Global Condiment Sauces Market to Touch US$23.39 bn by 2020; U.S. and Japan to Lead Market
Albany, NY -- (SBWIRE) -- 04/26/2018 -- The market for condiment sauces will be characterized by disparate consumer trends across the world, says a report by Transparency Market Research. According to a report by the market research firm, the global condiments sauces market will log a 3.21% CAGR from 2014 to 2020. The report, titled 'Condiment Sauces Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020,' states that the market will rise in valuation to reach US$23.39 bn by 2020. In 2013, the market had a valuation of US$18.68 bn.
In 2014, the United States was the largest market for condiment sauces in the world. Japan came in second. The position of these companies is expected to remain unchanged over the forecast period of the report.
Condiment sauces, as the term indicates, are sauces that use common condiments as their main ingredients. These sauces are used to add flavor to both cooked and raw food (such as salads). While these food products are consumed in large volumes across the world every year, many consumers are now trying to wean themselves off condiments sauces that are high on salt, sugar, and artificial flavors. The trend, palpably, is tilting toward condiment sauces that are healthier and made from natural ingredients.
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While the demand for tomato ketchup will continue to remain high in countries such as the U.S., Germany, Brazil, and Saudi Arabia, France will see a continued demand for mustard sauce, whereas soy sauce will continue to be widely consumed in China and Japan. The report traces recent culinary trends that will likely have a direct impact on the growth of the condiment sauces market worldwide. The findings of the report indicate that the burgeoning trend of world cuisine will stir the demand for exotic sauces in various countries.
Urbanization will play a crucial role in the growth of the condiment sauces market as people who were hitherto accustomed to consuming traditional foods are now developing an appetite for foreign foods. Moreover, these sauces also form an important part of the diet of the busy urban professional or the homemaker who seeks convenience when putting together a meal.
Given that these sauces are such a ubiquitous part of diets worldwide, there is no dearth of distribution channels for condiment sauces. The world over, these products are distributed through channels such as supermarkets, hypermarkets, discount stores, grocers and convenience stores, and food and drink specialists.
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Improving lifestyles and consumers having higher income their disposal will act as a positive force for the growth of the condiment sauces market, the report notes. The growth of the market will be exemplary in the Asia Pacific region over the report's forecast period, supported chiefly by the growing affluence in countries such as China, India, and Japan. The time is also ripe for international brands to enter these markets will novel products, and many brands have already set a precedent by harnessing this opportunity. According to the report, countries such as Egypt, South Africa, Mexico, Poland, Turkey, and Peru will be worth tracking for food companies looking to invest in these markets.