Asia Pacific seasonings market is projected to grow at over 4.5% 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.
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.
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Savory applications will observe notable gains over the forecast timeframe. Increase in product demand with innovative flavors in savory snacks derived from potato, rice, wheat, and maize is escalating the business growth. The products including tortillas, potato chips, and baked snacks, and snack nuts dominate the seasonings market in savory applications. Factors such as rapid urbanization, and lifestyle changes has shifted the preference towards convenience food products.
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.
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Rise in consumer spending on food & beverage segments such as frozen foods, meat & poultry, and savory products will generate new growth opportunities. Manufacturers are focusing on innovating new seasoning mixes to cater the diverse applications. Also, government regulation on product imports to maintain the quality standards will augment the product adoption particularly in developed economies. However, rise in the cost of spices and climatic factors can hamper the seasonings market development.
Growing consumer consciousness pertaining to health benefits associated with turmeric and coriander consumption will boost the seasonings market share. For instance, turmeric possesses anti-oxidant & anti-inflammatory properties and assists in reducing depression levels, prevents heart diseases and cancer, and reduces the risk of brain diseases such as Alzheimer. Asia Pacific and Middle East & African countries readily use these spices, however developed countries across North America and Europe observe shifting trends for these spices.
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Rise in popularity for ethnic food in western countries owing to changing taste preferences and growing multicultural population is propelling the seasonings market growth. Increasing popularity of Thai curry mixes, Indian garam masala, Chinese five spices, and Mexican chilies, oregano, and coriander will support industry expansion. Further, growing demand for clean label products is driving the use of natural flavors and spice mixes, rather than the use of artificial compounds.
The global seasonings market share is fragmented with presence of limited multinational corporations and several regional players. The key industry participants include McCormick & Company, Inc, Kraft Heinz, Symega Food Ingredients Limited, Olam International, Nestle, Ajinomoto Co., Corbion, MDH Spices, Unilever, Associated British Foods Plc, and DS Group. The key strategies observed in the seasonings market include new product development, geographic expansions, and merger & acquisitions to gain competitive advantage. For instance, in January 2017, McCormick introduced 17 new flavors to enhance its product portfolio.
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