The
global condiment market is fairly fragmented and some of the
prominent players are General Mills Inc., Kroger Co., Nestle Inc.,
Frito-Lay Co., The Kraft Heinz Co., and ConAgra Food Inc,
In
order to cater to the health-conscious consumer base – a large
number of companies are currently focusing on product line
innovations. Also, big and established players are merging to capture
the market. In 2015, HJ Heinz Co and Kraft Foods Group Inc. made the
biggest deal in the history of the U.S. packaged food market. With
the merger, the new Kraft Heinz Co became the dominant player –
sales of US$2.8 billion with a market value of 13%. According to
Transparency Market Research (TMR), the global condiment sauces
market is anticipated to exhibit a CAGR of 3.2%. The market size will
grow from its initial value of US$19.3 bn in 2014 to reach US$23.4 bn
by 2020.
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exclusive Sample of this report:
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Increasing
Disposable Income Supplement Growth in Asia Pacific Market
The
market of condiment sauces is geographically segmented into Europe,
North America, Asia Pacific, and Rest of the World. Asia Pacific
accounted for the maximum market share of 37% in 2014. The region is
expected to continue its dominance over the forecast period due to
busy lifestyle and the increasing disposable income. Furthermore, the
market is set to gain form the rising number of fast food joints all
across the region. Along with a rise in the awareness about various
types of regional cuisines, introduction of diverse techniques of
food preparations will subsequently drive the growth of the condiment
sauces market.
Based
on type of sauces & dressings, the market is categorized into
cocktail sauces, herbs and spices, pasta sauces, dry sauces,
imitation whipped cream, barbecue sauces, ketchup, mayonnaise,
vegetable oils and others. On the basis of application, the market is
further segmented into table sauces, cooking sauces, dips and pickled
products. Herbs and spices and table sauces are the leading
contributors to the market of their respective segments.
Condiment
Sauces Market to Gain from Demanding Lifestyle
Trade
has opened new avenues for many industries including the food
industry. It has become much easier to taste the authentic and ethnic
cuisines of the world, and cater to the ever changing food habits of
consumers. The market for condiment sauces is growing due to a large
base of consumers who prefer cooking authentic and traditional
cuisines in the comfort of their own home. Moreover, improving
lifestyles and rise in the disposable income are some of the key
factors that positively impact the market growth.
However,
the most crucial factor for the high demand for condiment
sauces is the busy lifestyle. Due to busy and fast-paced life,
many individuals prefer quick dinner fixes. Here, condiment sauces
come in handy. In addition, the growing demand for fast foods acts as
a driver for the market. Condiment sauces have become an essential
ingredient to add flavor to the food and help in delivering food in
no time, thereby assisting the market to prosper.
Condiment
sauces have become an integral part of the food industry – various
distribution channels have come into play to meet the growing demand
of consumers across the world. Supermarkets, grocers and convenience
stores, hypermarkets, discount stores, and food and drink specialists
are providing grounds to distribute these products to its massive
consumer base, in turn helping the market growth.
This
review is based on the findings of a TMR report titled ‘Condiment
Sauces Market - Global Industry Analysis, Size, Share, Growth, Trends
and Forecast 2014 - 2020.’
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
- Europe
- Asia Pacific
- Rest of the World
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