Seasoning and Spices Market to Rise due to Increasing Awareness on their Medicinal Benefits

Published By : 28 Apr 2016 | Published By : QYRESEARCH

The market for seasoning and spices is majorly fuelled by the changing demographics and the increasing globalization. In addition, the increasing income levels of consumers will also present new opportunities for the growth of the market. Furthermore, the shifting food habits of consumers within Asian countries is also predicted to increase the development of the market. Spices provide a number of medicinal benefits and this increases their demand globally, hence stimulating market growth.

The prime two growth trends seen in the market for seasoning and spices are:

  • Asia Pacific to Lead by Volume, Europe to Lead by Value: The seasoning and spices market in Asia Pacific is predicted to grow exponentially owing to this region being the largest consumer and producer of spices, with the booming spice trade in Southeast Asia, a key factor in the European imperialism within the 18th and 17th centuries. On the basis of volume Asia Pacific constituted a share of 66% in the market in 2012 and this share is predicted to touch 69% by the end of 2019. 

On the other hand, in terms of value, Europe led the market in 2012 with a share of 35% and was trailed by the region of Asia Pacific with a share of 31% in the same year. The reason for the superiority of Asia Pacific is the high amount of consumption of spices and seasoning within this region, while Europe’s superiority is mainly owing to the increasing participation of Europe in spice imports.

  • Rising Awareness on Medicinal Benefits of Seasoning and Spices: The market is on boom due to the increasing acknowledgement of the health i.e. medicinal benefits of spices and the rising preference for European cuisines within Asian countries. Furthermore, the increasing preference to attain good health by the consumption of natural ingredients rather than artificially by cosmetic procedures has also resulted in the increased demand for spices, comprising huge amount of naturally repairing compounds.

Thus, the market is poised to rise in the coming years. However, the increasing regulations posed by governments in various nations which inhibit the export of certain spices may impede the growth of the overall market in forthcoming years.

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