Seasonings and Spices Market to Grow at a Stable Rate During the Forecast Period

The surging awareness on the medical benefits of spices, changing consumer choices and eating habits, and increasing popularity of ethnic cuisines are some of the factors behind the growth of the seasonings and spices market. In 2017, the market generated a revenue of $21,507.3 million, and it is predicted to attain a size of $30,412.8 million by 2023, progressing at a CAGR of 6.0% during the forecast period (2018–2023).

Based on product, the seasonings and spices market is bifurcated into whole and ground. Of these, in 2017, the whole bifurcation dominated the market in terms of revenue and is expected to continue leading it during the forecast period. Among the numerous spices that are procured whole, are chili flakes, aniseed, chives, pepper, and cumin. Whole seasonings and spices offer processing convenience, from both the residential and the industrial perspective.

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On the basis of end use, the seasonings and spices market is categorized into industrial, food service, and retail. Out of these, in 2017, the industrial category led the market, both in terms of volume and value, and it is anticipated to exhibit a CAGR of 4.9% in terms of volume and 6.0% in terms of value during the 2018–2023 period. This is attributed to the rising consumption of seasonings and spices in the food processing industries to cater to the growing consumer need for food items with heavy amounts of natural flavoring substances.

With increasing purchasing power, the eating habits of the people are also changing. Consumers, nowadays, have become more experimental in terms foods to explore new flavors. Chinese, Mexican, and Continental cuisines are becoming popular, as people continue to challenge their test buds with new tastes. Between 2009–10 and 2011–2012, the composition percentage of spices and salt in the total consumer spending in rural India remained constant at 2.4, and the share in urban India increased from 1.5 to 1.7, thereby reflecting the seasonings and spices market progress.

The use of seasonings and spices at the household level is rapidly surging, with consumers getting better access to recipes and ingredients from cooking-based television shows and the internet. Thus, the changing food habits and choices of people are being witnessed as a major trend in the seasonings and spices market. Further, the increasing awareness on the medical benefits of spices has raised the production and sales of such flavoring substances. There are numerous benefits associated with seasonings and spices, including cumin, dill, parsley, and sesame seeds.

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For instance, cumin helps in improving immunity, treating skin disorders, and bettering digestion. It also helps in treating insomnia, asthma, and anemia. Similarly, dill has a plethora of medical benefits, such as help in reducing menstrual cramps, depression, and cholesterol. Sesame seeds, which are rich in cholesterol-lowering phytosterols, improve blood pressure, fight cancer, protect the heart, balance the hormones, and improve nutrient absorption. Rosemary boosts the memory, reduces inflammation, relieves pain, improves the mood, detoxifies the body, protects the immune system, treats skin conditions, and prevents early aging.

Thus, the changing consumer choices and food habits and rising awareness about the medical benefits of spices are accelerating the growth of the market.

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