The global condiment sauces market is estimated to reach USD 23,395.7 million in 2020, expanding at a CAGR of 3.2% from 2014 to 2020.
Albany, NY -- (SBWIRE) -- 05/11/2016 -- A new report has been published by Transparency Market Research, titled "Condiment Sauces Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020". TMR, a market intelligence company based in the U.S., says in its report that the global condiment sauces market was estimated at US$19,357.4 million in 2014 and, growing at CAGR of 3.2% from 2014 to 2020, is predicted to reach US$23,395.7 million by 2020.Condiment sauces are a significant part of many traditional cuisines, since they add extra flavor and taste to the dishes. Increasing consumer demand for a variety of tastes and cuisines and varying eating habits are increasing the demand for condiment sauces. Condiment sauces are utilized in food as a complement to a variety of dishes and are utilized as table dips or in cooking.
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The TMR report states that in terms of types, the global market for condiment sauces has been segmented into seven types: brown sauce, chili/hot sauce, national specialties, soy-based sauces, mustard sauce, tomato ketchup, and other condiment sauces. The increase in utilization of condiment sauces is backed by the busy way of life in developed regions and expanding urbanization in developing regions. Additionally, the rising preference for fast food, which includes condiment sauces as a vital ingredient to intensify the flavor, is predicted to fuel the market in the coming six years.According to this TMR report, consumers are inclined towards products like advanced quality condiments sauces, as they have less sugar and salt. Looking at the consistent trend, manufacturers are announcing new sauces to fulfill consumer demand. Rising number of fast food chains and increase in the working population has had a positive impact on the food industry. Quality improvement and product innovation along with broadening distribution channels would further enhance the development of the global condiment sauces market in the forthcoming years.
As per this TMR research report, the global market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). The global condiment sauces market is predicted to encounter swift changes because of quickly shifting eating patterns in all these regions. In the Asia Pacific region, the market for condiment sauces is anticipated to expand significantly, primarily due to increasing demand from prominent markets such as China and Japan. In North America, the governing markets are the U.S. and Mexico. In Europe, the dominant markets are Germany, France, Russia, and the U.K. Brazil and Egypt are the established markets in RoW. Evolving markets such as Egypt, Mexico, Turkey, Poland, South Africa, and Peru are likely to encounter growth in demand for sauces.
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Supermarkets and hypermarkets, food and drinks specialists, and convenience stores are the most adopted channels for carrying out distribution and are predicted to maintain their preeminent position in the condiment sauces market's distribution share by 2020, trailed by warehouse clubs and dollar stores, cash and carries, general merchandise retailers, and variety stores.