Newly published intelligence by Fact.MR states that the global market for sauce, condiments, and dressing is likely to reach US$ 169.4 Bn in 2031, registering a CAGR of 5.1% throughout the assessment period 2021-2031. The local market is experiencing significant gains in sales of spicy foods and tangy flavors as consumers develop different taste buds for different food combinations in the market.
The industry grew steadily from 2016 to 2020, with a CAGR of 4%. As a result of the global shutdown, many restaurants had to close their doors. This prompted consumer to cook food with different flavors at home to satisfy the large appetite for different food tastes and flavors in the market. While the pandemic was raging, consumers were missing the culinary taste and experience of restaurant foods in the market, leading to a rise in demand for different sauces and condiments in the market.
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Future market demand is reliant on the increased preferences of consumers for exotic cuisines. An increasing shift towards consumption of spicy food products is expected to boost demand for various condiments, sauces, and dressing significantly. Growing need to control the pH in sauces continues to remain a major challenge among the sauce manufacturers. In order to control the pH in sauces and offer enhanced flavor has led to surge in acidification process of the sauces.
Key Takeaways from the Market Study
- By product, cooking sauces are likely to generate high growth prospects, clocking a 3% CAGR
- Sales across food chain services to remain prominent, yielding over US$ 14.5 Bn in revenue
- U.S to be the most opportunistic market, expected to register a CAGR of 6% until 2031
- China & India to be high growth markets in Asia, collectively growing at a CAGR of 9%
- Global market for spices, condiments and dressings is likely to reach US$ 103.04 Bn by 2021
Key Companies Profiled
- General Mills Inc.
- Hormel Foods Corp
- Nestle SA
- ConAgra Foods Inc.
- McCormick & Co Inc.
- The Kraft Heinz Company
- Unilever Group
- PepsiCo Inc.
- Kikkoman Corp
- The Clorox Co.
Increasing production and meeting consumer demand through strategic collaborations will lead to higher revenue and market share. Organic products will be made available to end-users through new technologies and innovations. A strategic collaboration can help the company increase its production capacity.
- In June 2021, Investcorp invested in Heritage Foods, a buy-and-build platform of leading condiment and sauce brands with long histories in Malaysia, Singapore, and Japan. The transaction was closed through a partnership between China Resources Corporation and Fung Strategic Holdings Limited, which was initiated by the Asia Food Growth Fund I, which invests in a portfolio of diversified food-related companies in Asia.
How Opportunistic are Growth Possibilities in the U.S for Sauces, Condiments and Dressings?
Indian food has been gaining popularity in American markets over time. Indian cuisine is bursting with distinctive flavours and tastes, which has been successful in drawing in customers from around the nation. This is considered to be one of the key factors driving the expansion of the sauce, condiment, and dressing markets in the United States. No other cuisine in the world is reported to employ as many condiments as Indian cuisines do. As a result, the manufacturing of seasonings, sauces, and condiments in the United States has greatly increased recently.
In addition, demand has increased as consumer dietary preferences have changed. Due to American consumers starting to stray from pizza and sandwiches, demand for Indian food is growing, as is the market for sauces, condiments, and dressings. The promotion of the use of condiments, sauces, and dressing goods in foods and cuisines is another area where the government is investing time and money. This is yet another significant factor driving the expansion of the sauce, condiment, and dressing markets in the United States. According to Fact.MR, the U.S. market is predicted to grow at a CAGR of 6%.