Global Condiments Sauces Market: Snapshot
Changing eating patterns of people due to busy lifestyles are allowing the condiments sauces market in Asia Pacific to gain significant momentum. The increasing preference of people towards fast food is translating into the greater uptake of condiment sauces. Moreover, people consume condiment sauces to enhance flavor in their food preparation or use them as table dips. The growth of the market is also supported by the increasing urbanization and rising disposable income of people. The introduction of a large variety of sauces to match the changing trends in fast foods is likely to shape the future of the market.
As per a report by Transparency Market Research (TMR), the Asia Pacific market for condiment sauces is anticipated to reach a valuation of US$8.62 bn by 2020, expanding at a CAGR of 5.85% between 2014 and 2020.
Consumption of Condiment Sauces to Remain High in China and Japan through 2020
In terms of country, the market is divided into China, Australia, India, Hong Kong, Japan, Indonesia, New Zealand, Malaysia, Singapore, the Philippines, and Thailand. China was the leading revenue contributor in 2014, closely trailed by Japan. The growth of the country can be attributed to the busy lifestyles of the populace and their increasing dependence on fast foods. The demand is likely to remain high in the coming years, owing to the popularity of condiment sauces among consumers for the preparation of authentic and traditional multi-cuisine food at home.
China and Japan will maintain their prominence in the global arena. However, the market in these countries is heading towards maturity. Emerging markets such as Indonesia, Australia, India, New Zealand, South Korea, and Hong Kong are estimated to witness growth in demand for condiment sauces. The rising disposable income is one of the primary factors contributing to the growth of these countries. In the forthcoming years, these countries are expected to emerge as key destinations for prominent players in Asia Pacific market.
Warehouse Clubs and Dollar Stores to Remain Most Prominent Distribution Channels through 2020
On the basis of type, the report segments the Asia Pacific market for condiment sauces into tomato ketchup, national specialty sauce, brown sauce, mustard sauce, hot and chili sauce, soy sauce, and other condiment sauce. The consumption pattern varies from country to country. For instance, the consumption of soy sauce is higher in countries such as South Korea, Japan, and China. While the demand for national condiments sauce is strong in New Zealand, the sales of tomato ketchup are high in countries such as Australia, Indonesia, Malaysia, Thailand, the Philippines, Singapore, India, and Hong Kong.
Based on distribution channel, the market is divided into food and drinks specialists, variety stores and general merchandise retailers, dollar stores, department stores, supermarkets and hypermarkets, and convenience stores. Among these, variety stores & general merchandise retailers, warehouse clubs, and dollar stores are the most preferred distribution channels and will retain their position until 2020. Food and drinks specialists and convenience stores are also estimated to account for substantial shares in the global market. The supermarkets and hypermarkets segment is anticipated to register significant growth rate during the forecast period, thanks to the improving lifestyles in developed nations.
Asia Pacific condiments sauces market has experienced varied trends across countries such Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, South Korea, and Thailand. Various aspects of sauce consumption are likely to experience rapid change due to changing food preferences and consumption patterns in these countries. Product innovations and development of different flavored condiments sauces offers consumers more options in way of taste preferences.
This market has been segmented by types of condiment sauces produced and consumed into seven types such as tomato ketchup, brown sauce, chili/hot sauce, mustard sauce, national specialty sauce, other condiment sauce, and soy sauce. It also provides an insight into value (USD million) and volume (kg million) of condiments sauce consumption in Asia pacific market. The study highlights current market trends and provides forecast from 2014 to 2020. In addition, current and future trends are also covered in this report.
By country, the market is segmented into Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, South Korea, and Thailand. Furthermore, these countries are analyzed on the basis of the various condiments sauces consumed in these countries. By type, condiments sauce is segmented into seven types: tomato ketchup, brown sauce, chili/hot sauce, mustard sauce, national specialty sauce, other condiments sauces, and soy sauce. The report also provides insight into value (USD, AUD, CNY, HKD, INR, IDR, JPY, MYR, NZD, PHP, SGD, KRW, THB million) and volume (kg million) of condiments sauces consumption in Asia Pacific.
This report also covers country wise preferences for different condiments sauces such as India, Australia, Hong Kong, Indonesia, Singapore, Thailand, Malaysia, and Philippines for tomato ketchup, China, Japan, South Korea for soy sauce and New Zealand for national condiments sauce. In Australia, Hong Kong, Indonesia, Singapore, Thailand, Malaysia, and Philippines tomato based products are dominating both table and cooking sauces markets with different varieties of ketchup. Limited editions of a few varieties or flavors produced using a particular type of tomato has begun to make an advent in the table sauce market. In China, Japan, South Korea, the growth in consumption of soy sauce is attributed to the increasing demand of that sauce as homemade food ingredients.
Hence, food manufacturers are launching a variety of soy sauce to help consumers create a genuine dining experience at home. Across most product categories, New Zealand consumers show a strong preference for local brands of condiment sauces and believe that local companies truly understand their desire, providing better value for the money when compared with foreign brands of condiment sauces. The condiment sauce market in Asia Pacific is likely to expand at a healthy CAGR over the next six years due to increased usage of condiment sauces in fast food items in major markets such as China, Japan, India, Australia, South Korea and New Zealand. China is anticipated to be the largest consumer of condiment sauces followed by Japan, by 2020.
Changing lifestyles and changing eating pattern of consumers in China would boost the consumption of condiment sauces in the country during the forecast period. It has become an important market for international brands due to its vast potential for growth. This report helps manufacturers, suppliers and distributors to understand the present and future trends in this market and formulate their strategies accordingly. Widening distribution channels and product innovation would further boost the growth of condiment sauce market in the near future.
Condiment sauces are sold through a variety of channels. Distribution of products is another area of significant value addition. Major distribution channels such as cash and carries, warehouse clubs, dollar stores”, variety stores, general merchandise, retailers, supermarkets/hypermarkets, convenience stores, food and drinks specialists are among the most preferred destinations/channels for the sale of condiments sauces. Supermarkets and convenience stores have become popular channels for purchase of goods due to improvement in the standard of living of people in Asia Pacific. Supermarkets and hypermarkets are likely to dominate the distribution channel by 2020. Emerging markets such as Australia, South Korea, New Zealand, Indonesia, and Hong Kong are anticipated to witness significant increase in consumption of condiment sauces due to increased disposable income in near future.