The seasoning and spices market in Asia-Pacific is expected to grow at a CAGR of 5.5% for the forecast period 2018-2023. It is expected that the demand for processed food and beverage products is going to drive the spice and seasoning market in the Asia-Pacific countries.
There is a tremendous demand for pure and organic herbs all over the world. Countries like India, China, and Vietnam in the Asia-Pacific region are promoting organic cultivation of spices, which turns out to be healthier than conventional spices.
The key driver of the Asia-Pacific seasoning and spice market is the increase in consumption of processed food products, which use spices and seasonings as flavor enhancers. Spices like turmeric, sage, and cinnamon are very popular for their medicinal properties. The high growth in this region can be attributed to the rising demand for different spices as the demand for western cuisine is gaining momentum in areas like India and China.
The major restraints in the spice and seasoning market are issues related to food safety, sustainability, and traceability. Other factors include government policies restricting import of spices and poor logistics conditions. Besides, the extreme weather conditions are also posing a threat to the crops used for production of spices and seasonings.
Due to health awareness among consumers, the demand for organic spices has increased, which is opening new export avenues for the production units in the Asia-Pacific organic spices market. The market is considered as a recession-proof market as consumers opt to eat at home during economically recessive times. Hence, this market is prevailing, irrespective of economic conditions.
Based on the product type, the seasoning and spice market in the Asia-Pacific region is segmented into chilies, turmeric, oregano, cinnamon, and others. The chili segment is expected to account for the major share of this market during the next few years since it is widely used in several cuisines across the globe.
Further, the Asia-Pacific seasoning and spice market is segmented by application and geography. Seasonings and spices are used in a variety of applications ranging from bakery, herbal medicines, and snacks, among others. India and China are the major contributors to the seasoning and spices market in Asia-Pacific.
- December 2016 - Kalustyan Corp., a global manufacturer of industrial herbs and spices, has acquired CrossRoads Spices & Seasonings. Under the new ownership, the business has been renamed CrossRoads Blends, LLC.
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- Analyzing outlook of the market with the recent trends and Porters five forces analysis
- Market dynamics, which essentially consider the factors, which are impelling the present market scenario, along with growth opportunities of the market in the years to come
- Market segmentation analysis, including qualitative & quantitative research incorporating the impact of economic & non-economic aspects
- Regional and Country level analysis integrating the demand and supply forces that are influencing the growth of the market
- Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- 3-month analyst support, along with the Market Estimate sheet (in excel)
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1.1 Key Deliverables of the Study
1.2 Study Assumptions
1.3 Market Definition
2. Research Approach & Methodology
2.2 Research Designs
2.3 Study Timelines
2.4 Study Phases
2.4.1 Secondary Research
2.4.2 Discussion Guide
2.4.3 Market Engineering and Econometric Modelling
2.4.4 Expert Validation
3. Market Dynamics
3.1.1 Medicinal Benefits of Spices
3.1.2 Globalization, Urbanization, and Changing Demographics
3.1.3 Increased Need for Flavored Processed Food and Beverage
3.2.1 Stringent Government Policies Resulting in Dismissal of Imported Spices
3.2.2 Poor Logistics and Undetermined Climatic Conditions
3.3.1 Rising Demand for Organic Seasonings and Spices
3.4 Porters Five Forces Analyses
3.4.1 Bargaining Power of Suppliers
3.4.2 Bargaining Power of Buyers
3.4.3 Threat of New Entrants
3.4.4 Threat of Substitute Products and Services
3.4.5 Degree of Competition
4. Market Segmentation
4.1 By Product Type
4.1.1 Black Pepper
4.1.2 Salt and Salt Substitutes
4.2 By Application
4.2.1 Bakery & Confectionery
4.2.2 Soups, Sauces, Salads & Dressings
4.2.3 Meat, Poultry & Sea Products
4.2.4 Snacks and Convenience foods
4.3 By Geography
220.127.116.11 Rest of Asia-Pacific
5. Competitive Landscape
5.1 Most Adopted Strategies
5.2 Most Active Companies
5.3 Market Share Analysis
6. Company Profiles
6.1 Ajinomoto Co. Inc.
6.2 Ariake Japan Company Ltd.
6.3 Associated British Group
6.4 Bart Ingredients
6.6 Dohler Group
6.8 Kerry Group
6.9 Knorr Company
6.10 Kraft Heinz Company
6.11 McCormick & Company Inc.
6.12 MDH Spices