APAC Spices and Seasonings Market Share, Revenue, Trends, Scope, Key Players, Growth Drivers, Challenges and Future Opportunities Till 2033


APAC Spices and Seasonings Market Share, Revenue, Trends, Scope, Key Players, Growth Drivers, Challenges and Future Opportunities Till 2033: SPER Market Research

 Category : Food & Beverages

 Published: Jan-2024
 Author: SPER Analyst

Asia-Pacific Spices and Seasonings Market is projected to be worth USD 8.74 Billion by 2033 with a CAGR of 5.9%.

To improve the flavour, texture, and scent of food and beverage goods, spices and seasonings are added. Plant-based spices, such as cardamom, cinnamon, cloves, almonds, and peppers, are frequently used for flavouring, colouring, and food preservation. In addition, they are commonly utilised in perfumes, cosmetics, and medicine. A blend of salts, herbs, spices, and sugars, spices can have a sweet, savoury, acidic, or spicy taste. Some of the most popular spices that are added to food to improve its flavour are cumin, paprika, and cinnamon.

Asia-Pacific Spices and Seasonings Market Driving Factors and Challenges

Pure and organic herbs are in high demand worldwide, and nations in the Asia-Pacific area such as China, Vietnam, and India are encouraging the organic cultivation of spices in order to provide healthier options. The rising demand for different spices in the region is a result of the growing popularity of Western cuisine in nations like China and India. Cooking has been made more enjoyable by the tendency towards internationalisation and the increased interest in herbs and spices, especially mixed spices like biryani blends. The Asia-Pacific area is witnessing a surge in demand for conveniently prepared and precooked meals due to hectic schedules and a rise in the number of single families. Flavourings and extracts are also subject to clean-label preferences; natural herbs and spices are becoming more and more popular, particularly in areas like India where there is a higher demand for processed food.

The Asia-Pacific market for spices and seasonings is expanding due to the growth of the processed food industry. Rising demand for spices in items such savoury snacks, soups, noodles, beverages, and ready-to-eat foods, especially in China, India, and Japan, is a result of increased consumer spending, changing lifestyles, an increase in the number of working women, and expanding retail channels. Due of this, industries such as sauces, salads, and dressings have significantly boosted their purchases of spices, resulting in huge market growth.

The growing number of unfair trade practice claims that lead to several international arbitrations and WTO sanctions in various countries is the primary factor restricting this industry. Furthermore, the spice industry's volatile supply chains and price volatility make it difficult to sustain a robust development trajectory over time. Spice adulteration may potentially impede market expansion. Overindulgence in spices can have detrimental effects on one's health, which is why it may hinder the market's expansion. Moreover, a number of seasonings and spices are prone to microbial contamination, which might pose problems for the market.

Impact of COVID-19 on Asia-Pacific Spices and Seasonings Market
The COVID-19 pandemic caused a sharp increase in the demand for spices and seasonings due to consumer perceptions of certain spices, such as turmeric, ginger, and garlic, which are thought to promote immunity. Because industrialised economies heavily depended on imports from emerging countries, they initially faced supply chain concerns. But market access has grown less affected as a leading location for recognisable value and locally demanded herbs, spices, and seasonings. A move towards a sustainable agricultural supply chain was made in response to the crisis, which highlighted the susceptibility of agricultural supply networks to worldwide pandemics.

Asia-Pacific Spices and Seasonings Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Cargill, Incorporated; Dohler GmbH; Frontier Co-op; Kerry Group PLC; Kikkoman Corporation; McCormick & Company, Inc.; Olam International; Schulze & Co. KG; Sensient Technologies Corporation; SHS Group, Others.

Asia-Pacific Spices and Seasonings Market Segmentation:

By Product Type: Based on the Product Type, Asia-Pacific Spices and Seasonings Market is segmented as; Herbs and Seasoning (Thyme, Basil, Oregano, Parsley, Other Herbs and Seasoning), Salt and Salt Substitutes, Spices (Cardamom, Cinnamon, Clove, Nutmeg, Pepper, Turmeric, Other Spices).

By Application: Based on the Application, Asia-Pacific Spices and Seasonings Market is segmented as; Bakery and Confectionery, Meat and Seafood, Sauces, Salads and Dressings, Savory Snacks, Soup, Noodles and Pasta, Other Applications.

By Region: This research also includes data for Australia, China, India, Indonesia, Japan and rest of Asia-Pacific.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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