Seasonings and Spices Market is Poised to Drive Accelerated Expansion in Coming Years: P&S Intelligence

 With the increasing disposable income of people, the popularity of the ‘eating out’ culture and the consumption of baked goods, ready-to-eat food items, and confectionary products are rising, which is, in turn, driving the demand for seasonings and spices, as they are extensively used for preparing various exotic and scrumptious dishes. Moreover, the easy availability of a wide range of recipes and the easy access to information regarding ingredients via cooking-based television shows and the internet are fueling the popularity of various international cuisines in which seasonings and spices are heavily used.

For instance, in rural India, the share of salts and spices in the total consumer spending stood at 2.4% during 2009–2010 and 2011–12, whereas, in urban India, the share grew from 1.5% to 1.7% during the same period, primarily because of the increasing awareness of various recipes. Additionally, many people don’t have the time to cook meals these days, because of busier lifestyles and long working hours. This is also fueling the demand for seasonings and spices as these ingredients help people cook meals quickly. 

Furthermore, with the increasing multiculturalism and surging immigrant population in several countries, the demand for Asian and Mediterranean foods is growing. As pepper, ginger, cardamom, chili, and anise are extensively used in various Chinese, Indian, and Middle Eastern dishes, the growing popularity of these cuisines is propelling the worldwide sales seasonings and spices. This is subsequently causing the expansion of the global seasonings and spices market. As a result, the market value is expected to rise from $21.5 billion in 2017 to $30.4 billion by 2023.

Additionally, the market will advance at a CAGR of 6.0% from 2018 to 2023. Depending on product, the market is bifurcated into whole and ground. Of these, the whole category dominated the market in 2017, as per the observations of the market research company, P&S Intelligence. This was ascribed to the fact that large quantities of spices and seasonings were used in the food service, retail, industrial sectors and also by individuals all over the world. 

Geographically, Asia-Pacific (APAC) held the largest share in the seasonings and spices market in 2017. This was due to the huge demand for seasonings and spices, on account of the booming population in the regional countries such as India and China. For example, as per the United Nations, the population of India increased by nearly 1.26% from 2010 to 2015 and it is predicted to surge rapidly in the forthcoming years as well. 

Hence, it can be said without any hesitation that the sales of seasonings and spices will shoot up in the coming years, primarily because of the increasing popularity of ready-to-eat food items and the growing demand for easy-to-prepare meals.