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.
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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.
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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.