Global Condiment Sauces Market to Exhibit 3.2% CAGR 2014-2020 as Number of Fast Food Chains Increases
The global condiments sauces market is the focus of analysis of a recent market research report published by Transparency Market Research. The study underlines the rising popularity of international cuisines among the global population as a chief factor driving the market. The market is expected to exhibit a positive CAGR of 3.2% from 2014 through 2020, and rise from a valuation of US$19.35 bn in 2014 to nearly US$23.40 bn by 2020.The report is titled “Condiment Sauces Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020,” and is available for sale on the company’s website.
Condiment sauces are a variety of ready-to-use sauces or cooking sauces that are used in several cuisines for adding flavor to food or to be used as table dips or both. In many countries across the globe, a variety of condiment spices are used regularly alongside many dishes and in several recipes. Condiment spices are also an integral part of many fast food recipes and have witnessed an increased demand in the past years owing to the rising consumption of fast food among busy city dwellers.
The TMR report on condiment spices gives a detailed overview of the present state of the market and a forward-looking perspective of the market’s growth prospects over the forecast period. A thorough overview of the major factors, which are projected to have a measurable impact on the market’s growth prospects over the forecast period, has also been included in the report.
For making the complex market data easy for application and comprehension, the market has been examined from the point of view of two broad criteria: type of condiment sauce and geography.
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On the basis of type, the market has been analyzed for varieties such as soy-based sauce, mustard sauce, chili/hot sauce, tomato ketchup, brown sauce, and national specialties.
From the geographic perspective, the global condiment spices market has been analyzed for Asia Pacific, North America, Europe, and Rest of the World. Countries in Asia Pacific have been the leading consumers of a variety of condiment spices historically. Over the forecast period as well, the market will continue to witness substantial demand in the region. Primary reasons for the positive growth prospects of the market in the region will be the rising consumption of fast food, for which condiment sauces are a core ingredient in recipes popular in the region, increased disposable incomes, and a flourishing tourism industry. Japan became the second-largest market for condiment sauces in 2014 owing to the high demand for soy sauce.
U.S. was the leading market for condiment sauces in the same year and is expected to be a major consumer over the forecast period as well, making North America a key regional market for condiment sauces.
The report also gives comprehensive insights into the competitive landscape of the global condiment sauces market with the help of detailed business profiles and other crucial details pertaining to some of the most influential vendors in the market.
The market has been segmented as follows:
Global Condiment Sauces Market, by Type
Soy based Sauce
Other Condiment Sauce
Global Condiment Sauces Market, by Geography
Rest of the World