Condiment Sauces Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Albany, NY -- (SBWIRE) -- 03/05/2015 -- The global condiment sauces market has not only witnessed major changes over the past decade or so but has also registered a strong growth across most geographical regions. Change in food patterns and lifestyle is a primary factor that has largely influenced the growth of the global condiment sauces market, especially in Asia-Pacific. Moreover, there has been wide scale expansion of fast-food restaurants across the globe, leading to product innovation and an increase in the demand for condiment sauces.
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Scope and worth of the global condiment sauces market
The global condiment sauces market covers four key regions: North America (including the U.S. and rest of North America), Europe (including Germany, France, Italy, the U.K., and rest of Europe), Asia-Pacific (including India, China, and rest of Asia-Pacific), and Rest of the World (including Brazil and Saudi Arabia). The various types of condiment sauces available in the market are brown sauce, chili/hot sauce, mustard sauce, soy-based sauces, tomato ketchup, national specialties, and other condiment sauces.
Based on a report published by a leading market research firm, the worldwide market for condiment sauces was worth US$19,357.4 million in 2014 and is projected to grow to US$23,395.7 million by 2020. The report also indicates that the condiment sauces market will grow at a 3.2% CAGR during the forecast period of 2014 to 2020.
Condiment sauces market: Global outlook
While Asia-Pacific is known to be the most rapidly growing and transforming regional market for condiment sauces, North America is the second largest market owing to increase in the number of working individuals and busy lifestyle. However, among developed countries, the U.S. dominated the condiment sauces market in terms of revenue as well as volume.
Countries such as Germany, the U.S., and Brazil have been witnessing a spurt in demand for condiment sauces amidst growing awareness regarding healthy and home-cooked food. Being in an emergent stage, the market for condiment sauces in Mexico, Turkey, Egypt, Poland, and South Africa has been observed to have immense potential for growth.
Different countries across the globe have varied preferences in taste and therefore the demand for condiment sauces differs from region to region. For instance, people in the U.S. have a liking for multi-cuisine flavors and therefore the demand for soy sauces and tomato ketchup is higher compared to other condiment sauces. Tomato ketchup and mustard sauce are in regular demand from consumers in Germany; France holds a major portion of the demand share for mustard sauce, while the demand for tomato ketchup is greater in the U.K. than other condiment sauces. Asian countries such as China and Japan consume large quantities of soy sauce in their food preparation, thereby fueling the growth of the overall condiment sauces market.
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Some of the prominent global players of the condiment sauces market are PepsiCo, Tyson Foods, Maple Leaf Inc., Saputo Inc., Unilever, and Nestle. Owing to their cost effectiveness and superior quality products, these players are expected to maintain their leading position over the forecast period.
Asia-Pacific emerges as the leader of the condiment sauces market
The Asia-Pacific condiment sauces market has done immensely well over recent years owing to major changes in lifestyle and food habits of its population. Analysts at a U.S.-based market intelligence firm state that the condiment sauces market in the region stood at US$6,137.01 million in 2014 and is projected to become worth US$8,629.7 million by 2020, registering a compound annual growth rate of 5.85% between 2014 and 2020.
While China and Japan formed the largest domestic markets for condiment sauces and products in terms of consumption, countries such as Singapore and Thailand are expected to register the slowest growth rate during the forecast period. China, with its thriving catering industry, holds immense scope for growth in the coming years. Asia-Pacific nations such as Australia, India, New Zealand, South Korea, and Indonesia are some of the emerging markets for condiment sauces and are expected to register a healthy growth rate over the course of the forecast period.
Distribution channels of the Asia-Pacific market for condiment sauces include warehouse clubs, cash and carries, variety stores, dollar stores, retailers, and general merchandise.
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