Market Size of South America Seasoning and Spices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South America Seasonings and Spices Market Analysis
South America Seasoning and Spices Market is anticipated to register a CAGR of 5.5%, during the forecast period of 2020-2025.
- 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.
South America Seasonings and Spices Industry Segmentation
South America Seasoning and Spices Market is segmented by Product Type into Salt & Salt Substitutes, Herbs, and Spices. The market is segmented by Application into Bakery & Confectionery, Soups, Sauces, Salads, & Dressings, Meat, Poultry, & Seafood, Snacks & Convenience Food, and Other Applications. The market is also segmented by Geography.
| By Products Type | ||||||||
| Salt and Salt Substitutes | ||||||||
| Herbs | ||||||||
|
| By Application | |
| Bakery and Confectionery | |
| Soups, Sauces, Salads, and Dressings | |
| Meat, Poultry, and Seafood | |
| Snacks and Convenience Food | |
| Other Applications |
| By Geography | |
| Brazil | |
| Argentina | |
| Rest of South America |
South America Seasoning and Spices Market Size Summary
The South American seasoning and spices market is experiencing significant growth, driven by the increasing consumer interest in nutritional benefits and the incorporation of spices like cinnamon, nutmeg, basil, and turmeric into various food products. The market is further bolstered by the rising popularity of convenience foods, such as ready-to-eat and ready-to-drink items, which utilize a diverse range of seasonings and spices. The foodservice industry has also seen substantial expansion, with a growing inclination towards Asian cuisines, including Chinese, Indian, Thai, and Vietnamese, which are rich in spices. This trend is complemented by an increase in consumer spending on baked goods, confectionery, and prepared foods, particularly in developed regions, thereby enhancing the demand for spices in these sectors.
Economic growth and urbanization in South America are contributing to the market's expansion, as higher disposable incomes lead to increased consumption of processed foods. The rise of international chain restaurants and the integration of delivery platforms like UberEats, Swiggy, and Zomato have created new opportunities for market players, prompting them to diversify their offerings. Key industry players such as McCormick, Kerry Group, Sensient Natural Ingredients, and Döhler Gmbh are leveraging strong distribution networks and strategic acquisitions to enhance their market presence. McCormick, in particular, has optimized its supply chain to maintain a robust distribution framework, ensuring its leadership in the market.
South America Seasoning and Spices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Force Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Products Type
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2.1.1 Salt and Salt Substitutes
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2.1.2 Herbs
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2.1.3 Spices
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2.1.3.1 Pepper
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2.1.3.2 Cardamom
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2.1.3.3 Cinnamon
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2.1.3.4 Clove
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2.1.3.5 Nutmeg
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2.1.3.6 Other Spices
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2.2 By Application
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2.2.1 Bakery and Confectionery
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2.2.2 Soups, Sauces, Salads, and Dressings
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2.2.3 Meat, Poultry, and Seafood
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2.2.4 Snacks and Convenience Food
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2.2.5 Other Applications
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2.3 By Geography
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2.3.1 Brazil
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2.3.2 Argentina
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2.3.3 Rest of South America
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South America Seasoning and Spices Market Size FAQs
What is the current South America Seasoning and Spices Market size?
The South America Seasoning and Spices Market is projected to register a CAGR of 5.5% during the forecast period (2024-2029)
Who are the key players in South America Seasoning and Spices Market?
McCormick & Company, Inc., Kerry Inc., Sensient Natural Ingredients, Dohler Gmbh and Frontier Co-op are the major companies operating in the South America Seasoning and Spices Market.
