The
market for condiment sauces will be characterized by disparate
consumer trends across the world, says a report by Transparency
Market Research. According to a report by the market research firm,
the global
condiments sauces market will log a 3.21% CAGR from 2014 to 2020.
The report, titled ‘Condiment Sauces Market - Global Industry
Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020,’
states that the market will rise in valuation to reach US$23.39 bn by
2020. In 2013, the market had a valuation of US$18.68 bn.
Condiment
sauces, as the term indicates, are sauces that use common condiments
as their main ingredients. These sauces are used to add flavor to
both cooked and raw food (such as salads). While these food products
are consumed in large volumes across the world every year, many
consumers are now trying to wean themselves off condiments sauces
that are high on salt, sugar, and artificial flavors. The trend,
palpably, is tilting toward condiment sauces that are healthier and
made from natural ingredients.
While
the demand for tomato ketchup will continue to remain high in
countries such as the U.S., Germany, Brazil, and Saudi Arabia, France
will see a continued demand for mustard sauce, whereas soy sauce will
continue to be widely consumed in China and Japan. The report traces
recent culinary trends that will likely have a direct impact on the
growth of the condiment sauces market worldwide. The findings of the
report indicate that the burgeoning trend of world cuisine will stir
the demand for exotic sauces in various countries.
Urbanization
will play a crucial role in the growth of the condiment sauces market
as people who were hitherto accustomed to consuming traditional foods
are now developing an appetite for foreign foods. Moreover, these
sauces also form an important part of the diet of the busy urban
professional or the homemaker who seeks convenience when putting
together a meal.
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Given
that these sauces are such a ubiquitous part of diets worldwide,
there is no dearth of distribution channels for condiment sauces. The
world over, these products are distributed through channels such as
supermarkets, hypermarkets, discount stores, grocers and convenience
stores, and food and drink specialists.
Improving
lifestyles and consumers having higher income their disposal will act
as a positive force for the growth of the condiment sauces market,
the report notes. The growth of the market will be exemplary in the
Asia Pacific region over the report’s forecast period, supported
chiefly by the growing affluence in countries such as China, India,
and Japan. The time is also ripe for international brands to enter
these markets will novel products, and many brands have already set a
precedent by harnessing this opportunity. According to the report,
countries such as Egypt, South Africa, Mexico, Poland, Turkey, and
Peru will be worth tracking for food companies looking to invest in
these markets.
In
2014, the United States was the largest market for condiment sauces
in the world. Japan came in second. The position of these companies
is expected to remain unchanged over the forecast period of the
report.
Condiment
Sauces Market - Regional Analysis
North
America
- U.S.
- Rest of North America
Europe
- Germany
- France
- Italy
- UK
- Rest of Europe
Asia
Pacific
- India
- China
- Rest of Asia Pacific
RoW
- Brazil
- Saudi Arabia
- Rest of RoW
Contact
Mr.
Sudip S
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State Street, Suite 700
Albany,
NY 12207
Tel:
+1-518-618-1030
USA
- Canada Toll Free: 866-552-3453
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