Global Seasonings and Spices Market Report, published by Variant Market Research, forecast that the global market is expected to reach $19 Billion by 2024 from $13 Billion in 2016, growing at a CAGR of 5.0% from 2016 to 2024. By geography, RoW and Asia-Pacific are expected to grow at a CAGR of 6.4% and 5.8%, respectively, during the forecast period.
"Seasonings and Spices Market (By Product Type: Salt, Salt Substitute, Pepper, Dried Herbs, Individual & Mixed Spices, And Others; By Distribution Channels: Supermarkets and Hypermarkets, E-Retailers, Convenience Stores, Food and Drink Specialists, General Merchandise Retailers, and Others; By Geography: North America, Europe, Asia-Pacific, and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
Some of the aspects driving the growth of the global seasonings and spices market include globalization, rising import and export opportunities, growing awareness of health benefits of spices, and increasing popularity of traditional foods. Factors such as possibility of adulteration and inefficient logistics are limiting the growth of the market. Furthermore, rising demand for organic seasonings and spices and market expansion could provide several opportunities in the forecast period.
Product type, distribution channel, and geography are the segments considered in the global seasonings and spices market. Product type is segmented into salt, salt substitute, pepper, dried herbs, individual and mixed spices, and others. Distribution channel is further categorized into supermarkets and hypermarkets, e-retailers, convenience stores, food and drink specialists, general merchandise retailers, and others.
In product type, salt and pepper held the major share of the market in 2016, and pepper is likely to attain fastest CAGR during the forecast period. Supermarkets and hypermarkets accounted the largest market share in the distribution channel segment and is anticipated to attain fastest CAGR from 2016 – 2024.
Geographically, the global seasonings and spices market is categorized into North America, Europe, Asia-Pacific, and Rest of the world (RoW). Europe accounted the largest market share in 2016 with 36.4%, driven by expansion of food process sectors and increasing import of spices from other nations. Whereas, RoW is anticipated to dominate the market with fastest CAGR, owing to, increasing investments on new manufacturing units, and increasing globalization and urbanization.
Major players in the market include McCormick & Company Inc., Kerry Group Plc., Dohler Group, Olam International, Baria Pepper, Knorr, Bart Ingredients Co. Ltd., Worlee Gruppe, Ariake Japan Co. Ltd., and Ajinomoto Co. Inc, among others.