The global condiment market is fairly fragmented and some of the prominent players are General Mills Inc., Kroger Co., Nestle Inc., Frito-Lay Co., The Kraft Heinz Co., and ConAgra Food Inc,
In order to cater to the health-conscious consumer base – a large number of companies are currently focusing on product line innovations. Also, big and established players are merging to capture the market. In 2015, HJ Heinz Co and Kraft Foods Group Inc. made the biggest deal in the history of the U.S. packaged food market. With the merger, the new Kraft Heinz Co became the dominant player – sales of US$2.8 billion with a market value of 13%. According to Transparency Market Research (TMR), the global condiment sauces market is anticipated to exhibit a CAGR of 3.2%. The market size will grow from its initial value of US$19.3 bn in 2014 to reach US$23.4 bn by 2020.
Increasing Disposable Income Supplement Growth in Asia Pacific Market
The market of condiment sauces is geographically segmented into Europe, North America, Asia Pacific, and Rest of the World. Asia Pacific accounted for the maximum market share of 37% in 2014. The region is expected to continue its dominance over the forecast period due to busy lifestyle and the increasing disposable income. Furthermore, the market is set to gain form the rising number of fast food joints all across the region. Along with a rise in the awareness about various types of regional cuisines, introduction of diverse techniques of food preparations will subsequently drive the growth of the condiment sauces market.
Based on type of sauces & dressings, the market is categorized into cocktail sauces, herbs and spices, pasta sauces, dry sauces, imitation whipped cream, barbecue sauces, ketchup, mayonnaise, vegetable oils and others. On the basis of application, the market is further segmented into table sauces, cooking sauces, dips and pickled products. Herbs and spices and table sauces are the leading contributors to the market of their respective segments.
Condiment Sauces Market to Gain from Demanding Lifestyle
Trade has opened new avenues for many industries including the food industry. It has become much easier to taste the authentic and ethnic cuisines of the world, and cater to the ever changing food habits of consumers. The market for condiment sauces is growing due to a large base of consumers who prefer cooking authentic and traditional cuisines in the comfort of their own home. Moreover, improving lifestyles and rise in the disposable income are some of the key factors that positively impact the market growth.
However, the most crucial factor for the high demand for condiment sauces is the busy lifestyle. Due to busy and fast-paced life, many individuals prefer quick dinner fixes. Here, condiment sauces come in handy. In addition, the growing demand for fast foods acts as a driver for the market. Condiment sauces have become an essential ingredient to add flavor to the food and help in delivering food in no time, thereby assisting the market to prosper.
Condiment sauces have become an integral part of the food industry – various distribution channels have come into play to meet the growing demand of consumers across the world. Supermarkets, grocers and convenience stores, hypermarkets, discount stores, and food and drink specialists are providing grounds to distribute these products to its massive consumer base, in turn helping the market growth.
This review is based on the findings of a TMR report titled ‘Condiment Sauces Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.’
Global Condiment Sauces Market, by Type
- Chili/hot sauce
- National Specialties
- Brown Sauce
- Mustard Sauce
- Tomato Ketchup
- Soy based Sauce
- Other Condiment Sauce
Global Condiment Sauces Market, by Geography
- North America
- Asia Pacific
- Rest of the World
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