Seasonings Market is estimated to surpass USD 25 billion by 2025; according to a new research report by Global Market Insights, Inc. Strong outlook in meat, poultry, savory, and bakery applications will drive the seasonings market growth. Increasing demand for convenience foods owing to lifestyle changes accompanied by inclination towards grilled meat & poultry is escalating the demand for new seasoning mixes. Manufacturers are focusing on launching innovative flavors to cater the varied food & beverage applications. Also, the industry observes trends towards clean label and healthy products, thus replacing the use of artificial flavors by natural herbs & species.
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Increasing consumer awareness on the health benefits of varied seasonings is propelling the industry growth. For instance, Cinnamon helps in lowering blood sugar levels, thereby offering an anti-diabetic effect. Also, curcumin, an active compound in turmeric, possesses anti-inflammatory and antioxidant properties, which can help in preventing heart-related diseases and cancer.
Rise in global trade levels of spices owing to changing taste preferences and rising health consciousness will support the business expansion. For instance, according to CBI EU, European the imports of spices and herbs from developing countries observed 6.6% CAGR from 2013 to 2017, representing over 90% of the EU import volume. Key factors such as the need for improved color and taste and increasing focus on organic products is generating new growth opportunities.
The growing popularity for ethnic flavors & seasonings such as Chinese five spice powder, Indian chilies & curry, and Thai spices such as cinnamon and cassia in developed countries is fueling the industry share. The rise in globalization and migration of people from developing countries to Europe and North America are the major factors driving the demand for such seasonings. However, increasing seasoning prices owing to the demand outweighing the product supply can restrain product adoption.
Pepper dominated the global seasonings market accounting over USD 4 billion in 2018. Countries in Asia Pacific including Indonesia, India and China together hold over 60% of the global pepper production. Pepper has a high content of essential vitamins and minerals including vitamin K, vitamin C, riboflavin, iron, copper, zinc, manganese, and thiamin. Also, anti-inflammatory, anti-oxidant nature of pepper is among the key aspects improving the product usage varied applications. Further, the ability to enhance the nutrient absorption will drive the business revenue.
Seasonings market from savory applications will witness over 5% CAGR from 2019 to 2025. Increasing savory product launches such as potato crisps, tortillas, popcorn, baked snacks are driving the application scope. Further, strong demand for ready-to-eat meals owing to growing urbanization, busier schedules, and increasing consumer spending accompanied by preference towards new flavors is providing an impetus to the industry development.
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Asia Pacific seasonings market is projected to grow at over 4% annually from 2018 to 2025. Robust growth in the food & beverage market accompanied by the ease in product availability will enhance the market growth. Asia Pacific is the leading producer of species and hence observes low prices. Also, the region holds over 40% of the global meat production and witnesses rise in consumer spending on processed meat products with innovative flavor offerings. Further, increasing popularity for turmeric, ginger, and cinnamon owing to its medicinal properties is among the key trends noticed in the region.
The global seasoning market share is fragmented owing to the presence of few multinational players and a large count of regional manufacturers. The key industry players include McCormick & Company, Inc, Olam International, Kraft Heinz, Unilever, Nestle, Ajinomoto Co., MDH Spices, Associated British Foods Plc, Corbion, and DS Group. Manufacturers are anticipated to adopt merger & acquisition, strategic investments on product innovation, and geographic expansions to gain competitive advantage. For instance, McCormick partnered with IBM for working on an Artificial Intelligence (AI) platform to develop new seasonings.