World Spices and Seasonings Market to Reach 5.3 Billion lbs (Pounds) by 2017, According to New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive global report on the Spices and Seasonings markets. The global market for Spices and Seasonings is forecast to reach 5.3 billion lbs (pounds) by the year 2017, driven by surging demand for convenience foods, introduction of new spices and flavors, growing fascination for ethnic cuisine and growing awareness about health benefits. Further, rising consumption of natural spices or herbs, extensive use of spice-derived products and increasing popularity of organic spices are also fostering demand in the global spices and seasonings market.

Spices and Seasonings: A Global Strategic Business Report

Follow us on LinkedIn – Spices and seasonings have been the essence of food since time immemorial. Be it as exotic as bleu cheese or as humble as honey-mustard, spices perk up the flavor of foods, thereby transforming an ordinary meal into a pleasure-filled serving. Approximately 85% of the world trade on spices and herbs is conducted in crude and dried form. Demand for spices and herbs continue to grow due to increased consumer consumption, usage in the manufacture of various flavors and flavor ingredients, as well as increase in preference for ethnic foods. To a large extent, the spices and seasonings market worldwide continues to remain independent of the vagaries of the economy, and is not severely affected by ups and lows in the market. In fact, many categories of spices are considered recession-proof or counter-cyclical as sales tend to rise in a sluggish economy. In a slow moving economy, at-home consumption of food generally rises, with people trying to save money by avoiding costlier trips to restaurants, and intake of ready meals. Europe and several Asian countries continue to be the global centers for the production and processing of spices and culinary herbs. Some countries lead in the production of specific spices, such as India for cloves, China for ginger, Vietnam for pepper, and Indonesia for nutmeg and cinnamon. In the culinary herbs market, India is among the leading producers and exporters of raw herbs to the US, and European Union.

Growing demand for convenience foods and fascination for ethnic cuisine has fueled sales of food accompaniments, including spices and seasonings. Influx of immigrants is changing the structure of most countries. For instance, about one out of four Americans had African, Asian, Hispanic, or Native American ancestry. The marketplace is being reshaped by this new ethnic diversity. Ethnic food stores are set up around the country to serve communities of immigrants, and many newcomers enter the food business themselves bringing with them previously unknown ingredients and exotic flavors. Moreover, with foreign ingredients and flavors becoming more mundane, domestic marketers join in with ethnic products redesigned to suit domestic palates and lifestyles.

Signature mustards are increasingly finding use in various food products, such as appetizer dips, salad vinaigrettes, entree sauces, soups, meat and fish glazes as well as in breading bases for fried seafood. On par with the trend, various restaurants and food outlets started to use mustard in various food preparations. Spice manufacturers are trying out the use of spices, herbs, and extracts in different combinations so as to get bigger and bolder flavors. Spices such as vanilla, allspice, nutmeg, rosemary, basil, and cinnamon are extensively used in main dishes. The growing interest towards the use of organic food and beverages is also catching up with organic spices, herbs, and oil crops. Varieties of certified organic spices have already made inroads into retail outlets worldwide. However, the mainstream retail market for organic herbs and spices is still considered to be in a nascent stage of growth. Reduced prices and increased supply could offer significant growth prospects for organic spices, which are expected to build up market share comparable to other organic food products.

The United States is currently the largest importer and consumer of spices and seasonings worldwide, capturing a significant chunk of the global market, as stated by the new market research report on Spices and Seasonings.Though most of the spices are imported, some domestic production of aromatic products also take place, with California being the leading country in production. Spice consumption is witnessing an increase in the US due to factors such as increasing population, growing demand for convenience food items, and changing consumer tastes. Growing popularity of Thai, Indian, Mexican, and Korean cuisine among consumers is also propelling demand for spices in the region.

Asia-Pacific driven by vibrant spice markets of India, China, Vietnam, Indonesia, Sri Lanka and others is poised to take the growth forward, expanding at the strongest compounded annual growth rate (CAGR) of about 5.6% through 2017. India is the world’s largest producer and exporter of spices. With plantations spreading over several million hectares across the length and breadth of the country, India exports around 180 kinds of spices to nearly 150 countries worldwide. China on the other hand, is emerging as a major competitor to India in the international market, and is one of largest producers of red peppers, dehydrated onion and garlic, cinnamon, and ginger.

Major players profiled in the report include Ajinomoto Co. Inc., Ariake Japan Company Limited, Bart Spices Ltd., British Pepper & Spice Co., Ltd., B&G Foods Inc., CaJohns Fiery Foods, Char Crust Inc., Frontier Natural Products Co-op., Golden West Specialty Foods Inc., Goya Foods Inc., Griffith Laboratories Worldwide Inc., Italpepe Srl, Kraft Foods Inc., McCormick & Co., Inc., Mehran Spice & Food Industries, Newly Weds Foods Inc., Old World Spices & Seasonings, ACH Food Companies, Inc., Vanns Spices Ltd., Victoria Gourmet Inc., Williams Foods Inc., Xcell International Corp.

The research report titled “Spices and Seasonings: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive market overview of the spices and seasonings markets, current market trends, key growth drivers, recent product introductions, recent industry activity, and profiles of major/niche global as well as regional market participants. The report provides annual consumption estimates and projections for the spices and seasonings market for the years 2009 through 2017 for the following geographic markets - US, Canada, Japan, Europe, Asia-Pacific, Middle East, and Latin America. The study also provides historic data for an insight into market evolution over the period 2003 through 2008.

For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Spices_and_Seasonings_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

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