PUNE, India, February 18, 2016 /PRNewswire/ --
The report "Spices and Seasonings Market by Type, Application (Meat & Poultry Products; Snacks & Convenience Food, Soups, Sauces, and Dressings, Bakery & Confectionery, Frozen Products, Beverages, and Others), & by Region - Global Trends and Forecast to 2020", The global market is projected to grow at a CAGR of 5.2% from 2015 to reach a projected value of USD 14.8 Billion by 2020.
Browse 108 market data Tables and 95 Figures spread through 186 Pages and in-depth TOC on "Spices and Seasonings Market"
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The Spices and Seasonings Market is projected to grow at a CAGR of 5.2% from 2015 to 2020. The demand for spices and seasonings as key ingredients in various cuisines is rising globally, mainly due to changing dietary habits of people and the rising demand for traditional food products. Furthermore, factors such as the rapidly increasing size of the global frozen and convenience food industry are also expected to increase the demand for spices and seasonings. However, unfair trade practices such as adulteration acts a restraint to the market growth.
Significant growth in the capsicum segment is observed in the Asia-Pacific region
Capsicum is expected to grow at the highest rate during the forecast period. The extensive use of capsicum in various cuisines has increased the demand for capsicum globally. Furthermore, increasing health-consciousness among consumers has led to an increased demand for health and wellness products, which is expected to fuel the demand for capsicum owing to the multiple health benefits associated with it.
Changing lifestyle to increase the demand for snacks & convenience food products
The market by application is led by snacks & convenience food, in terms of growth rate. Changing dietary habits due to factors such as changing consumer lifestyle, increasing disposable income, and rising number of working women has led to an increased demand for packaged or convenience food items.
Untapped market potential for key players in the Asia-Pacific region
The usage of spices and seasonings in the industrial sector is less in the Asia-Pacific region as compared to that in developed regions, which presents food processing companies with considerable untapped potential in this region. The overall economic growth in the Asia-Pacific region has led to an increase in urbanization and rapid industrialization, with a resultant rise in per capita income. This plays a major role in the changing preference of consumers towards value-added food products.
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This report includes a study of marketing and development strategies, along with the product portfolio of leading companies. It includes the profiles of leading companies such McCormick & Company (U.S.), Associated British Foods (U.K.), Kerry Group Plc. (Ireland), Olam International Limited (Singapore), Ajinomoto Co., Inc. (Japan), Ariake Japan Company (Japan), SHS Group (U.K.), Dohler Group (Germany), Worlee Gruppe (Germany), and Sensient Technologies (U.S.).
In terms of insights, this research report has focused on various levels of analysis-industry analysis, competition analysis, and company profiles, which together comprise and discuss the basic views on the competitive landscape, emerging & high-growth segments of the global Spices and Seasonings Market, high-growth regions, countries, and their respective regulatory policies, government initiatives, drivers, restraints, opportunities, and challenges.
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