Published By : 10 Feb 2016 | Published By : QYRESEARCH
Given that they determine the flavor of any recipe and food preparation, spices and seasonings form crucial ingredients of any cuisine. Each cuisine has its own characteristic spices and seasonings, which lend the preparations their distinct tastes. In fact, the spices and seasonings market has played a major role in the history of humankind. Unfavorable environmental conditions in Europe led many countries within the region to set up outposts in Asia and began trading valuable items such as precious stones and gold for spices. Today, however, the tables seem to have been turned and cuisines of Western Europe seem to be gaining much popularity in Southeast Asia. This is anticipated to fuel the Asia spices and seasonings market in the near future.
Despite the economic turbulence in many countries around the world, the market has managed to sustain itself thanks to the significant role spices and seasonings play in one’s daily diet. This growing demand for different cuisines in various parts of the globe is expected to push the global market to expand at a steady pace.
Asia Pacific to Continue Dominating the Global Market
Among the major seasonings and spices markets – Asia Pacific, North America, Europe, and Rest of the World – Asia Pacific holds the dominant share in the overall market, being the largest consumer as well as producer of spices in the world. The booming spice trade across the entire Southeast Asia region during the 17th and 18th centuries is a key factor for Asia Pacific’s lead position. In terms of value, however, Asia Pacific comes in second, the first being Europe. European nations are largely dependent on spice imports, thereby accounting for a massive share in the high value trade transactions in the spice and seasonings market. The indigenous consumption of spices and seasonings in Asia Pacific is also a key growth driver.