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Asia-Pacific Seasoning and Spices Market - Growth, Trends, and Forecast (2022 - 2030)
SKU ID : INH-13103730 | Publishing Date : 05-May-2018 | No. of pages : 100
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Market Insights
The seasoning and spices market in Asia-Pacific is expected to grow at a CAGR of 5.5% for the forecast period 2018-2023. It is expected that the demand for processed food and beverage products is going to drive the spice and seasoning market in the Asia-Pacific countries.
There is a tremendous demand for pure and organic herbs all over the world. Countries like India, China, and Vietnam in the Asia-Pacific region are promoting organic cultivation of spices, which turns out to be healthier than conventional spices.
Market Dynamics
The key driver of the Asia-Pacific seasoning and spice market is the increase in consumption of processed food products, which use spices and seasonings as flavor enhancers. Spices like turmeric, sage, and cinnamon are very popular for their medicinal properties. The high growth in this region can be attributed to the rising demand for different spices as the demand for western cuisine is gaining momentum in areas like India and China.
The major restraints in the spice and seasoning market are issues related to food safety, sustainability, and traceability. Other factors include government policies restricting import of spices and poor logistics conditions. Besides, the extreme weather conditions are also posing a threat to the crops used for production of spices and seasonings.
Due to health awareness among consumers, the demand for organic spices has increased, which is opening new export avenues for the production units in the Asia-Pacific organic spices market. The market is considered as a recession-proof market as consumers opt to eat at home during economically recessive times. Hence, this market is prevailing, irrespective of economic conditions.
Market Segmentation
Based on the product type, the seasoning and spice market in the Asia-Pacific region is segmented into chilies, turmeric, oregano, cinnamon, and others. The chili segment is expected to account for the major share of this market during the next few years since it is widely used in several cuisines across the globe.
Further, the Asia-Pacific seasoning and spice market is segmented by application and geography. Seasonings and spices are used in a variety of applications ranging from bakery, herbal medicines, and snacks, among others. India and China are the major contributors to the seasoning and spices market in Asia-Pacific.
Key Developments
• December 2016 - Kalustyan Corp., a global manufacturer of industrial herbs and spices, has acquired CrossRoads Spices & Seasonings. Under the new ownership, the business has been renamed CrossRoads Blends, LLC.
Major players - AJINOMOTO CO. INC., ARIAKE JAPAN COMPANY LTD., ASSOCIATED BRITISH GROUP, BART INGREDIENTS, CATCH, DOHLER GROUP, FUCHSNA, KERRY GROUP, KNORR COMPANY, KRAFT HEINZ COMPANY, MCCORMICK & COMPANY INC., MDH SPICES, among others.
Reasons to Purchase this Report
• Analyzing outlook of the market with the recent trends and Porters five forces analysis
• Market dynamics, which essentially consider the factors, which are impelling the present market scenario, along with growth opportunities of the market in the years to come
• Market segmentation analysis, including qualitative & quantitative research incorporating the impact of economic & non-economic aspects
• Regional and Country level analysis integrating the demand and supply forces that are influencing the growth of the market
• Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
The seasoning and spices market in Asia-Pacific is expected to grow at a CAGR of 5.5% for the forecast period 2018-2023. It is expected that the demand for processed food and beverage products is going to drive the spice and seasoning market in the Asia-Pacific countries.
There is a tremendous demand for pure and organic herbs all over the world. Countries like India, China, and Vietnam in the Asia-Pacific region are promoting organic cultivation of spices, which turns out to be healthier than conventional spices.
Market Dynamics
The key driver of the Asia-Pacific seasoning and spice market is the increase in consumption of processed food products, which use spices and seasonings as flavor enhancers. Spices like turmeric, sage, and cinnamon are very popular for their medicinal properties. The high growth in this region can be attributed to the rising demand for different spices as the demand for western cuisine is gaining momentum in areas like India and China.
The major restraints in the spice and seasoning market are issues related to food safety, sustainability, and traceability. Other factors include government policies restricting import of spices and poor logistics conditions. Besides, the extreme weather conditions are also posing a threat to the crops used for production of spices and seasonings.
Due to health awareness among consumers, the demand for organic spices has increased, which is opening new export avenues for the production units in the Asia-Pacific organic spices market. The market is considered as a recession-proof market as consumers opt to eat at home during economically recessive times. Hence, this market is prevailing, irrespective of economic conditions.
Market Segmentation
Based on the product type, the seasoning and spice market in the Asia-Pacific region is segmented into chilies, turmeric, oregano, cinnamon, and others. The chili segment is expected to account for the major share of this market during the next few years since it is widely used in several cuisines across the globe.
Further, the Asia-Pacific seasoning and spice market is segmented by application and geography. Seasonings and spices are used in a variety of applications ranging from bakery, herbal medicines, and snacks, among others. India and China are the major contributors to the seasoning and spices market in Asia-Pacific.
Key Developments
• December 2016 - Kalustyan Corp., a global manufacturer of industrial herbs and spices, has acquired CrossRoads Spices & Seasonings. Under the new ownership, the business has been renamed CrossRoads Blends, LLC.
Major players - AJINOMOTO CO. INC., ARIAKE JAPAN COMPANY LTD., ASSOCIATED BRITISH GROUP, BART INGREDIENTS, CATCH, DOHLER GROUP, FUCHSNA, KERRY GROUP, KNORR COMPANY, KRAFT HEINZ COMPANY, MCCORMICK & COMPANY INC., MDH SPICES, among others.
Reasons to Purchase this Report
• Analyzing outlook of the market with the recent trends and Porters five forces analysis
• Market dynamics, which essentially consider the factors, which are impelling the present market scenario, along with growth opportunities of the market in the years to come
• Market segmentation analysis, including qualitative & quantitative research incorporating the impact of economic & non-economic aspects
• Regional and Country level analysis integrating the demand and supply forces that are influencing the growth of the market
• Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
