Spices and Seasonings: Key market research findings
- Introduction of new flavours
- Rising imports of spices
Technavio has released a new market research report on the spices and seasonings market in the US, which is expected to grow at a CAGR of 8% between 2016 and 2020. One of the major drivers influencing the growth of the market is the increasing demand for spices from the ethnic groups such as the Asians, Hispanic, Latin Americans, and people from other parts of the world like Mediterranean and Caribbean, who have migrated into the US.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“McCormick has introduced 21 new flavors and spices in the market such as chili peppers, flavored sea salts, and burger sauce mix-ins used in grilling dining occasions. Now-a-days, the US cooks are taking up new varieties like Peru’s aji amarillo, for its sizzling heat and fruity note. Fuchs North America launched 10 distinctive seasonings, sauces, mixes, and flavors, which have encouraged people to cook at home with intense and bold flavors found in restaurant,” says Vijay Sarathi, Lead Analyst, Food & Beverages, Technavio Research.
With the rising imports of spices, spices and flavors have become a global product and not restricted to any particular country. The need for flavor over convenience and other parameters is leading to a strong demand for spices and seasonings. At present, the US imports more than 40 different spices such as vanilla beans, capsicums, black and white pepper, cinnamon, sesame seed, mustard and oregano on a large scale.
The key players in the spices and seasonings market in the US include Ajinomoto, Kerry, Associated British Foods, and McCormick. This market is marked by the presence of many international and regional players who compete against each other on the basis of product differentiation, portfolio, and pricing. The influx of private labels is also increasing, which is expected to intensify the competition during the forecast period.
A more detailed analysis is available in the Technavio report, Spices and Seasonings Market in the US 2016-2020.
We can customize reports by other regions and specific segments upon request.
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