0 items USD 0.00Opportunities and Projection: Global Seasonings, Dressings and Sauces Market
While COVID-19 has disrupted the global food services industry, the Seasonings, Dressings, and Sauces food category has managed to register decent growth in the Asia Pacific. The consumption in this region has raised by 4.4% from 16.4 billion kg in 2019 to a forecast of 17.1 billion kg by last year. Due to pandemic lockdown, on-trade sales are hitting an all-time low but retails channel sales are managed to pull the growth back because of the increasing demand for home-cooked food.
Seasonings, Dressings, and Sauces Key Market Share before COVID-19 Outbreak
Seasonings, Dressings, and Sauces Global Market Forecast
- The global seasonings, dressings & sauces sector was valued at USD 133.31 billion in 2019 and is forecast to record a CAGR of 4.9% over 2019-2024, to reach USD 169.24 billion by 2024.
- Americas seasonings, dressings & sauces market was the second largest region with a value share of 29.5% in the global seasonings, dressings & sauces sector in 2019, and is forecast to record a CAGR of 3.4% over 2019-2024. High living standards and rising health consciousness among consumers are spurring the demand for seasonings, dressings & sauces in the region.
- The Asia- Pacific seasonings, dressings & sauces market had total revenues of USD 62,676.4 million in 2018, representing a compound annual growth rate (CAGR) of 5.9% between 2014 and 2018. Shanghai Totole Flavouring Food Co. Ltd., Kikkoman Corporation, and Lee Kum Kee are the leading market players in the APAC seasonings, dressings & sauces sector. Shanghai Totole Flavouring Food Co. Ltd held the highest value share in the bouillons & stocks and condiment sauces categories in 2019.
- The Middle East & Africa is forecast to record the fastest value growth globally at a CAGR of 7.3% over 2019-2024.
Seasonings, Dressings, and Sauces Market in the United States
- The US seasonings, dressings & sauces market had total revenues of USD 24,574.4m in 2018, representing a compound annual growth rate (CAGR) of 3.5% between 2014 and 2018
- Market consumption volume increased with a CAGR of 2.3% between 2014- 2018, reaching a total of 3,677.4 million kilograms in 2018.
Top Seasonings, Dressings, and Sauces Companies in the United States
1. The Kraft Heinz Company: Kraft Heinz manages its sales portfolio through five product categories, includes the following for the company: Condiments and sauces, Cheese and Dairy, Ambient foods, Frozen and chilled foods, and Meats and seafood. Net sales and Organic Net Sales both increased 7.6% to USD 19.2 billion in 2020 compared to USD 17.8 billion in 2019, driven by the continued growth of at-home consumption due, in part, to the COVID-19 pandemic. The Condiments and sauces represent 26% of the global sales of the company.
2. McCormick & Co Inc: McCormick is a global leader in flavor. The company manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the entire food industry–retailers, food manufacturers, and foodservice businesses. In August 2017, it completed the acquisition of Reckitt Benckiser's Food Division (RB Foods) from Reckitt Benckiser Group plc, which helped to gain a substantial market in the U.S. Condiments category. In 2020, the consumer segment contributed approximately 64% of consolidated net sales and 77% of consolidated operating income, and the flavor solutions segment contributed approximately 36% of consolidated net sales and 23% of consolidated operating income.
3. Campbell Soup Company: Campbell is a leading name in processed food and snack products. In the condiment segment, the company mainly offers: Prego pasta sauces; Pace Mexican sauces; Campbell’s gravies, pasta, beans, and dinner sauces.
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