments. Other factors, including significant growth in the hospitality industry, rising consumer expenditure on foods and beverages, steadily increasing demand for organic ingredients, and widespread utilization of spices in pharmaceuticals and cosmetics, are expected to drive the market growth in the coming years.
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Insights on Market Segmentation:
Market Breakup by Product:
1. Salt and Salt Substitutes
Market Breakup by Application:
1. Meat & Poultry Products
2. Snacks & Convenience Food
3. Soups, Sauces and Dressings
4. Bakery & Confectionery
5. Frozen Products
Market Breakup by Region:
1. North America
2. Asia Pacific
3. South Korea
4. United Kingdom
5. Latin America
6. Middle East and Africa
The competitive landscape of the industry has also been examined with some of the key players being Ajinomoto, ARIAKE JAPAN Company, Associated British Foods, Baria Pepper, Döhler, DS Group, Everest Spices, Heinz, Kerry Group, McCormick & Company, Olam International, Sensient Technologies, SHS GROUP, Spice Hunter, Unilever, Worlée, etc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.