Global Culinary Ingredient Market Outlook
The food industry has witnessed a meteoric transformation over the past half a decade and enabled several associated sub-segments to surface-up. The culinary ingredient is one such ingredient category that emerged out of transformed consumer preferences towards experience-based food. Consumers are attracted to and engaged in the international culinary experience that is largely characterized by unique flavors and culinary narratives, which necessitates the use of culinary ingredients.
Food-themed television competitions, travel programs aided to the visibility of culinary ingredients, and it moved from rarely bought ingredient category to frequently bought category in supermarkets. Simultaneously, culinary ingredients also made its way to the shopping basket of renowned chefs and gained sizable traction among consumer markets.
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Rapidly growing food industry is driving the Global Culinary Ingredient Market
Culinary ingredients represent a diverse variety of inclusions in its ambit, and it varies with regional preferences. Largely garlic, coriander, ginger are notable culinary ingredients, but can broadly be segregated as spices, condiments, seasonings, and sauces. Nevertheless, subject to its usage and regional taste preference at times commonly used spices and condiments are also referred to as culinary ingredients.
Around the globe, the demand trend of culinary ingredients varies in sync with culinary trends. For example in in2019, dark greens and South-East Asian cuisines were trending – resultantly the sales of Chinese chives, galangal, ginger, cilantro witnessed 1.6 fold growth. During the same period, North European countries reported increased consumer traction for dill seed, juniper, caraway, mustard seed, and many other spices.
The globally increasing food industry is a major factor for the high demand of the culinary ingredient. The consumer has increased expenditure on ingredients that had made the culinary ingredient a mainstream product. High growth in the food industry is increased the demand culinary ingredient which in turn propelling the culinary ingredient market.
Global Culinary Ingredient Market – Key Players
Some of the key players of the global culinary ingredient market are Gourmet Spice Company, Pacific Spice Company, BELMAR, Mountain Rose Herbs, Ingredion Incorporated, Cargill, Incorporated, and others.
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Global Culinary Ingredient Market – Opportunity
Companies need to maximize the underlying opportunity by targeting the mass population group. As of now, usage of culinary ingredients is limited to selected customer archetypes, which is characterized as premium buyers. Though culinary ingredients are available in retail stores, the preference of mass category customers is very limited owing to the lower threshold of brand awareness. Companies need to prioritize customer acquisition of such categories and adopt strategies accordingly. Omnipresence across all sales channels is another opportunity area companies need to explore with an intent to enhance brand visibility.
Culinary ingredients have also been attributed to regional availability. Such spice, condiments, and seasonings considered as culinary in Asian countries are very difficult to source in Latin American countries and vice versa. The process becomes even cumbersome when a retail buyer plans to buy some of these ingredients. These reflect gaps in the global culinary supply chain and global availability. Companies engaged in commercial production, marketing, and sales of culinary ingredients need to fill such gaps and address the regional supply gap.
Impact of COVID -19 on Global Culinary Ingredient Market
To deal with the situation of this pandemic era the food companies are reshaping the supply chain to keep the essential flow of products from the farm or producers to the consumers.
Amidst this coronavirus outbreak, the demand for food is high all over the world. The global supply chain has been affected which makes the consumers as well as the manufactures to depend upon the local products. The raw material sourcing and high price is a key challenge for the food and food ingredient manufacturers in the lockdown imposed countries. Manufacturers have gradually started the production facilities and are planning to redesign the supply chain. However, the companies are facing challenges no doubt due to the disrupted supply chain.
Furthermore, culinary ingredient supplying companies are refocusing their marketing strategies towards changing consumer and shopper needs as a key strategy to ride out the recession and emerge stronger. The focus has now suddenly being shifted from environmental health to people’s health. Purpose-driven business is something companies need to adopt. Purpose-driven businesses are likely to be more resilient towards such an unwarned crisis and it translates brand loyalty.
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