South America Seasoning and Spices Market – Growth, Trends, and Forecast (2022 - 2027)

South America Seasoning and Spices Market – Growth, Trends, and Forecast (2022 - 2027)

South America Seasoning and Spices Market is anticipated to register a CAGR of 5.5%, during the forecast period of 2020-2025.

Key Highlights

• Nutritional benefits, derived from seasonings and spices, such as cinnamon, nutmeg, basil, and turmeric, among others, have proved to be a key factor promoting the market growth.
• Application in convenience food, such as ready-to-eat or ready-to-drink consumables, incorporates a wide range of seasonings and spices. This trend has boosted the growth of the South America seasoning and spice market. The evolving foodservice industry has witnessed a considerable growth in the recent past, where consumers are inclined toward Asian cuisines, such as Chinese, Indian, Thai, and Vietnamese, which involve a wide variety of spices. Growing interest among consumers to try out new cuisines is also boosting the market growth.

Key Market TrendsIncreasing Demand for Processed Food

There has been an increase in consumer spending on baked goods, confectionery products, and ready-to-eat & fried food, particularly in developed economies. As a consequence, sectors, such as bakery, confectionery and prepared food, are buying more spices. The demand for processed food depends largely on the economic situation, in a particular country or region. Also, where economic activity is growing, there are sufficient disposable incomes and growing urban populations, who form the major markets for commercially processed foods.

Growing Consumer Preference for International Chained Restaurant

The international chained restaurants like Burger King, Dominos are becoming a daily consumption industry. It is becoming a regular part of the consumers’ lives than ever. This requires greater variety and, potentially, a shift away from the traditional emphasis on indulgence.

The growth of the foodservice industry is fueling the demand for spices and seasonings, as people want to try out new, ethnic, and exotic dishes. The rise of delivery and logistics platforms, such as UberEats, Swiggy, and Zomato, has created opportunities for new operators, while forcing more established operators to find new means of differentiation.

Competitive Landscape

The South American Seasonings and Spices Market is dominated by players like McCromick, Kerry Group, Sensient Natural Ingredients, Döhler Gmbh and others. The strong distribution networks and acquisition of distribution companies are major strategies used by players to expand their retail presence. McCormick’ has a highly optimized supply chain with a separate unit formulated specially for the keeping the supply chain in place and intact.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

McCormick & Company, Inc.
Kerry Inc.
Sensient Natural Ingredients
Dohler Gmbh
Frontier Co
op
Olam International
Worlee Group
Cargill, Incorporated

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