Global
Hot Sauce Market: Snapshot
The
global market for hot sauce is thriving at a significant rate and has
grown incredibly in the past few years. In the U.S., a market mostly
dominated by ketchup, mayonnaise, mustard sauce, and BBQ sauce, hot
sauce has started making its presence felt in kitchens. The market
has witnessed immense growth pace across a number of other regional
markets as well, where Asian cuisine is rapidly becoming the choice
of youngsters. It is estimated that the market will continue to
thrive in the near future and witness surging demand as new uses of
hot
sauce in native culinary styles of a number of countries are
invented and adopted.
Despite
the thriving growth witnessed by the market, there has not been a
dominant player in the past and the market continues to remain a
highly fragmented, also unorganized in several key regional markets.
A number of small-scale hot sauce companies are coming up in the
market as the consumer demand intensifies. The flurry of new ventures
in the market has been central to the variety of hot sauces available
in the global market. Chains of supermarkets and hypermarkets playing
host to these rapidly rising product varieties are also playing a key
role in taking hot sauces to a larger consumer base, especially in
emerging economies with a rising population of urban, affluent
population.
In
the next few years, hot sauces are expected to propagate across an
increasing number of facets of kitchens across the globe. The rising
consumption of ready-to-eat food varieties is also expected to
catalyze the rising number of roles that hot sauces are adopting in
everyday diets.
Global
Hot Sauce: Overview
Hot
sauces are generally made from chilli peppers and other ingredients
such as salt, vinegar, garlic, xanthan gum, and many others. In
terms of nutrients, hot sauces do not contain significant amounts of
fats, carbohydrates, proteins and vitamins, but are yet gaining wide
popularity across the globe. Many companies in the hot sauce industry
do not disclose the type of pepper being used. Manufacturers often
engage in aging contains of manufacturing hot sauces to achieve the
desired taste. These sauces are generally distributed through
wholesales, supermarkets, small food stores, and through players in
the food service space. Companies in the hot sauce industry often
invest significantly in marketing and advertising, as product
differentiation is peripheral.
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Global
Hot Sauce: Market Dynamics
Globally
the prime factor driving the demand for hot sauces is the influence
of Asian, particularly Indian, and Latin cuisine across all
geographies. Increasing young population coupled with increasing
globalization has led to an advent of diversity in food choices of
young people, who are significantly proffering spices, thus fuelling
revenues in the global hot sauce market. Further rising consumption
of fast food among busy city dwellers can be considered as another
factor for the increasing demand for hot sauces, particularly in the
developing countries of Asia. Moreover, improving life style has led
people across the globe try different cuisines, which can be
considered as another prominent factor driving the demand for hot
sauces. Apart from this, increasing trends for food travelling across
the globe is also escalating the demand for hot sauces.
Global
Hot Sauce: Segmentation
On
the basis of type, Global Hot Sauce is segmented into:-
- Minerals
- Vitamins
- Carbohydrates
- Prebiotics
- Probiotics
- Others
On
the basis of application, Global Hot Sauce is segmented into:-
- Cereals & Cereal-Based Products
- Dairy & Dairy Products
- Fats & Oils
- Infant Formula
- Dietary Supplements
- Bulk Food Items
- Pet food, animal feed, and animal nutrition
- Others
Global
Hot Sauce: Region wise Outlook
The
global Hot Sauce market is divided into seven regions, namely North
America, Latin America, Asia Pacific excluding Japan (APEJ), Western
Europe, Eastern Europe, Japan and Middle East and Africa (MEA). Asia
Pacific Exc. Japan is the global leader in terms of consumption of
hot sauces, amid cuisine in the China, Indonesia, Malaysia, Singapore
and Thailand favouring spices as a major ingredients. Moreover, in
terms of growth in the hot sauces market, North America, is
anticipated to be the fastest growing market for the demand of hot
sauces, as the youth in the US showing high preference for spicy
foods, and restaurants in the region significantly incorporating more
and more recipes incorporating hot sauces. Western Europe accounts
for a small share of the global hot sauce market and due to
increasing preference towards healthy food in the region, demand in
the region is anticipated to expand sluggishly over the forecast
period. Middle East and Asia is another prominent region for the
continuous demand for hot sauces. In Latin America is anticipated to
remain as a prominent market for the demand of hot sauces, with a
majority of demand coming from Mexico and Brazil. As recent studies
have shown high preference towards hot sauce among 65+ population,
demand from Japan is anticipated to expand significantly over the
forecast period.
Global
Hot Sauce: Key Players
Some
of the key players identified in the global Hot Sauce Market
includes:
- Huy Fong Foods
- B&G Foods
- Frito-Lay, Inc
- Sunrise Foods LLC
- Fresh Foods International LLc
- KCT Food Inc.
- Socodal Conserves
- Obelisk International Foodstuff Inc.
- Yu Lin Chilli Sauce Company
- Sinaloa Food Co.
- Salsas Tierra Brava
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