In countries across
the globe, especially Asia Pacific, ketchup is not the king of
condiment sauces. Instead, a wide variety of condiments sauces are
used almost on a daily basis across countries such as India, Japan,
Australia, South Korea, China, Hong Kong, Singapore, Malaysia,
Indonesia, New Zealand, Philippines, and Thailand. Each of these
countries, and often even towns and cities within them, have their
own ways of adding flavor to their food.In countries from North
America, condiments sauces are not only minimally used but are also
minimal in variety; ketchup, mayonnaise, steak, and mustard sauce are
the most prominently used sauces in this region. However, in Asia
Pacific condiment sauces market are not only in plentiful but also
considered central to the overall value of the meal.Transparency
Market Research, a U.S.-based market research firm, states that the
market for condiments sauces had a net worth of US$6,137.01 million
in 2014. The market is projected to grow at a CAGR of 5.85% between
2014 and 2020 and reach US$8,629.7 million by 2020.
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What is Driving the
Market?
Condiments sauces
are worthy of making any bland food item flavorful and spicy. These
sauces can be used either in cooked food or as table dips or both.
The increasing demand for condiments sauces in Asia Pacific can be
largely attributed to the busy lifestyles and rising urbanization in
the emerging countries of these regions. An increased preference for
fast food, which has condiments sauces as an important ingredient, is
also a key driving factor behind an increased demand for condiments
spices in these regions.
The demand for
different kinds of sauces observes diversified trends across various
countries of Asia Pacific. Most countries in these regions have
widely different eating patterns. While soy sauce is heavily used in
the national cuisines of China, Korea, and Japan, national condiments
sauces are in heavy demand in New Zealand. Tomato ketchup is the
prime utility condiments sauce in India, Hong Kong, Australia,
Indonesia, Malaysia, Philippines, Thailand, and Singapore.
Country-Wise
Consumption Patterns
In Asia Pacific,
China and Japan are considered mature markets, while countries such
as Australia, India, New Zealand, South Korea, Hong Kong, and
Indonesia present many untapped growth opportunities.Demand for
condiments sauces in China and Japan is projected to increase further
in the coming years due to the rising number of fast food restaurants
in these countries. Demand for soy sauce will account for a major
share of all the varieties of condiments sauces consumed by these
countries.
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China, the country
with the world’s largest population base, is also very popular for
its cuisine. Chinese cuisine heavily relies upon a number of
condiments sauces, especially soy sauce. High demand for sauces led
China to the topmost position of condiments sauce consumers in Asia
Pacific in 2014. Demand for a variety of other popular condiments
sauces such as ketchup, mustard sauce, mayonnaise, steak sauce, the
sauces mostly staple to American diet, is also positively increasing
in other prominent markets of the Asia-Pacific condiments sauces
market.The market is projected to earn a major share of its revenue
from sales in China and Japan alone in the coming years. Other Asia
Pacific countries, including India, Australia, New Zealand, South
Korea, Hong Kong, and Indonesia will grow at a relatively lower, but
positive growth rate over the next few years. The Asia-Pacific market
for condiments sauces, in developed nations, especially, is expected
embark upon a stable growth path over the next few years.
In Asia Pacific,
distribution channels such as dollar stores, warehouse clubs, general
merchandise, and variety stores are the most preferred outlets for
condiments sauces. While these distribution channels will continue to
dominate the distribution share of condiments sauces over the next
few years, supermarkets/hypermarkets will gain a larger share of
overall demand in the coming years.
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