Asia Pacific condiments sauces market is predicted to reach US$8.6 bn by 2020

Transparency Market Research has published a new report on the Asia Pacific condiments sauces market. As per the report, the Asia Pacific condiments sauces market stood at US$6.1 bn in 2014. The report, titled ‘Condiments Sauces Market - Asia Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020’, states that the Asia Pacific condiments sauces market is predicted to reach US$8.6 bn by 2020, progressing at a 5.85% CAGR during the period from 2014 to 2020.

Condiments sauces are added to various food dishes to add extra flavor and enhance the taste. A wide variety of condiments sauces is used as table dips or in cooking. Due to rapid changes in food consumption patterns, the trends in sauce consumption are predicted to experience a rapid change in the years to come. The introduction of a wide variety of sauces by leading companies is expected to contribute to the growth of the Asia Pacific condiments sauces market during the period between 2014 and 2020.

The Asia Pacific condiment sauces market is primarily driven by the rising consumption of sauces in countries such as Australia, Hong Kong, India, China, New Zealand, the Philippines, Thailand, South Korea, and Malaysia. In 2014, China led the Asia Pacific condiments sauces market.

Based on type, the Asia Pacific condiments sauces market is classified into tomato ketchup, mustard sauce, chili/hot sauce, brown sauce, soy sauce, national specialty sauces, and others. In countries such as Australia, Singapore, Hong Kong, the Philippines, Malaysia, and Thailand, tomato-based products are contributing the most to the growth of the cooking sauces and table sauces segments thanks to the high demand for varieties of tomato ketchup.

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The consumption of soy sauce is expected to increase rapidly in countries such as South Korea, China, and Japan in the coming years. Manufacturers of soy sauce are concentrating on introducing new soy sauce products to offer consumers a genuine dining experience. As Chinese dishes have become a favorite cuisine for people across Asia Pacific, the demand for soy sauce is expected to increase in the next few years. The increasing use of soy sauce in homemade food dishes is expected to contribute to the growth of the soy sauce segment in the next few years.

Manufacturers of condiments sauces are focusing on introducing a wide variety of sauces to meet the changing tastes of the consumers. Condiments sauces available in the current Asia Pacific condiments sauces market offer value for money as well as meeting the changing preferences of the consumers. Constant changes in the lifestyles and changing eating patterns are two of the other factors expected to propel the Asia Pacific condiments sauces market in the years to come. Some of the distribution channels for condiments sauces are general merchandise, warehouse clubs, retailers, cash and carries, dollar stores, supermarkets, variety stores, food and drink specialists, convenience stores, and others. Convenience stores and supermarkets are two of the popular distribution channels for condiment sauces.