Albany, NY, May 22, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Seasonings and Spices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019" the global seasonings and spices market was valued at US$12.7 billion in 2012, and is expected to grow at a CAGR of 4.8% in the forecast period of 2013 to 2019 to reach an estimated value of US$16.6 billion in 2019. According to the statistics, this market grew from a value of US$10.7 billion in 2010 to an estimated value of US$12.5 billion in 2013.
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Seasonings and spices are an integral part of every cuisine. It helps in developing the taste and aroma related with the cuisine. The seasonings and spices market is categorized into five broad segments namely; Salt and Salt Substitutes, Pepper, Herbs, Spices and Others. Salt and salt substitutes and pepper dominates the market, constituting more than 50% of the global market share.
This report provides in-depth research for seasonings, spices, dressings, and sauces highlighting the niche market of spices by types, applications, and by geography in food sector. It covers all the market information and analysis for the forecast period of 2013 to 2019.
Geographically, the seasonings and spices market is growing in major countries such as North America, Europe, Asia Pacific, some parts of Brazil, and Rest of the World. These regions include historical and forecasted market sizes (2008-2019) which are measured in terms of volume and value.
North America has a major market of seasonings and spices in the U.S., whereas, the European regions covers the scenario of Germany, Italy, Spain, France, and the U.K.
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Even the Asia-Pacific region highlights the seasonings and spices market majorly in countries like Japan, Australia, India, and China. The seasonings and spices market in Asia-Pacific increased from 409.4 million kg in 2008 to a value of 511.1 million kg in 2012.
On the other hand, the European seasonings and spices market is projected to reach US$5,723.3 million in 2019. Some of the countries such as the U.K., the U.S. and Spain have low expected CAGR and per capita consumption in the seasonings and spices market. The growth of this market in such regions is building up interest only in the last few years.
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Although countries such as India and China have a low per capita consumption, it has a large population base and high growth rate which act as value-driven factors on a global scale. The consumers in these countries are demanding traditional, as well as new spice products periodically.
Traditionally, seasonings and spices have been massively produced and consumed extensively in India. However, the changing food habits of Asian consumers, changing demographics in the western countries, increase in demand for foreign cuisines such as French and Italian, increasing health awareness, and use of certain spices and herbs in medicinal fields have resulted in increased demand for global seasonings and spices in the western countries as well.
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As of 2012, by volume, Asia-Pacific accounts for about 66% of global seasonings and spices consumption, and is further expected to grow its share to about 69% by 2019. Nonetheless, considering in terms of value, Europe led the global seasonings and spices market with its 35% share in 2012, which was followed by Asia-Pacific with about 31% share.
Indeed, the seasonings and spices market is observed as one of the most recession-proof markets enduring during uncertain economic conditions. In such times, consumers prefer to buy food and ingredients and prepare in-house recipes rather than opting for the choice of eating expensive food outside. However, these conditions reverse when the economy is in good shape.
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research