The preference of consumers has changed radically since the past few years. A major reason for this is globalization, owing to which, different cultures are now being celebrated all across the globe. This includes the changing eating habits of people, as now consumers are open to experimentation and are increasingly trying new flavors and tastes. Recently Mexican, Chinese, and Continental cuisines have become increasingly popular all across the globe. These cuisine make extensive usage of different kinds of spices and seasoning, because of which, the demand for these products is growing rapidly all across the globe.
The global seasonings and spices market is projected to generate a revenue of $30.4 billion by 2023, increasing from $21.5 billion in 2017, and is predicted to progress at a 6.0% CAGR during the forecast period (2018–2023). The market is bifurcated into whole and ground in terms of product, between which, the whole bifurcation accounted for the larger share of the market in 2017. This is due to the fact that whole seasonings and spices are utilized in both residential and industrial sectors. The bifurcation is further divided into ginger, aniseed, saffron, chili flakes/pepper, vanilla, chives, tarragon, cinnamon, thyme, cumin, rosemary, dill, sesame, fennel, blue poppy seeds, and white poppy seeds.
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Another major reason for the growth of the seasonings and spices market is the rapid expansion of the e-commerce industry. Much like several other industries, the seasonings and spices has also recognized the potential of online platforms, which is why several companies have started selling their products on a number of online platforms. Other than this, online advertising has also become a major part of marketing campaigns for these companies. Through online advertising, seasonings and spices companies are encouraging people to come up with new recipes at their houses and hosting competitions, which aid in establishing the identity of the brand in the market.
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In conclusion, the demand for seasonings and spices is increasing because of the expanding e-commerce sector and changing food habits of people around the world.