Global Condiment Sauces Market: Snapshot
The demand for condiment sauces is extensively high in the food industry as they comprise a crucial element in international as well as regional cuisines. Their attainability across borders and in different countries enables people to establish a connection with ethnic cuisines. Condiments, dressings, and sauces make up a core dipping ingredient for global consumers. While the trends that influence the market may vary from one region to another and country to country, the rapidly expanding takeaway and fast food culture is a common aspect that is expected to keep the condiment sauces market at the forefront in the coming years across the globe. As a matter of fact, urbanization also plays a noteworthy role in propelling the demand for condiment sauces, mainly in developing countries as the consumers who were until now used to traditional cooking are with time developing an appetite and taste for fast food and international cuisine. Moreover, condiment sauces have become a noteworthy part of the routine diet as professional and urban homemaker search for easy ways to put their daily meals together. All in all, the prospects that are present for the progress of the global market for condiment sauces seem promising.
The global market for condiment sauces is expected to witness a CAGR of 3.21% between 2014 and 2020. The market was worth US$18.68 bn in 2013 and is expected to touch US$23.29 bn by the end of 2020.
Tomato Ketchup to Stay in High Demand
Condiment sauces are always high in demand in the food industry and play a ubiquitous role in the diet of people. There is no lack of distribution channels across the globe for condiment sauces. They are distributed through food and drink specialists, convenience stores, grocers, discount stores, hypermarkets, and supermarkets. All the different varieties of condiment sauces are distributed through channels. The different varieties of condiment sauces are chili or hot sauce, brown sauce, national specialties, tomato ketchup, mustard sauce, and soy based sauce. The sauce that has been the most consumed and is till date the most demanded sauce is tomato ketchup and it has been projected that it remain in its leading glory till the end of the forecast period. The demand for tomato ketchup is high countries such as France, Saudi Arabia, Brazil, Germany, and the U.S. However, the demand for mustard sauce is expected to be relatively high in France whereas the demand for soy sauce is expected to witness growth in Japan and China. It has been further projected that recent culinary trends are likely to impact the consumption of these sauces across the globe in the coming years.
Asia Pacific to Seal Dominant Position until 2020
Region-wise, the global market for condiment sauces has been segmented into Asia Pacific, Europe, North America, and the Rest of World. Amongst these, the region that led the market with the maximum share in 2014 was Asia Pacific. It accounted for a share of 37% in the same year. Asia Pacific was closely trailed by North America and Europe. The improving lifestyle of people along with growing disposable income are the main reasons behind the growth of the market in these regions. The market is expected to gain lucrative prospects from countries such as South Africa, Poland, Egypt, Turkey, and Mexico.
The top drawer companies in the market are Kroger Co., General Mills Inc., Frito-Lay Co., ConAgra Foods Inc., Walmart store Inc., Kraft Foods Group Inc., H.J Heinz, Unilever group, and Nestle SA among many others.
Condiment sauces are used for enhancing the flavor of food at the time of preparation or as a side to complement prepared food. Presently, condiment sauces are important elements of regional cuisines and their availability across borders has allowed individuals to connect with ethnic cuisines.
The global condiment sauces market is categorized on the basis of product type and geography. The report provides valuable insights into the preference for condiment sauces in regions around the world with due weightage to cultural, social, and economic constraints. Research analysts have reached out to accredited food and beverage agencies and scrutinized data on how the consumption of condiment sauces has been rising.
In this report, vital market indicators such as market drivers, market restraints, and trends are evaluated for their impact on the market in the historical study period and their expected behavior in the forecast period is analyzed as well. Market size projections and development trends for condiment sauces across the regional segments of North America, Asia Pacific, Europe, and Rest of the World are presented herein.
In the condiment sauces market, the distribution channels add significant value and are looked into in this report. Dollar stores, mom and pop stores, convenience stores, variety stores, food and drinks specialists, supermarkets, hypermarkets, and cash & carry stores are the major distribution channels for condiment sauces.
Overview of Global Condiment Sauces Market
The global market for condiment sauces will reach a value of US$23.4 bn by 2020, increasing from US$19.3 bn in 2014 at a modest 3.2% CAGR for the period therein. In present times, the proliferation of communication channels has connected the far ends of the world for exchange of knowledge, culture, and traditional beliefs. This has revolutionized the food industry to cater to the changing food habits of consumers as a result of the adoption of newer food choices.
In urban areas, the busy lifestyle of individuals leaves time only for quick dinner fixes, for which condiment sauces are handy. In addition, the increasing preference for fast foods, which use condiment sauces as essential ingredients for intensifying flavor of food, is also driving the market for condiment sauces. These factors are driving the global condiment sauces market.
In terms of product type, the segments of the condiment sauces market are brown sauce, national specialties, mustard sauce, chili/hot sauce, soy-based sauces, tomato ketchup, and other condiments.
The global condiment sauces market is divided into the regional segments of North America, Europe, Asia Pacific, and Rest of the World. Across regions, the condiment sauces market will witness substantial growth due to a swift change in the eating habits of consumers. In Asia Pacific, the emerging economies of China and India will display an increasing demand for condiment sauces as a result of recently gained economic prosperity and increased foreign travel for business and leisure reasons. In 2014, Japan stood as the second largest market for condiment sauces mainly due to the demand for soy sauces.
In North America, the U.S. is the leading market for condiment sauces, as evidenced by the country’s leading share in the global market in 2014. In Europe, the leading markets are Germany, Russia, France, and the U.K. The emerging markets in Egypt, Turkey, South Africa, Poland, and Peru will emerge as significant markets for condiment sauces in the near future.
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
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- A clear understanding of the competitive landscape and key product segments