Seasonings
and spices are crucial ingredients of any preparation, since they
determine the flavor of the recipe. Seasonings and spices also define
a cuisine, as all major cuisines have their own arsenal of major
seasonings and spices, which impart the respective cuisine its
distinct taste profile. The global market for seasonings and spices
has, in fact, played a key role in human history, as the lack of
favorable environmental conditions in Europe led to several European
nations establishing outposts in Asia and certain spices becoming, at
one point, equal in value to gold and precious stones. In the modern
world, the balance seems to have reversed, with the growing
popularity of Western European cuisines in Southeast Asia expected to
be a major driver propelling the global seasonings and spices in the
coming years.
The
global market for seasonings and spices was worth US$12.7 bn in 2012.
Exhibiting a 4.80% CAGR from 2013 to 2019, the global
seasonings and spices market is expected to rise to a net
valuation of US$16.6 bn by 2019. The market has sustained itself in
recent years despite the economic troubles around the world, due to
the crucial place spices and condiments hold in any cuisine. Due to
the growing demand for diverse cuisines around the world, the global
seasonings and spices market is expected to witness a steady growth
in demand.
Asia
Pacific Market to Retain Longstanding Lead in Global Seasonings and
Spices Market
The
global seasonings and spices market can be segmented into Asia
Pacific, Europe, North America, and Rest of the World on the basis of
the regional distribution of the market. Of these, Asia Pacific has
always remained the leading producer and consumer of spices, with the
prosperous spice trade across Southeast Asia being an important
factor in European imperialism in the 17th
and 18th
centuries. The APAC seasonings and spices market held a 66% share in
the global market by volume in 2012 – expected to rise to 69% by
the end of the aforementioned forecast period.
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By
value, the Asia Pacific market is the second largest market,
accounting for 31% of the global market in 2012, following the Europe
market’s 35% share. This is due to the heavy amount of indigenous
consumption of seasonings and spices in Asia Pacific, whereas
European countries are highly dependent on spice imports and thus
account for a significant share of high-value transactions in the
market.
Awareness
Regarding Health Benefits of Seasonings and Spices Drives Global
Market
The
global seasonings and spices market is rising primarily due to rising
acknowledgment of the medicinal value of several spices and growing
demand for European cuisines in rising Asian countries. The rising
inclination to attaining health through a healthy diet rather than
cosmetic additions has led to growing interest in spices, which
contain high amounts of several beneficial compounds.
This
is partially counteracted by the increasing commercial production of
subpar seasonings and spices, wherein intensity of the taste is often
preferred instead of authenticity, which also affects the health
effects of the substance. Hong Kong’s Consumer Council recently
released findings revealing elevated levels of sodium and sugar in
several popular seasonings, such as oyster sauce and tomato ketchup.
In spite of such incidents, the global seasonings and spices market
seems set to exhibit a steady growth trajectory in the coming years.
Contact
Mr.
Sudip S
90
State Street, Suite 700
Albany,
NY 12207
Tel:
+1-518-618-1030
USA
- Canada Toll Free: 866-552-3453
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