Seasonings Market Is Set To Garner Staggering Revenues By 2026
Category: #health  By Rahul Sankrityayan  Date: 2020-04-30
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Seasonings Market Is Set To Garner Staggering Revenues By 2026

The global seasonings market is garnering immense attention, of late, owing to increasing concern pertaining to consumption of hazardous additives in food products. Rising health-consciousness among millennials and changing taste preferences is currently shaping up the pattern of spices consumption in the world.

The global seasoning and spices market is witnessing a transformation of sorts in terms of new flavor development process as many industry players are turning towards artificial intelligence and machine learning to unveil new seasonings. This phenomenon can be witnessed in the collaboration between tech giant IBM and the renowned seasonings maker McCormick & Company. Apparently, the partnership would see McCormick tapping into the Research AI for Product Composition tech of IBM for AI-derived insights which will help the firm in discovering new herbs, marinade, extract, and stock flavor combinations up to 3 times quicker.

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Elaborating further on the usage of AI, the algorithm developed by IBM learns and predicts a wealth of useful information, including raw material substitutes, human response, rations, and the relative novelty of a formula. McCormick & Company believes that it would change the way its food scientists work to detect nuances in the flavor of ingredients and find new flavors that would have been too laborious to source previously.

It has to be noted that the collaboration is quite unique for the seasonings industry as it was in the making for four years, drawing on McCormick’s flagship millions of data points across flavor palettes and sensory science. Powered by deep data and expertise in taste and science along with IBM’s AI capabilities, McCormick plans to launch a new product family – One – which is anticipated to hit the stores by mid-2019.

The popularity for ethnic flavors and seasonings such as Thai spices such as cinnamon and cassia, Indian chilies and curry, and Chinese spice powders is rising considerably in the developed nations. Large-scale migration and globalization of people from developing countries to North America and Europe are the major factors that are driving the demand for such seasonings. In fact, as per the data published by CBI – Europe’s Center for the Promotion of Imports from developing countries – the imports of spices and herbs from countries such as India and China have increased by 6.6 percent on an annual basis between 2013 and 2017.

Owing to the growing multicultural population and Europe’s increasing inclination toward exotic cuisines, the demand for ethnic flavors and foods has been escalating rapidly. Due to a sense of scarcity, high prices, and growing demand, European buyers are continuously looking for new suppliers of these spices and herbs. Moreover, seasonings industry players are finding business opportunities in smaller or niche markets focusing on improved quality, sustainability, and special varieties.

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Speaking of the spices consumption in the world, pepper has been dominating the overall seasonings industry over the last few years. In fact, the trade of pepper apportioned more than USD 4 billion of revenue share of the worldwide seasonings industry in the year 2018. When it comes to manufacturing of pepper, the Asia Pacific region – particularly China, India, and Indonesia – holds more than 60 percent of the global pepper production.

It is quite well-known that pepper has a high content of essential minerals and vitamins including thiamin, manganese, zinc, copper, iron, riboflavin, vitamin C, vitamin K, which makes it anti-oxidant and anti-inflammatory in nature. Its ability to improve the rate of nutrition absorption has made it a preferred ingredient in food processing companies which manufacture products for health-conscious consumers, essentially boosting the growth prospects of seasonings market.

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About Author

Rahul Sankrityayan

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Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Technology Magazine, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experie...

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