Condiments & Sauces Market Research Reports, Analysis & Trends
Condiments & sauces industry comprises companies that operate by manufacturing, distributing and selling of condiment products and sauces of different kinds. In general definition, condiments can be defined as the any seasoning product used to enhance and complement the flavor of any food prepared or cooked. Usually condiments are served as at-table seasonings that can be poured over or spread on foods, or into which foods are dipped. Any condiment is an edible substance that is added to some foods to inculcate particular flavor or in some cultures to complement a dish.
The sauces are expected to continue to thrive with the popularity of at-home dining. Variety of sauces that cover different market are barbecue sauce, horseradish sauce, ketchup, cocktail sauce, hot sauce, steak sauce, taco sauce, soy sauce, tartar sauce. In popularity, condiments ranks second in the world after cheese. The US is the leading country in volume and revenue in the condiments & sauces market. The popular products on the market include flavored salts such as onion salt, sauces such as buffalo wing, chili, Worcestershire, cocktail and tartar, diverse products such as dips, teriyaki, salsa, salad dressings, pickling spice and poultry spice.
Current Market Trends in Condiments & Sauces Industry
The condiments & sauces industry worldwide is catering to the wide demand across all demographics throughout the year, and in some special demographics, local market and chains have been functioning on their own by producing specialized and customized products to attract newer consumers. The global market for condiments & sauces is growing at an incredible rate and there are many drivers influencing this growth. Some of the drivers are, the rising demand of exotic cuisines, popularity of foods that is growing steadily along with conventional food, trend toward innovative and attractive packaging solutions, improvised and innovative customized foods with variety of flavors and many more.
As the global consumers are increasingly demanding food products that are packaged with health benefits, hygienic, environmental friendly packaging and fat and gluten free, the demand is expected to grow and the industry is equipped to supply at adequate and sufficient numbers. The cost effectiveness and efficiency are the two most important key factors that are enabling the growth and expansion across foreign countries as well as penetration of their brands in the native regions as well. For urban population, it is the convenience that attracts more than any other aspect, so the condiments and sauces industry are continuously innovative into finding solutions to cater to this particular set of consumers. Urban population is also concerned in health and environment oriented matters, so the job of producing food products to satisfy both concerns is taken up as high priority by the condiments & sauces industry.
According to Global Industry Analysts, the global condiments & sauces market is predicted to exceed $72 billion by the end of 2015. The biggest market drivers for this excellent growth includes a trend of consumption of ethnic cuisine and high demand for affordable home-prepared food. In global popularity & consumption, South Americans are extremely fond of condiments, and they use sauces, dips, dressing, spices, herbs on a larger basis to add flavor to their food delicacies. Brazil is the second largest market for condiments & sauces for dry cooking sauce category. European and Asia Pacific constitute of two of the most promising market potential for condiments and sauces. Asian-inspired condiments hold the major stake of consumption all over the world, with China, Japan, India leading the consumption and revenue generation.
Major Players In Condiments & Sauces Sector
Major companies in the condiments & sauces industry include Frito-Lay Inc, Ajinomoto, Del Monte Foods, Campbell Soup Company, ConAgra Foods, Heinz, Ariake, Kikkoman Corporation, Kraft Foods, McCormick & Company Inc, Nestle and Unilever.