Global Sauces, Dressings, and Condiments Market to Reach USD 30 billion by 2020 and USD 39. 2 Billion by the Year 2027, growing at a CAGR of 3.9% over the analysis period 2020-2027. Shifting consumer diet preferences and consumption patterns towards healthy and nutritional food is a major factor for industry growth. Furthermore, the increasing popularity of international cuisines, coupled with flavorful ethnic sauces, is fueling the demand for sauces, dressings, and condiments.
Consumers are shifting towards natural and organic food products, which are tastier, healthier, and more nutritious. This consumption trend is widespread among the young adult population across the globe. These beliefs among consumers who seek products with a clean label, coupled with increasing concerns over food safety, are resulting in a shift in preferences towards the purchase of sauces, dressings, and condiments. In addition, rapid urbanization, coupled with growing consumer interest in multi-cuisine culture, is anticipated to fuel the demand for sauces, dressings, and condiments in the foreseeable future. Moreover, a significant increase in product innovations and new product launches are supporting industry growth.
Cooking sauces held the largest share of 38.1% in 2018. Key industry participants are launching new products in order to cater to increasing demand for cooking sauces as a result of the rising popularity of international cuisines across the globe. For instance, in March 2017, Kinneret Farm, an Israel-based company, launched a wide range of cooking sauces, marinades, and natural date molasses under the brand name, ‘Oriendi’ for the U.K. market. These products offer new flavors as well as convenience to the customers. These product innovations are expected to drive the market for sauces, dressings, and condiments in the coming years.
Offline was the largest distribution channel with a share of 81.5% in 2018. This supply channel includes convenience stores, supermarkets, brand outlets, hypermarkets, unorganized retail, and direct selling. Major players of sauces, dressings, and condiments such as Walmart, Amazon, and 7-Eleven are investing in developing countries, such as India, Thailand, and Taiwan, in order to cater to the increasing consumer demand for sauces, dressings, and condiments.
The Sauces, Dressings & Condiments Market is segmented on the basis of distribution channel, product and region. By distribution channel the market is divided into Offline, Online. By product the market is divided into Table Sauces, Cooking Sauces, Pickled Products, Purees & Pastes, Dips, Others.
Asia Pacific was the largest market, accounting for 32.7% share of the global revenue in 2018. The region is also anticipated to witness the fastest growth in the coming years. Consumption of condiments, sauces, and dressings is significantly increasing in countries including China, Japan, India, Taiwan, and Indonesia as a result of the increasing popularity of traditional foods in the region. Moreover, major manufacturers are launching new products owing to an increasing appetite for global cuisines in countries such as India and Indonesia. This, in turn, is anticipated to drive the industry in the next few years.
The industry participants are focusing on health, convenience, as well as the exotic taste of the sauces, dressings, and condiments in order to gain the maximum customer base. For instance, in September 2018, Nestlé entered into the gourmet dip and spread segment market by launching Dip & Spread under the brand name MAGGI. This product contains around 80% of yogurt with less than 3% fat. A good quantity of yogurt makes it a healthy as well as a tasty alternative for customers.
Key players are: The Kraft Heinz Company; McCormick & Company, Inc.; Campbell Soup Company; Del Monte Foods Inc.; General Mills Inc.
Report : Sauces, Dressings & Condiments Market - By Distribution Channel (Offline, Online), By Product (Table Sauces, Cooking Sauces, Pickled Products, Purees & Pastes, Dips, Others) and By Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) - Industry Analysis, Opportunity and Forecast 2020 To 2027