Albany, NY, July 11, 2016 (GLOBE NEWSWIRE) -- According to the research report, the global seasonings and spices market was valued at US$12.7 bn in 2012 and is expected to reach US$16.6 bn by 2019, expanding at a CAGR of 4.8% between 2013 and 2019.
Seasonings and spices are food additives that impart flavor and nutritional value to cuisine. These are age-old products used in a variety of food preparations across the world for their medicinal values, taste, and their ability to enrich meals. The remedial nature of seasonings and spices has been their primary growth driver for several years. Despite economic ups and downs across the world, the global seasonings and spices market has remained strong as consumers typically opt for cooking at home during such periods, instead of eating out.
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The global seasonings and spices market is segmented on the basis of product and geography. The products available in this market are salt and salt substitutes, pepper, spices, and herbs. Geographically, this market is segmented into Rest of the World, Asia Pacific, North America, and Europe.
Out of all the products available in the global seasonings and spices market, the salt and salt substitutes and pepper segments lead the overall market with a collective share of 50%. This growth can be attributed to the indispensable nature of the products and their unique ability to impart instant taste to food preparations.
According to the research report, the global seasonings and spices market is expected to witness remarkable growth in geographical regions such as Latin America, Europe, North America, Asia Pacific, and the Rest of the World. Though Asia Pacific has been the biggest and the oldest consumer of seasonings and spices, the growing popularity of these items in the U.S. and U.K. is also propelling their global share in the market. The report showed that the demand for seasonings and spices in Asia Pacific stood at 409.4 mn kg in 2008 and rose to 511 mn kg in 2012. The emerging economy of India is deemed to the biggest support system behind the remarkable growth of the seasonings and spices market in Asia Pacific.
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As of 2012, Asia-Pacific accounts for about 66% of global seasonings and spices consumption, by volume and is expected to increase its share to about 69% by 2019. In terms of value, Europe leads the global seasonings and spices market in 2012 with around 35% share, followed by Asia-Pacific with about 31% share.
Some of the important players operating in the global seasonings and spices market are Kraft Foods, MDH Spices, Catch, Everest Spices, McCormick & Company, Knorr, and Nestle. The research report provides a complete analysis of the competitive landscape present in the global seasonings and spices market along with branding and marketing strategies devised by these companies to gain a competitive advantage. The report also offers valuable insight into the financial overview, research and development strategies, investment outlook, and strategic mergers and acquisitions of these companies for the coming few years.
Key segments of the global Seasonings and Spices Market:
Seasonings and spices: Segmentation by product
- Salt and salt substitutes
Major geographies analyzed under this research report are:
- North America
- Rest of the World
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Source:Transparency Market Research