Substantial Shift in Eating Habits to Boost Sales of Seasonings and Spices, Reports TMR

2024-04-21 05:23:07 Lifestyle

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With the presence of a large number of established players and regional players, the global seasonings and spices market is highly fragmented, reports Transparency Market Research in a new study. To maintain their position in the market, the leading players are aiming at establishing a brand image through product differentiation and low pricing strategies. The top six companies held a share of 15% in the global seasonings and spices market in 2012. McCormick dominated the market with 6% of the global share followed by Everest Spices, S&B Foods, Unilever, MDH Spices, and Kraft Foods.

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Apart from these companies, there are several other small companies operating under the spices and seasonings segment but with a marginal regional presence. The intensity of rivalry among the players venturing into the global spices and seasonings market is significantly high. Due to low switching cost, absence of brand image, and a substantially healthy growth rate, the competitive rivalry in the global spices and seasonings market is likely to further intensify.

The global seasonings and spices market is projected to expand at a 4.8% CAGR between 2013 and 2019. The market was valued at US$13.7 bn in 2015 and is expected to touch a valuation of US$16.6 bn by the end of 2019, says TMR.

Globalization and Changing Food Habits to Drive Demand for Spices and Seasonings

According to a TMR analyst, ?As a result of globalization, consumers around the world are getting introduced to new cultures and food habits.? Globalization helps in the easy availability of different products across the world. People who migrate to different parts of the world carry their ethnic food habits along with them and as a part of adapting to the foreign environment, they also adapt to the food habits of the region. Spices and seasonings play an important role in the changing food habits of consumers.

For instance the influence of westernization is evidently seen in Indian cuisines. As a result, the intake of spices and seasonings produced in North America and Europe is rising in the country. Changing demographic situations across the world are likely to further escalate the sales of seasonings and spices globally. For instance, the increasing population of Asians in Western nations has increased the demand for Asian spices in these regions.

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Unpredictable Climatic Conditions and Underdeveloped Logistics to Inhibit Growth of Seasonings and Spices Industry

The supply chain of spices and seasonings can only be maintained with their sufficient agricultural production which requiresavorable climatic conditions. For instance, seasonings and spices produced in Asian countries are subjected to lack of efficient logistics and uncertain climatic conditions. Production losses resulting from natural calamities can cause multi-million dollar losses to spice trade, posing a major challenge for the seasonings and spices market. According to a survey conducted by the government of India, the area under pepper production in the country has declined to reach 182,000 hectares in 2010 from 218,670 hectares in 2001. Experts attributed this decline to the variations in the climatic conditions of the country. Moreover, a dearth of proper logistics and infrastructure such as warehouses, roads, and transport vehicles is likely to further hinder the growth of the global seasonings and spices market.

Rising Demand for Organic Spices and Seasonings to Provide Lucrative Growth Opportunities to Vendors

Due to increasing awareness regarding the consumption of healthy food products, consumers are shifting towards the consumption of natural products. As a result of this, the demand for organic spices and seasonings is also likely to take a boost in the upcoming years. Companies venturing into the global seasonings and spices market can capitalize from this opportunity by investing in the production of organic spices and seasonings. At present, the organic spices and seasonings segment accounts for almost 10% of the overall revenue and is expected to rise considerably in the next five years.

Europe is anticipated to emerge as the key region in terms of consumption with a share of 34.4% in 2019 in the global seasonings and spices market. Salt and substitutes are likely to lead the market in terms of product type with 28.5% of the overall revenue share in 2019.

The review is based on the findings of a TMR report titled, ?Seasonings and Spices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 ? 2019.?

Seasonings and spices: Segmentation by product
Pepper
Salt and salt substitutes,
Spices,
Herbs
Seasonings and spices: Segmentation by geography
Europe
North America
Asia-Pacific
Rest of the World