Condiment Sauces Market

Condiment Sauces Market Size, Share, Growth (2023-2028)

Condiment Sauces Market size was worth US$ 20.09 billion in 2023 and is anticipated to reach a valuation of US$ 22.39 billion by 2028 with a CAGR of 2.20%

Recent Developments

• H.J. Heinz Company (HNZ) completed the purchase of HP Foods Group from Groupe Danone S.A. for £ 470 million (approximately US $ 820 million) in cash.

• In November 2020, McCormick & Company Inc., a world leader in flavors, announced that it has completed the purchase of Cholula Hot Sauce® parent company from L Catterton. McCormick announced the agreement to acquire Cholula. Cholula, a premium Mexican hot sauce brand, is a significant addition to the McCormick brand's global portfolio of flavors, expanding the company's offering in the high-growth hot sauce category for consumers and food service operators.

Condiment Sauces Market Drivers and Restraints:

Increased disposable income, urbanization, and tourism around the world have led to an increase in the popularity of international cuisines through customer appreciation. Additionally, the surge in consumer preference to experiment and try international cuisines has supported the sales of condiment sauces to a large extent. This change in consumer consumption behavior has driven market growth. Also, the easy availability and development of the fast-food service industry has driven the growth of the global condiment sauces market. However, the use of artificial sugar and preservatives in seasoned sauces is supposed to limit their adoption by health-conscious consumers, hampering market growth. Excessive consumption of sauces and condiments is often associated with side effects on health.

According to the World Health Organization, a person should not consume more than 5 grams of salts per day. The CDC has also warned people not to eat too much sodium, which could increase the risk of high blood pressure, strokes, or heart disease. Since sodium remains one of the key ingredients used in a wide range of hot sauces, the guidelines against excessive consumption could affect the health of consumers. Studies have often linked the overuse of hot sauces to acid reflux or gastroesophageal reflux disease (GERD). With better access to information and opinions from international organizations, consumers have become more concerned about the consumption of condiment sauces. For example, uncontrolled consumption of tomato sauce can lead to nausea, dizziness, and headaches. Growing awareness of potential side effects can drive consumers away from the market. The growth of the market is mainly due to the growing preference for international flavors and variations over conventional table products such as mustard, mayonnaise and ketchup.

REPORT COVERAGE:

Condiment Sauces Market Segmentation:

The global Condiment Sauces market can be divided

based on the

• Type

• Distribution Channel

The growth of the cooking sauces segment is attributed to the ability to demonstrate spicy qualities and the rising demand for hot sauces such as hot sauce, chipotle, sriracha, habanero and others. Also, changing culinary trends and the growing demand for ethnic cuisines where these products are used as an ingredient will further promote segment growth.

Supermarkets and hypermarkets were the largest distribution channel with a market share close to 35% in 2017. This segment occupies a significant share due to its wide range of presence and availability. These products are offered with frequent discounts as a promotional activity, which encourages consumers to buy in supermarkets and hypermarkets. Followed by supermarkets and hypermarkets, convenience stores represent the second largest distribution channel with around $ 32 billion in 2017. The growth of this segment is credited to the speed of service in terms of billing time. These stores are very useful for a shopper when he does not intend to go to a supermarket and direct consumers to the desired products.

Condiment Sauces Market Regional Analysis:

The global Condiment Sauces market has been categorized by geography as

• North America

• Asia Pacific

• Europe

• Latin America

• Middle East and Africa

Asia-Pacific dominates the market with revenue of $ 60.49 billion and growth at a CAGR of 5.26% for the forecast period. The growth of the region is driven by countries with diverse cultures and cuisines such as China, Japan and India. China generates the highest income in this region, due to the busy lifestyle and the growing craze for fast food items. China will continue to dominate the Asian region for years to come with the growing popularity of these products for commercial and domestic use. In addition, the governments of some countries offer subsidies for the importation of sauces, thus providing opportunities for the manufacturers of these products. These tariff reductions provide Australian exporters with favorable business opportunities to enter the South Korean Market. North America is the second-largest consumer, with a turnover of 35 billion dollars in 2017. The main market share in the region belongs to the United States, as this country is the largest consumer and importer of these products. This region continues to experience growth in the coming years, despite a shift in consumption patterns towards flavored and organic preparations.

Leading Company

H.J. Heinz Company Brands LLC had the largest share of the Condiment Sauces Market in terms of sales and revenue in 2020.

Condiment Sauces Market Key Players

1. BULL'S-EYE, H.J

2. Heinz Company Brands LLC, P.F

3. Chang’s China Bistro, Inc.

4. Veeba

5. Tapatio Hot Sauce

6. McIlhenny Company

7. Dr. Oetker

8. PepsiCo

9. Nestlé