Global Condiment Sauces Market size is anticipated to reach over USD 173.36 billion by the end of the assessment period, recording a CAGR of 4.22% throughout the outlook period 2020-2025
Condiment sauces refer to sauces flavored with spices, herbs, condiments, and colors, which are widely used in the catering industry. The different types of condiment sauces available in the market include barbecue sauce, soy sauce, teriyaki sauce, mustard sauce, chili sauce, and others. They are not only used as ingredients for cooking, but are also used as table sauces for dressings and gravies. Despite changing preferences, consumers are willing to spend on a variety of condiments and sauces that add better flavor to their meals. While the food industry, by definition, has separated condiments and sauces into different categories, a large portion of consumers are drawn to their versatility. Dynamic consumer choices present lucrative opportunities for condiment and sauce brands to take advantage of their willingness to migrate between the two categories
Recent Developments
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.
Market Segmentation:
The global Condiment Sauces market can be divided based on the Type and 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.
Amid the unprecedented outbreak of coronavirus and the indefinite lockdown imposed around the world, the food and beverage industry witnessed for the first time a growing demand for shelf-life commodities dragged on. Therefore, industry demand for frozen products, cereals, condiments and sauces, among others, soared during the first phase of the crisis. However, at present, most of the companies in the industry are struggling to cope with various supply chain disruptions and reduced consumption. As a result, they are leveraging their online presence as the preferred delivery method to adapt to this evolving business environment. Significant changes in consumer behavior pattern and changing business trends could have a major impact on the future of the market. Therefore, the condiment sauces market will witness an incursion of new promotional strategies in which the main players will focus on marketing their products on credit for their health benefits and through online channels.
Regional Analysis:
The global Condiment Sauces market has been categorized by geography as North America, Asia Pacific, Europe, Latin America, and 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.
Key Players
Major players in the Global Condiment Sauces Market include BULL'S-EYE, H.J. Heinz Company Brands LLC, P.F. Chang’s China Bistro, Inc., Veeba, Colman’s of Norwich, Tapatio Hot Sauce, McIlhenny Company, Dr. Oetker, PepsiCo, and Nestlé
1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restaints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Condiment Sauces Market, By Type
6.1.1 Pickled Products
6.1.2 Paste and Purees
6.1.3 Cooking Sauces
6.1.4 Dips
6.1.5 Table Sauces
6.1.6 Dressings
6.1.7 Market Size Estimations & Forecasts (2021-2026)
6.1.8 Y-o-Y Growth Rate Analysis
6.1.9 Market Attractiveness Index
6.2 Condiment Sauces Market, By Distribution Channel
6.2.1 Supermarket/Hypermarket
6.2.2 Convenience Stores
6.2.3 Online
6.2.4 Market Size Estimations & Forecasts (2021-2026)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Type
7.2.3 By Distribution Channel
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Type
7.3.3 By Distribution Channel
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 Japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Type
7.4.3 By Distribution Channel
7.5 Latin America
7.5.1 By Country
7.5.1.1 Brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Type
7.5.3 By Distribution Channel
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Type
7.6.3 By Distribution Channel
8. Key Player Analysis
8.1 H.J. Heinz Company
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 BULL'S-EYE
8.3 P.F. Chang’s China Bistro, Inc
8.4 Veeba
8.5 Colman’s of Norwich
8.6 Tapatio Hot Sauce
8.7 McIlhenny Company
8.8 Dr. Oetker
8.9 PepsiCo
8.10 Nestlé
9. Market Outlook & Investment Opportunities
Appendix
List of Tables
List of Figures
