Global
Condiments Sauces Market: Snapshot
Changing
eating patterns of people due to busy lifestyles are allowing the
condiments
sauces market in Asia Pacific to gain significant momentum.
The increasing preference of people towards fast food is translating
into the greater uptake of condiment sauces. Moreover, people consume
condiment sauces to enhance flavor in their food preparation or use
them as table dips. The growth of the market is also supported by the
increasing urbanization and rising disposable income of people. The
introduction of a large variety of sauces to match the changing
trends in fast foods is likely to shape the future of the market.
As
per a report by Transparency Market Research (TMR), the Asia Pacific
market for condiment sauces is anticipated to reach a valuation of
US$8.62 bn by 2020, expanding at a CAGR of 5.85% between 2014 and
2020.
Consumption
of Condiment Sauces to Remain High in China and Japan through 2020
In
terms of country, the market is divided into China, Australia, India,
Hong Kong, Japan, Indonesia, New Zealand, Malaysia, Singapore, the
Philippines, and Thailand. China was the leading revenue contributor
in 2014, closely trailed by Japan. The growth of the country can be
attributed to the busy lifestyles of the populace and their
increasing dependence on fast foods. The demand is likely to remain
high in the coming years, owing to the popularity of condiment sauces
among consumers for the preparation of authentic and traditional
multi-cuisine food at home.
China
and Japan will maintain their prominence in the global arena.
However, the market in these countries is heading towards maturity.
Emerging markets such as Indonesia, Australia, India, New Zealand,
South Korea, and Hong Kong are estimated to witness growth in demand
for condiment sauces. The rising disposable income is one of the
primary factors contributing to the growth of these countries. In the
forthcoming years, these countries are expected to emerge as key
destinations for prominent players in Asia Pacific market.
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Warehouse
Clubs and Dollar Stores to Remain Most Prominent Distribution
Channels through 2020
On
the basis of type, the report segments the Asia Pacific market for
condiment sauces into tomato ketchup, national specialty sauce, brown
sauce, mustard sauce, hot and chili sauce, soy sauce, and other
condiment sauce. The consumption pattern varies from country to
country. For instance, the consumption of soy sauce is higher in
countries such as South Korea, Japan, and China. While the demand for
national condiments sauce is strong in New Zealand, the sales of
tomato ketchup are high in countries such as Australia, Indonesia,
Malaysia, Thailand, the Philippines, Singapore, India, and Hong Kong.
Based
on distribution channel, the market is divided into food and drinks
specialists, variety stores and general merchandise retailers, dollar
stores, department stores, supermarkets and hypermarkets, and
convenience stores. Among these, variety stores & general
merchandise retailers, warehouse clubs, and dollar stores are the
most preferred distribution channels and will retain their position
until 2020. Food and drinks specialists and convenience stores are
also estimated to account for substantial shares in the global
market. The supermarkets and hypermarkets segment is anticipated to
register significant growth rate during the forecast period, thanks
to the improving lifestyles in developed nations.
