Published By : 28 Jun 2016 | Published By : QYRESEARCH
Condiment sauces are used as flavor or as complimentary item in different dishes, to enhance the taste. It is often used as table dips, apart from being used in cooking. Condiment sauces are used to add flavor both in cooked and raw food, such as salads. Condiment sauces come in a variety of types such as chili sauce/hot sauce, soy sauce, tomato ketchup, national specialties, brown sauce, and mustard sauce. The global condiment sauces market is expected to grow and witness fast changes owing to the changing eating patterns across the world.
According to a report by the market research firm, the global condiments sauces market will expand at a 3.21% CAGR between 2014 and 2020 and reach US$23.39 bn by 2020. The market was valued US$18.68 bn in 2013.
Nation-wise Condiment Sauces Popularity:
Tomato sauce or tomato ketchup will remain highly in demand in countries such as Brazil, Germany, Saudi Arabia, and the U.S. Mustard sauce will continue to be in demand in France. Soy sauce will continue to be in demand in China and Japan. Countries such as South Africa, Egypt, Poland, Turkey, Mexico, and Peru will prove to be markets that are worth investing by food companies.
Region-wise Asia Pacific is expected to grow at a remarkable rate. The growth would be due to the high consumption of sauces in China, Japan, and India. Among countries, the U.S. was the largest market for condiment sauce in 2014, followed by Japan. The dominance of these two countries and their positions are expected to remain unchanged in the future. The coming years will see many international brands enter the condiment sauces market.
Growing Preference for Fast Food – Reason behind a Thriving Condiment Sauce Market
Increasing busy lifestyle and of people across the globe is leading to a higher consumption of fast foods, thus benefitting the global condiment sauce market. An increasing number of working women is also giving rise to increased preference to eat outside. Thus, there has been a rise in the number of fast food restaurants, which in turn is driving the global condiment sauce market.