Condiments Sauces Market - Asia Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020
Albany, NY -- (SBWIRE) -- 04/20/2015 -- 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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