As per the research conducted by Fast. MR, the report titled “ Seasonings & Spices Market – By Product (Herbs, Salt & Salt substitutes, Spices), By Application (Bakery & Confectionery, Soup, Meat & Seafood, Sauce, Salad, & Dressing, Savory Snack, Other Applications), By Distribution Channel (Online Channels and Offline Channels) & Global Region – Market Size, Trends, Opportunity, Forecast 2018-2024” provides current as well as future analysis of the market by evaluating the major applications, advantages, trends, and challenges. The report dives deeper to produce useful insights into Seasonings and Spices Market such as major global regions and key competitors and strategies that can be used for the entry-level player too.
Spices and seasonings are generally used for food flavouring. Spices and seasonings are different from each other, Spices are plant substances you put on food to add flavour and extend the food’s life, whereas seasonings include almost every substance added to a meal to enhance its flavour. The global seasonings & spices market reached a market valuation of USD XX.X Billion in 2018 and is estimated to grow at a CAGR of XX.X% during the forecast period, i.e., 2019-2024.
Growth Drivers – Seasonings & spices Market
The Rise of Food Tourism
Food is one of the essential elements of the tourist experience. Billions of tourists are travelling around the world searching for new and special cuisines. Considering this rise in food tourism, the number of restaurants offering foreign cuisines across the globe. Also, tourists are not just eating new cuisines but are also willing to acquire recipe and ingredients to cook those dishes at home. The rise in food tourism have increased the demand for foreign cuisines such as Indian, Japanese, Chinese cuisines across the globe. The market for seasonings and spices are strongly driven by rising food tourism and has resulted in an increase in export and import of spices and seasonings around the world.
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Raising Awareness of Health Benefits of Consuming Spices
Spices are nutritionally rich and offer numerous health benefits. Consumers around the world are willing to add these spices into their daily meals to stay healthy and fit. This rise in awareness has made food & beverage companies to incorporating spices into ready-to-eat and ready-to-drink foods and beverages. Apart from this, the market for fast food is also booming, increasing number of fast food outlets, rising disposable income and rapid urbanization across the globe are anticipated to foster the growth of global seasoning and spices market in upcoming years.
The seasonings & spices market is segmented in different categories including by product, by application, and by distribution channel. The market is segmented by product type into herbs (rosemary, fennel, garlic, mint, parsley, oregano, others), salt & salt substitutes, spices (pepper, ginger, cinnamon, cumin, turmeric, cardamom, coriander, cloves, others). Among this segment, the spices segment is expected to capture significant shares of the market in 2018. Global spices market was totalled at USD XXX.X billion in 2018 and is projected to reach USD XXX.X billion in 2024 at a CAGR of XX.X% from 2019 to 2024.
Moreover, based on the application, the seasonings & spices market is further sub-segmented into bakery & confectionery, soup, meat & seafood, sauce, salad, & dressing, savoury snack and other Applications. Among which the bakery & confectionery segment is about to register a remarkable growth rate in upcoming years. The report is further breakdown into one more section including by distribution channel (online channels and offline channels).
Regionally, the report offers an analysis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. When it comes to seasonings & spices market, Europe is the major market in the seasonings & spices market. North America holds a notable share in the global market for spices and seasonings. The growth of the region can be attributed to the high consumption of salad dressings and sauces.
The report also covers detailed competitive analysis of major market players of the global seasonings & spices market, such as MDH Spices, Nestle S.A, The Kraft Heinz Company, McCormick & Company Inc., Everest Spices, DS Group, Unilever, Biova Gmbh, Olam International and other major & notable players. Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by business segment and by geography, SWOT Analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development and other market activities).
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