The
global condiment sauces market has not only witnessed major changes
over the past decade or so but has also registered a strong growth
across most geographical regions. Change in food patterns and
lifestyle is a primary factor that has largely influenced the growth
of the global condiment sauces market, especially in Asia-Pacific.
Moreover, there has been wide scale expansion of fast-food
restaurants across the globe, leading to product innovation and an
increase in the demand for condiment sauces.
Scope
and worth of the global condiment sauces market
The
global condiment sauces market covers four key regions: North America
(including the U.S. and rest of North America), Europe (including
Germany, France, Italy, the U.K., and rest of Europe), Asia-Pacific
(including India, China, and rest of Asia-Pacific), and Rest of the
World (including Brazil and Saudi Arabia). The various types of
condiment sauces available in the market are brown sauce, chili/hot
sauce, mustard sauce, soy-based sauces, tomato ketchup, national
specialties, and other condiment sauces.
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Based
on a report published by a leading market research firm, the
worldwide market for condiment sauces was worth US$19,357.4 million
in 2014 and is projected to grow to US$23,395.7 million by 2020. The
report also indicates that the condiment sauces market will grow at a
3.2% CAGR during the forecast period of 2014 to 2020.
Condiment
sauces market: Global outlook
While
Asia-Pacific is known to be the most rapidly growing and transforming
regional market for condiment sauces, North America is the second
largest market owing to increase in the number of working individuals
and busy lifestyle. However, among developed countries, the U.S.
dominated the condiment sauces market in terms of revenue as well as
volume.
Countries
such as Germany, the U.S., and Brazil have been witnessing a spurt in
demand for condiment sauces amidst growing awareness regarding
healthy and home-cooked food. Being in an emergent stage, the market
for condiment sauces in Mexico, Turkey, Egypt, Poland, and South
Africa has been observed to have immense potential for growth.
Different
countries across the globe have varied preferences in taste and
therefore the demand for condiment sauces differs from region to
region. For instance, people in the U.S. have a liking for
multi-cuisine flavors and therefore the demand for soy sauces and
tomato ketchup is higher compared to other condiment sauces. Tomato
ketchup and mustard sauce are in regular demand from consumers in
Germany; France holds a major portion of the demand share for mustard
sauce, while the demand for tomato ketchup is greater in the U.K.
than other condiment sauces. Asian countries such as China and Japan
consume large quantities of soy sauce in their food preparation,
thereby fueling the growth of the overall condiment sauces market.
Some
of the prominent global players of the condiment sauces market are
PepsiCo, Tyson Foods, Maple Leaf Inc., Saputo Inc., Unilever, and
Nestle. Owing to their cost effectiveness and superior quality
products, these players are expected to maintain their leading
position over the forecast period.
Asia-Pacific
emerges as the leader of the condiment sauces market
The
Asia-Pacific condiment sauces market has done immensely well over
recent years owing to major changes in lifestyle and food habits of
its population. Analysts at a U.S.-based market intelligence firm
state that the condiment sauces market in the region stood at
US$6,137.01 million in 2014 and is projected to become worth
US$8,629.7 million by 2020, registering a compound annual growth rate
of 5.85% between 2014 and 2020.
While
China and Japan formed the largest domestic markets for condiment
sauces and products in terms of consumption, countries such as
Singapore and Thailand are expected to register the slowest growth
rate during the forecast period. China, with its thriving catering
industry, holds immense scope for growth in the coming years.
Asia-Pacific nations such as Australia, India, New Zealand, South
Korea, and Indonesia are some of the emerging markets for condiment
sauces and are expected to register a healthy growth rate over the
course of the forecast period.
Distribution
channels of the Asia-Pacific market for condiment sauces include
warehouse clubs, cash and carries, variety stores, dollar stores,
retailers, and general merchandise.
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