The global sauces, dressings and condiments market will reach USD 173.36 billion by 2025 and was valued at 124.58 billion in 2017 and is expected to record a CAGR of 4.22% from 2017 to 2025. These products have become an important part of culinary art, representing the diversity of global food culture. The increasing demand for these products is due to globalization, and increasing urbanization. The increasing consumer preference for international cuisine and preference for natural and organic ingredients over the conventional variants will drive the market growth over the forecast period.
Mayonnaise, sauces, ketchups, salad dressings, dips and condiments finds diverse applications in various food preparations majorly sea food products, ice creams, bakery, fruits, vegetable and other products. The increasing demand for diverse culinary trends worldwide is tempting the manufacturers to introduce innovative flavors and convenient packaging solutions. In addition, the companies are focusing on the development of healthier versions such as gluten free products. Millennials and Generation X represent the major consumer group for these products due to their hectic lifestyles and need for convenient and ready-to-eat foods.
Companies are aggressively pursuing new product launches and improvisations to the existing products to incorporate spicy and ethnic qualities and to alter the production processes accordingly. As per the research surveys, more than 9,000 sauces, dressings and condiments products were launched in the U.S. This will ensure the increased acceptance of the products over the forecast period.
The table sauces and dressings segment is predominant in the market. The demand for the cross cultural cuisines and need for new flavors will augment the market growth. The manufacturers in this segment are also offering uncommon and different flavors to the consumer in order to cater to the ever-changing preferences and tastes of the buyer. For instance, Nestle, to match the Indians taste buds and preferences, has revamped the tomato ketchup with introducing Hot & Sweet tomato chilli sauce. Cooking sauces and paste and purees segment accounted for second and third largest segments respectively of the total market.
The Asia Pacific region was the largest region in the global sauces, dressings and condiments market and was valued at USD 60.49 billion. The major reason being the huge consumer base coupled with diverse cultures and cuisines. The trade agreements with reduced taxes on these products will pose a positive impact for the exporters in this region. North America region was the second largest region and was valued at USD 35.33 billion in the year 2017 and growing with a CAGR of 3.6 %. The U.S. accounted for more than 70%of total North America in 2017.
The U.S. is the largest consumer of these products accounting for more than 20% of the total retail sales. This provides lucrative opportunities for the international market players to offer a diverse range of products in this country. Furthermore, the organic and natural products will gain more traction over the forecast period from 2017- 2025
The global sauces, dressings and condiments market is consolidated in nature marked with the presence of few established players accounting for the major market share. The Kraft Heinz Company, McCormick & Company, Inc., and Campbell Soup Co. account for three largest companies in the U.S. Market. Other major players operating in this market are General Mills Inc., Nestlé, ConAgra Food Inc., Unilever, Mars, Incorporated and its Affiliates, CSC BRANDS, L.P. OTAFUKU SAUCE Co., Ltd. The manufacturers are focusing on adoption of strategies such as new product launches, mergers and acquisitions, increasing partnership with the online retailers and offering customized products to enhance their sales and widen the consumer base.
Access full report or request for free sample at: https://www.hexaresearch.com/research-report/sauces-dressings-and-condiments-market
Hexa Research has segmented the global sauces, dressings and condiments market report based on type, product, distribution channel and region: -
Segmentation by Type
• Table sauces and dressings
• Cooking sauces
• Paste and Purees
• Pickled Products
Segmentation by Distribution Channel
• Supermarket and Hypermarkets
• Specialist Retailers
• Convenience Stores
Segmentation by Region
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
Key Players Analyzed
• General Mills Inc
• ConAgra Food Inc
• The Kraft Heinz Company
• CSC BRANDS, L.P.
• McCormick & Company
• Otafuku Sauce Co.Ltd.
• Campbell Soup Co.
• Mars, Incorporated and its Affiliates