Global
Condiment Sauces Market: Snapshot
The
demand for condiment sauces is extensively high in the food industry
as they comprise a crucial element in international as well as
regional cuisines. Their attainability across borders and in
different countries enables people to establish a connection with
ethnic cuisines. Condiments, dressings, and sauces make up a core
dipping ingredient for global consumers. While the trends that
influence the market may vary from one region to another and country
to country, the rapidly expanding takeaway and fast food culture is a
common aspect that is expected to keep the condiment
sauces market at the forefront in the coming years across the
globe. As a matter of fact, urbanization also plays a noteworthy role
in propelling the demand for condiment sauces, mainly in developing
countries as the consumers who were until now used to traditional
cooking are with time developing an appetite and taste for fast food
and international cuisine. Moreover, condiment sauces have become a
noteworthy part of the routine diet as professional and urban
homemaker search for easy ways to put their daily meals together. All
in all, the prospects that are present for the progress of the global
market for condiment sauces seem promising.
The
global market for condiment sauces is expected to witness a CAGR of
3.21% between 2014 and 2020. The market was worth US$18.68 bn in 2013
and is expected to touch US$23.29 bn by the end of 2020.
Tomato
Ketchup to Stay in High Demand
Condiment
sauces are always high in demand in the food industry and play a
ubiquitous role in the diet of people. There is no lack of
distribution channels across the globe for condiment sauces. They are
distributed through food and drink specialists, convenience stores,
grocers, discount stores, hypermarkets, and supermarkets. All the
different varieties of condiment sauces are distributed through
channels. The different varieties of condiment sauces are chili or
hot sauce, brown sauce, national specialties, tomato ketchup, mustard
sauce, and soy based sauce. The sauce that has been the most consumed
and is till date the most demanded sauce is tomato ketchup and it has
been projected that it remain in its leading glory till the end of
the forecast period. The demand for tomato ketchup is high countries
such as France, Saudi Arabia, Brazil, Germany, and the U.S. However,
the demand for mustard sauce is expected to be relatively high in
France whereas the demand for soy sauce is expected to witness growth
in Japan and China. It has been further projected that recent
culinary trends are likely to impact the consumption of these sauces
across the globe in the coming years.
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Asia
Pacific to Seal Dominant Position until 2020
Region-wise,
the global market for condiment sauces has been segmented into Asia
Pacific, Europe, North America, and the Rest of World. Amongst these,
the region that led the market with the maximum share in 2014 was
Asia Pacific. It accounted for a share of 37% in the same year. Asia
Pacific was closely trailed by North America and Europe. The
improving lifestyle of people along with growing disposable income
are the main reasons behind the growth of the market in these
regions. The market is expected to gain lucrative prospects from
countries such as South Africa, Poland, Egypt, Turkey, and Mexico.
The
top drawer companies in the market are Kroger Co., General Mills
Inc., Frito-Lay Co., ConAgra Foods Inc., Walmart store Inc., Kraft
Foods Group Inc., H.J Heinz, Unilever group, and Nestle SA among many
others.
