In a recent published report, Kenneth Research has updated the market report for Seasonings and Spices Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Seasonings and Spices Market products.
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According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Global Seasonings and Spices Market is estimated to reach $19 Billion by 2024; growing at a CAGR of 5.0% from 2016 to 2024. Seasonings and spices strengthen the food’s flavor without changing its natural essence. It is being used since ancient times and the popularity is expected to continue in the coming years. They are in high demand as they are used as an integral part of all kinds of cuisine. Moreover, seasonings and spices offer various health benefits such as, it boosts immune system, aids in detoxification, regulates metabolism, improves heart health and many others. They also have the ability to protect against diabetes, cancer, and several heart conditions.
The global seasonings and spices market is driven by factors such as globalization, changing food preferences, and changing demographics. Moreover, growing trade opportunities and increasing demand for traditional foods also supports the growth of the market. Additionally, opportunities from emerging markets, and organic seasonings and spices would provide future scope for the market players. Though, ineffective logistics and adulteration could hinder the growth of the market.
The key segments of global seasonings and spices market are product type, distribution channel, and geography. Product type is segmented into dried herbs, salt, pepper, salt substitute, individual and mixed spices, and others. Distribution channel is further categorized into food and drink specialists, supermarkets and hypermarkets, convenience stores, e-retailers, general merchandise retailers, and others.
By geography, the market has been bifurcated into North America, Europe, Asia-Pacific, and Rest of the World (RoW). The U.S., Canada, and Mexico are covered under North America wherein Europe covers UK, Germany, France, Italy, Spain, and others. Asia-Pacific covers China, Japan, India, Australia, and others. RoW covers South America, Middle East, and Africa.
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The key players in the market include Bart Ingredients Co. Ltd., McCormick & Company Inc., Knorr, Kerry Group Plc., Olam International, Baria Pepper, Worlee Gruppe, Dohler Group, Ariake Japan Co. Ltd., and Ajinomoto Co. Inc, among others.
The key takeaways from the report
The report will provide a detailed analysis of Global Seasonings and Spices Market with respect to major segments such as product type and distribution channel. The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024. Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report. An exhaustive regional analysis of Global Seasonings and Spices Market from 2015 to 2024 has been included in the report. Profile of the key players in the Global Seasonings and Spices Market will be provided, which include key financials, product & services, new developments and business strategies.
Scope of the Global Seasonings and Spices Market
Product Type Segments
Dried Herbs
Salt
Pepper
Salt Substitute
Individual and Mixed Spices
Other Products
Distribution Channel Segments
Food and Drink Specialists
Supermarkets and Hypermarkets
Convenience Stores
E-Retailers
General Merchandise Retailers
Other Distribution Channels
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Geography Segments
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Spain
Others
Asia Pacific
China
Japan
India
Australia
Others
RoW
South America
Middle East
Africa
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