Asia Pacific Condiment Sauces Market to Register 5.85% CAGR 2014-2020 as Rapid Urbanization Alters Consumption Patterns
The report is titled “Condiments Sauces Market – Asia Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020,” and is available on the company’s website for sale. The report states that the asia pacific condiments sauces market will witness growth at a healthy 5.85% CAGR over the said period, and will register a rise from US$6,137.01 mn in 2014 to a valuation of US$8,629.7 mn by 2020.
A major shift in consumption patterns demonstrated by the economically stabilizing and progressing population of Asia Pacific, more specifically from conventional homemade food to western-style and fast foods, has significantly pushed the market for condiments sauces in the region. A recent market research report published by Transparency Market Research examines the growth trajectory of the market in the region as observed over the report’s review period and forecasts the market’s growth prospects over the period from 2014 through 2020.
Condiments sauces are often used as table dips or are used in several recipes as cooking sauces, or both. Used for adding flavor or spice to food items, a variety of condiments sauces form a central ingredient of a number of traditional recipes that are native to Asia Pacific countries. The rapid rate of urbanization and busy lifestyles of people in developing countries in the region are bringing about major changes in their consumption patterns. Western and fast food items have been gaining rising popularity. Furthermore, the rising disposable incomes are enabling consumers to easily spend on ready-to-consume food items. The market for condiments sauces is gaining two-way benefits from this trend: Through their increased use as dips for complementing the readily consumable food items and though their use for adding flavors and spices to fast foods.
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Besides this trend, the market for condiments sauces in Asia Pacific is also benefitting from innovations in terms of product types and flavors, which have lately hit the market and have been very well received in the market.
For making the vast market research data concise and readily applicable to various business issues, the market has been analyzed based on criteria such as product type, distribution channels, and countries.
On the basis of product type, the market has been segmented into tomato ketchup, national specialty sauce, brown sauce, chili/hot sauce, mustard sauce, soy sauce, and other condiment sauces.
Based on the variety of distribution channels trading condiments sauces, the market has been examined for retailers, warehouse clubs, hypermarkets and supermarkets, food and drink specialist stores, convenience stores, cash and carry, dollar stores, and general merchandize. Of these, supermarkets and convenience stores are presently the most popular distribution channels for condiments sauces. However, the convenience offered by hypermarkets and supermarkets in terms of a vast array of product types and purchase channels will make these distribution channels the most preferred among the Asia Pacific population over the report’s forecast period.
Based on geography, the market has been analyzed for Australia, China, India, Malaysia, the Philippines, Hong Kong, Singapore, Thailand, Indonesia, Japan, New Zealand, and South Korea. Among these countries, Singapore, Hong Kong, the Philippines, Indonesia, Thailand, Australia, and Malaysia exhibit high demand for tomato-based products. Thus sauce manufacturers have introduced numerous varieties of ketchups in these countries. Soy sauce has high demand in countries such as China, Japan, and South Korea.
New Zealand consumers have demonstrated a higher preference to local brands of condiments sauces as these products deliver more value for money as compared to products of foreign brands.
The market has been segmented as follows:
Asia Pacific Condiments Sauces Market Geographical Snapshot: