Rising Consumption of Convenience Foods Pushing Up Seasonings and Spices Sales

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Milk and meat have now become important parts of everyday meals. The demand for these products has also been increasing because of the changing lifestyle in developing countries, surging population, and rising disposable income of people. In addition to this, due to rising health concerns, people are now opting for protein-rich food, including meat, eggs, and milk. This is why, the focus on raising the production of farm animals has grown considerably across the globe.

As per an American Pet Products Association 2008 survey, people who owned cats and dogs in the U.S. were observed to be healthier and happier as compared to those who did not own any pets. Furthermore, in 2017, Americans spent more than $69.5 billion on pets. Humans are increasingly getting aware regarding the benefits of keeping pets, which is also leading to the growing focus on animal healthcare all over the world.

A number of products are used for maintaining the health of farming animals, including anti-inflammatories, feed additives, parasiticides, vaccines, and anti-infectives. Some other animal healthcare products include drugs for productive problems, oncological and antiemetic products, and medicines for pain sedation. Out of these, the demand for food additives was the highest in the past, their demand is further predicted to be the highest in the years to come as well. The increasing feed production and rising consumption of animal-derived products are driving the demand for feed additives.

All these products are available at different distribution channels, such as pharmacies & drug stores, veterinary hospitals, veterinary clinics, retail stores, and online platforms. The largest demand for animal healthcare products was created from veterinary hospitals in the past, owing to the rising preference of pet owners for these settings. Veterinary hospitals provide overall healthcare solutions for pets unlike other veterinary facilities. In the years to come, the demand for these products is also expected to rise from online platforms because of the expanding e-commerce sector.

Moreover, the busy lifestyle, long working hours, and large number of people living alone have fueled the demand for food service outlets that can offer quick delivery. The easy access to convenience food helps in saving the effort and time consumed while cooking at home. Apart from this, there has been a considerable rise in the consumer spending on ready-to-eat foods, ready-to-fry foods, confectionery products, and baked goods, especially in developed countries. Due to this reason, industries related to confectionery and processed foods are increasingly purchasing spices and seasonings.

The changing demographic composition has created a great opportunity for the players operating in the food industry to offer a wide range of ethnic flavors to customers demanding variations. Ginger, anise, and pepper are being used by food vendors and restaurants to enhance the flavor of Chinese food, whereas chili, cardamom, and curry are required to add flavor to Indian dishes.

Food outlets are also procuring cloves, nutmeg, cinnamon, and cassia to enhance the flavor of Thai food. Thus, the changing demographic composition is also providing lucrative investment opportunities to seasonings and spices market players across the world. In recent years, people have started traveling to exotic locations, owing to the expanding multicultural inhabitant base around the globe, to explore regional cuisines.

Geographically, North America emerged as the major animal healthcare market in the 2017, owing to the rising spending on healthcare of animals by farm animal owners, emerging trend of pet humanization, and growing requirement for animal-based products. Other than this, the demand for animal healthcare products is also predicted to increase in the Asia-Pacific region in the coming years. The increasing requirement for animal-source food products and rising livestock population in various countries are driving the regional market.

Hence, the demand for animal healthcare products is growing due to the increasing demand for protein-rich foods and rising trend of pet humanization.