Condiment Sauces Market is Expected to Exhibit a positive CAGR of 3.2% from 2014 through 2020, and rise to nearly US$23.40 bn by 2020
Condiment sauces are used in food to enhance taste, flavor or as a complimentary item in different dishes. It is used either as table dips or in cooking or as both. The condiments sauces market has experienced a diversified trends across different regions such as North America, Europe, Asia Pacific and RoW. The Global condiment sauces market is expected to witness rapid changes due to fast changing eating patterns across all the regions. In Asia Pacific region, the condiment sauces market is expected to grow significantly, mainly due to growing demand from leading markets such as Japan and China among others. In North America region, the leading markets are U.S. and Mexico. In Europe the leading market are UK, Germany, France and Russia among others. Brazil and Egypt are the developed markets in RoW. The emerging markets such as Mexico, Egypt, Turkey, South Africa, Poland and Peru among others are expected to witness growth in demand for sauces. Preference for fast food is another key factor that drives the demand for condiments sauces dramatically.
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The rise in consumption of condiment sauces is supported by increasing busy life style and growing urbanization in emerging markets. Moreover, the growing preference for fast food that includes condiments sauces as an important ingredient to enhance flavor is expected to drive the market in the next six years.
The demand for condiment sauces is expected to grow in the markets such as Mexico, India, Egypt, Colombia and Thailand among others due to increase in the number of fast food restaurants. The major markets such as U.S., Japan, China, and Germany are expected to witness the rising demand for tomato ketchup, soy sauce and mustard sauce over the forecast period. Condiment sauces are easily available in almost all the distribution channels such as Supermarkets or Hypermarkets, Dollar Stores, Food & drinks specialists, Variety Stores & General Merchandise Retailers, Department store and convenience stores among others. However, improving lifestyles in developed countries are expected to support the growth of supermarkets and hypermarket in the next six years.
The global condiments sauce market was worth USD 18,684.3 million in 2013 and it is expected to reach USD 23,395.7 million in 2020. The global condiments sauces market is expected to grow at a CAGR of 3.21% from 2014 to 2020. The growth in the market is mainly attributed to growing demand for condiments sauces in developed markets such as U.S., Brazil, Saudi Arabia, and Germany for tomato ketchup, Japan, China for soy sauces, and France for mustard sauce.
By country, U.S. held the largest market share followed by Japan in 2014 and this trend is expected to remain same during the forecast period. The demand for condiment sauces in these countries is driven by busy lifestyle of people and their dependence on the fast food. The demand is supported by popularity of the condiment sauces among consumers to make traditional and authentic multi-cuisine food at home. The consumption of sauces is expected to increase in countries such as Mexico, Egypt, Turkey, South Africa, Poland, Peru, Colombia, and Denmark among others by 2020.
The market size of condiment sauces for U.S. and Japan is expected to grow at a higher CAGR than that of other countries in global market. However, developed markets are expected to increase the demand for condiments sauces due to busy life style and changing eating patterns.
The Hypermarkets and Supermarkets, food and drinks specialists and convenience stores are the most preferred distribution channels and are expected to maintain its leading position in distribution share of condiments sauces by 2020 followed by Cash & Carries, Warehouse Clubs and Dollar Stores, and Variety Stores & General Merchandise Retailers.