The Seasoning And Dressing by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Seasoning And Dressing, The seasoning and dressing market size has grown strongly in recent years. It will grow from $152.56 billion in 2023 to $163.4 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to strong economic growth in emerging markets, rise in disposable income, impact of covid 19 lockdown and rising preference for convenience and processed food products.
The seasoning and dressing market size is expected to see strong growth in the next few years. It will grow to $210.84 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to growing number of health-conscious consumers, consumer willingness to experiment with new flavors, influence of digital media marketing and social media, rising population, demographic shifts in emerging markets, and rising penetration of organized retail . Major trends in the forecast period include manufacturing of seasoning and dressing products that can be used in ethnic cuisines to cater increased consumer demand, focusing on the launch of innovative sauces to remain competitive in the market, focus on online sale to cater to increased consumer demands from ecommerce, focus on manufacturing sugar free products that can equal the taste profile of full-sugar varieties to appeal to health conscious consumers, and offer products infused with cbd to capitalize on the growing demand for cbd infused products.
Many countries across the globe are experiencing falling prices of crops due to overcapacity. This is expected to result in low raw material costs for seasoning and dressing manufacturing companies. For instance, in November 2022, according to the report Frontline, an India-based national magazine on agriculture, the Cabinet Committee on Economic Affairs announced a bailout package of Rs 7000 crore for farmers involved in the sugar production sectors to fix the minimum selling price of refined sugar at Rs 29 per kilogram (prices dropped to Rs 23-24 recently due to overproduction) and to create a buffer stock of 3 million tons of sugar for one year. Thus, the overproduction of certain crops is likely to result in higher profit margins for seasoning and dressing manufacturing companies. Higher profit margins will enable food and beverage companies to increase their productivity and drive the market going forward.
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The seasoning and dressing market covered in this report is segmented –
1) By Type: Seasoning, Dressing
2) By Application: Meat and poultry Products, Snacks and convenience Food, Soups, Sauces, And Dressings, Bakery and confectionery, Frozen Products, Beverages, Other Applications
3) By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Other Distribution Channels
Subsegments Covered: Spices, Herbs, Other Seasoning, Sauces Dressings And Condiments , Food And Salad Dressings
Seasoning and dressing manufacturing companies are adopting automation and artificial intelligence (AI) technology to maximize production efficiency. Robotic systems automate the batching, conveying, processing, storage, and packaging of products, thus decreasing production cycle time and increasing output. AI incorporates novelty and creativity into the food by identifying a base formula for a flavor category, AI incorporates novelty and creativity into food. Automation enables seasoning processing companies to improve plant conditions, reduce contamination, and operate with minimal human interaction, thus making processing safer for workers as well as consumers. Plants with fixed automation systems increase yields by at least 2-3%. Kraft Heinz, Givaudan, McCormick, Ajinomoto, Kikkoman, and Kerry Group are some of the companies that use food automation equipment. For instance, McCormick, in collaboration with IBM Research, is using AI to create new palatable flavors. Kraft Heinz has invested in robotics and artificial intelligence to implement automation to reduce manufacturing inefficiencies.
The seasoning and dressing market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
……..
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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