ALBANY, N.Y.A new market report by Transparency Market Research shows the global seasonings and spices market is projected to hit $16.6 billion by 2019 as consumers spice things up in the kitchen and keep this recession-proof industry booming.
According to the report, the global seasonings and spices market is expected to grow at a CAGR of 4.8% from 2013 to 2019, increasing from $12 billion in 2012. Globally, Asia-Pacific and Europe were the biggest market-drivers in 2012, and these regions will likely continue their dominance during the forecast period. The United States has a lower per capita consumption and expected CAGR, indicating the seasoning and spices market has yet to pick up in some countries. However, recent research shows U.S. consumers have developed a taste for "hot and spicy" foods and beverages, driving increases in jalapeno, banana, pepperonicini and poblano peppers during 2013.
Formulating with seasonings and spices can help support a healthier diet that goes beyond improving taste. In a two-part video series from Food Product Design's FoodTech Toolbox, experts from McCormick Company discuss recent research on spices for health purposes and how to create better-tasting, more nutritious foods to improve one's diet. Product designers should consider adding seasonings and spices to their food items to maximize appeal for today's consumers.
Transparency Market Research's new report shows increasing income levels resulting in higher expenditure on food products, changing food habits of Asian consumers and changing demographics are the major growth drivers for the global seasonings and spices market. Seasonings and spices companies also started new advertising campaigns that encourage consumers to try recipes at home, and the companies have implemented social media, such as Facebook, Pinterest and Twitter, into these campaigns to help establish their brand's identities. Increasing health awareness and changing consumer taste and preferences will also continue driving growth within the market.