Asia-Pacific Seasoning and Spices Market - Growth, Trends, and Forecast (2018 - 2023)
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.