COVID-19 IMPACT SURVEY MAY 2020
Amid the COVID-19 crisis and the looming economic recession, the Spices and Seasonings market worldwide will grow by a projected 682.2 Thousand Metric Tons, during the analysis period, driven by a revised compounded annual growth rate (CAGR) of 3.4%. Dehydrated Onion/Garlic, one of the segments analyzed and sized in this study, is forecast to grow at over 3.1% and reach a market size of 1.1 Million Metric Tons by the end of the analysis period. An unusual period in history, the coronavirus pandemic has unleashed a series of unprecedented events affecting every industry. The Dehydrated Onion/Garlic market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Staying on top of trends and accurate analysis is paramount now more than ever to manage uncertainty, change and continuously adapt to new and evolving market conditions.
As part of the new emerging geographic scenario, the United States is forecast to readjust to a 2.2% CAGR. Within Europe, the region worst hit by the pandemic, Germany will add over 16.4 Thousand Metric Tons to the region's size over the next 7 to 8 years. In addition, over 17.7 Thousand Metric Tons worth of projected demand in the region will come from Rest of European markets. In Japan, the Dehydrated Onion/Garlic segment will reach a market size of 45.5 Thousand Metric Tons by the close of the analysis period. Blamed for the pandemic, significant political and economic challenges confront China. Amid the growing push for decoupling and economic distancing, the changing relationship between China and the rest of the world will influence competition and opportunities in the Spices and Seasonings market. Against this backdrop and the changing geopolitical, business and consumer sentiments, the world's second largest economy will grow at 6.6% over the next couple of years and add approximately 215.7 Thousand Metric Tons in terms of addressable market opportunity. Continuous monitoring for emerging signs of a possible new world order post-COVID-19 crisis is a must for aspiring businesses and their astute leaders seeking to find success in the now changing Spices and Seasonings market landscape. All research viewpoints presented are based on validated engagements from influencers in the market, whose opinions supersede all other research methodologies.
Competitors identified in this market include, among others, Ajinomoto Co., Inc.; Ariake Japan Company Limited; Asenzya; B&G Foods, Inc.; Fuchs North America; Golden West Specialty Foods, Inc.; Griffith Foods, Inc.; Harris Freeman & Company Inc.; McCormick & Co., Inc.; Mehran Spice & Food Industries; Old Mansion Foods; Old World Spices & Seasonings; Oregon Spice Company; Rocky Mountain Spice Company; S&B Foods Inc.; Synthite Industries Ltd.; The Bart Ingredients Company Ltd.; The Spice Way; Vanns Spices Ltd.; Victoria Gourmet, Inc.; Williams Foods, Inc.; Wixon; Xcell International Corp.