What are Spices and Seasonings?
A spice is a plant substance mainly used for the purpose of flavoring, coloring, or preserving food. It is an aromatic substance that adds to the taste quality of cooked food. On the other hand, seasoning is a mixture of several flavoring components such as sugars, salts, and spices. Spice can be considered as a subset of seasonings. Examples of spices and seasonings include chili spices, Italian seasoning, and poultry seasoning.
Different Product Types & Applications
There are a variety of spices available in the market. These different spices provide different nutritional benefits. The market is propelled due to increasing awareness of the people regarding the nutritional benefits of spices. It is also driven by the inclination of people to try a variety of exotic foods, especially Asian foods that includes a different variety of spices in them. There is also an increase in the use of spices and seasonings in a variety of convenient, ready to eat foods. This trend is likely to continue in the coming years as well. A variety of seasonings are formulated from different spices for different kinds of foods in order to bring out their optimum taste. This has led to an increase in the use of such spices and seasonings in a variety of foods. This has driven the overall market.
Europe is the largest market for Spices and Seasonings
The global spices and seasonings market growth is currently led by Europe. A high level of the multicultural population in this region has resulted in the higher consumption of spices and seasonings in foods. Asian cuisines are a favorite of the majority of food lovers in this area. These foods use a different variety of spices and seasonings. This demand for Asian food in these areas has resulted in the dominance of spices and seasonings in these areas. However, the Asia-Pacific region is expected to have a higher growth rate. This is due to the already existing high production and usage of spices in these areas. Most of the spices produced in these areas are exported to other areas such as Europe and North America. This will also increase the spices and seasonings industry in these areas. There is also a demand for organically grown spices as well as seasonings in these areas.
The young population these days prefer to eat different kinds of exotic food. One of the favorites of food lovers is Asian foods since there is a tremendous variety of Asian foods available. Asian foods are usually filled with spices and a variety of seasonings. People preferring to have Asian foods have resulted in the growth of the market. A variety of spices and seasonings are also used in convenience foods since they improve the taste of such foods. The increased dependence of people on convenience foods has also propelled the market. Spices are also used as a natural preservative in meat and poultry products. There is an increase in people preferring to have foods that do not contain chemicals and foods containing spices are a perfect alternative to those chemicals.
Spices And Seasonings industry outlook
The manufacturers of spices and seasonings are taking several steps to stand out from the competition. Acquisitions and collaborations are common trends being witnessed in the market. For instance, Ajinomoto Co., Inc., has signed a share purchase agreement in order to acquire More Than Gourmet Holdings, Inc., a liquid seasonings company in the United States. This will enhance Ajinomoto’s business of seasonings in the US. Similarly, McCormick & Co. and IBM announced a collaboration that pioneers the use of Artificial Intelligence in flavor and food product development. The company claims that the product can be used for formulating new flavor combinations and compositions by using flavor preference data as well as predict new flavor combinations.
Spices And Seasonings top 10 companies are Ajinomoto Co., AVT McCormick Ingredients Ltd, British Pepper & Spice Co, B&G Foods, Global Spices Inc, Griffith Laboratories Worldwide, Malabar Super Spice Co, The Nutmeg Spice Co, Vallabhdas Kanji Limited, ACH Food Companies.