Asia-Pacific Spices and Seasonings size is expected at USD 2.90 billion in 2024. It is estimated to grow at a CAGR of 6% to reach USD 3.89 billion by 2029.
More often than not consumer prefer in house prepared food during unstable economic condition and because of that seasoning market is considered to be recession proof. It is an essential part of cuisine since it is accountable to add aroma and taste to the food. It is mainly used in snacks to enhance the flavour of food. Because of globalization along with rising influence of western countries, the seasoning market has risen significantly.Increasing number of consumers who consider seasoning to augment their meals with better tastes is the primary driver of this market. Rising disposable incomes in emerging economies and rapid urbanization are the secondary factors driving the growth of this market. Finally, changing demographics in the western countries is also likely to affect the market growth in a positive way.Growing cases of unfair trade practises leading to many arbitrations internationally and sanctions of WTO in many countries is the primary restraint of this market. Furthermore, volatility in the market prices of spices and fragile supply chains make it difficult to sustain a high growth trajectory over a period of time.
In this segment pepper followed by capsicum are the leading segments in the market. The use of pepper as a key ingredient in various cuisines has increased worldwide. Apart from that, it is used extensively as a medicine in Ayurveda treatments thereby increasing its demand worldwide.
In the applications segment, meat & poultry products commanded the largest market share in 2016. The demand for snacks & convenience food is likely to grow due to changing dietary patterns of consumers and of their changing consumer lifestyles.
By geography, the Asia-Pacific Spices and Seasonings has been categorized into
It is third-largest in terms of market share. India is the leading player in the region. It is the fastest-growing market. Large spice production, low-cost labour, and lower prices of spices are the causes attributable to the observable trend mentioned above.
Frequently Asked Questions
Key growth drivers include the rising popularity of convenience foods, growing consumer interest in traditional and exotic flavors, increasing awareness of health benefits associated with spices, and the booming food and beverage sector in countries like India and China.
The most in-demand spices and seasonings in the Asia-Pacific market include black pepper, ginger, turmeric, cumin, cardamom, chili, and cinnamon, with growing interest in regional blends like garam masala and Sichuan pepper.
Key challenges include fluctuations in raw material prices due to climate change, supply chain disruptions, and stringent food safety regulations. Competition from synthetic flavor enhancers and substitutes also poses a challenge.
Key trends include the increasing popularity of organic and clean-label products, the fusion of traditional and modern flavors, the rising influence of social media in food choices, and the adoption of advanced packaging technologies to maintain spice freshness and quality.
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