Globalization is a phenomenon that allows intermixing of food habits, cultures, apparel, and trade practices. As people migrate from one country to another for work, leisure travel, and other reasons, they take along with them their traditions, food habits, and ethnic cuisines practices. New taste of such ethnic cuisines entices consumers which plays a significant role in triggering the demand for spices and seasonings used in the global market. According to recently published report by Persistence Market Research, the global seasonings and spices market is expected to grow from US$12,530.5 million in 2013 to US$16,628.6 by the end of 2019. The market is likely to exhibit a CAGR of 4.8% during the forecast period.
The changing demographics due to globalization and increased adoption of foreign cuisines, higher spending on foods due to increase in income levels globally, and growing influence of East Asia are primary factors fueling the seasonings and spices market globally. Seasonings and spices have attracted people from far-off lands for their bold flavors, and also for their medicinal properties.
Increase in global travels combined with high inclination for experimenting with regional and global food ingredients are the key factors driving the demand for seasonings and spices at present. Consumers today are more interested to enhance the flavor of their meals and also learn food habits and cultures of different nations, which have significantly propelled the market for seasonings and spices.
Moreover, shifting preference of consumers in urban areas worldwide towards home cooking due to lack of novelty in restaurant and hygiene and health concerns are expected to create increased opportunities for the market in the near future. Cooking that involves the touch of spices, herbs, and other produce are de-stressing and therapeutic owing to which modern consumers are opting it as a weekend family activity. This factor is again fueling the seasonings and spices market.
In ancient civilizations such as Egyptian and Roman, seasonings and spices were known to have medicinal properties. The instances of using spices as a natural alternative for healing common ailments such as cold, flu and sore throat etc. and to provide protection against chronic diseases is staging a comeback.
The blog post from PMR study touches upon the factors that will impact the global seasonings and spices market for the next five years:
High incidence of work related global travel due to increase in outsourcing activities will drive demand for food and auxiliary businesses such as seasonings and spices.
Large multinational corporations setting up business activities in emerging economies such as India and other South East Asian countries will drive the demand for seasonings and spices market in these regions.
Globally increasing disposable income of individuals coupled with rising expenditure on leisure travel, especially among consumers with an inclination for regional flavors and cuisines will open up lucrative avenues for seasonings and spices market in the coming years.
Influx of student population from Middle East, Latin America, and Europe to India and other education centers in Asia has triggered extensive exchange of culture, food habits, and other traditions, which is driving the seasonings and spices market substantially in these regions.
Some accredited agencies have endorsed the use of certain spices and herbs for medicinal purpose that has fuelled the market
Salt and salt substitutes segment of the market will witness highest growth at a CAGR of 4.3% from 2013 to 2019.
The global seasonings and spices market is largely steady and is not affected by recession or other crisis. Players in the market need to stay updated with quality indices and import regulations so that they can capitalize on the emerging market opportunities.