NEW YORK, May 30, 2018 (GLOBE NEWSWIRE) -- The global seasonings and spices market size is projected to reach $30.4 billion by 2023, growing at a CAGR of 6.0% during 2018-2023. The growth in the market will be led by the increasing awareness on the medical benefits of spices, the rising demand for ethnic cuisines, and the growing popularity of convenience foods.
Online marketing campaigns as revenue expansion strategy is a major trend in the seasonings and spices market. Online or internet advertising requires the use of the internet for providing marketing solutions to users through digital marketing and social media. Many seasoning and spice companies have started online advertising campaigns to encourage consumers to create new recipes at home. To gain popularity, many firms are adopting different ways, such as creating their own apps for product recipes, organizing online contests and posting on social media, to connect with consumers and increase consumer engagement, which would further help in establishing brand identity in their minds.
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Nowadays, people, especially in developed countries, eat for pleasure rather than for survival. Changing demographic composition has presented the players in the food industry with a great opportunity to offer a vast assortment of ethnic cuisines to the palates demanding variation (in terms of flavors), and the response of the market has also been phenomenal. Ethnic cuisines are expected to play a significant role in the food industry in the near future, as restaurant operators continue to modify their menus to satisfy the ever-changing taste buds of their consumers. With expanding multicultural inhabitant base across different geographies, people are travelling more than ever to exotic destinations to explore regional cuisines. This clearly indicates that the changing demographic composition worldwide is offering profitable investment opportunities to the vendors of the seasonings and spices market.
Stringent government policies, inefficient and unstructured logistics, and uncertain climatic conditions act as major growth restraints for spice-producing countries. To expand domestic utilization, governments often enforce reduction in trade excess. Also, as quality standards vary with countries, for example, the seasonings and spices market in European countries is required to adhere to food safety and quality standards, consignments often get rejected on quality parameters, adding to the woes of sellers and producers.
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The key players operating in the seasonings and spices market are Mahashian Di Hatti Pvt. Ltd., Everest Spices, Fuchs Group, DS Group, Unilever Group, Paras Spices Pvt. Ltd., The British Pepper & Spice Company Limited, Ajinomoto Group, Jamie Oliver Enterprises Limited, Brake Bros Ltd., Camstar Herbs Ltd., Natco Foods Ltd. and TRS Group.
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