Latin America Spices And Seasonings Market

Latin America Spices and Seasonings Market Size (2024 to 2032)

Latin America Spices and Seasonings Market size is expected to reach USD 2.36 billion by 2032 from USD 1.61 billion in 2024, with a CAGR of 4.9% during the forecast period.

MARKET OVERVIEW

More often than not consumer prefer in house prepared food during the 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 western countries is also likely to affect market growth positively.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.

This research report on the Latin America Spices and Seasonings market has been segmented and sub-segmented into the following categories.

Latin America Spices and Seasonings Market By Type

• Spices and Seasonings is segmented

• pepper

• capsicum

• ginger

• cinnamon

• cumin

• turmeric

• nutmeg

• mace

• cardamom

• coriander

• cloves

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.

Latin America Spices and Seasonings Market By Application

• Meat & poultry products

• Snacks & convenience food

• Soups

• sauces

• dressings

• Bakery & confectionery

• frozen products

• Beverages

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 consumers' changing dietary patterns due to their changing consumer lifestyles.

Latin America Spices and Seasonings Market By Country

• Brazil

• Chile

• Argentina

It is second to last in terms of market share. Brazil is the leading player in the region.

KEY MARKET PLAYERS

• 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),
• Sensient Technologies (U.S.)