Market Definition:
The global sauces market has been growing rapidly mainly due to the augmenting demand for innovative food products with high nutritional value. The increasing consumption of flavor enhancers have increased the popularity of sauces. Moreover, factors such as the developing technologies in the food sector are escalating the market on the global platform, fuelling up the market share by bringing innovations in the flavors of sauces.
Sauces are used as food additive as it enhances the flavor of food. They are also used as topping or dips and are popular for its rich taste. Sauces are low in saturated fat and sodium which further add to its nutritional value.
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Market Scenario and Key Factors:
Shift in the consumption pattern led by the rising number of health consciousness populaces has been increasing the share of sauces market globally. Additionally, availability of a variety of flavors and attractive packaging forms, brought about by the manufacturers are fostering the market growth, attracting the consumers to buy these products.
With growing demand for innovative food products containing a high nutritional value, the global market for sauces is flourishing during the assessment period. Developing technologies in the food sector have also stimulated the demand for the product by innovation in the flavors. Moreover, the demand for flavor enhancers is contributing to the growth of the sauces market. With the increasing demand for ethnic food and spices along with changing eating habits due to the adoption of multi-cuisine cooking, the global market for sauces is augmenting over the years. Moreover, rising disposable income, growing popularity of international cuisines, and busy lifestyle of people are influencing the global market positively.
Competitive Dashboard:
Key players leading the Global Sauces Market include Kraft Foods Inc. (U.S.), Nestle SA (Switzerland), Mars, Incorporated (U.S.), ConAgra Food (U.S.), General Mills, Inc. (U.S.), Unilever Plc. (U.K.), The Kroger Company (U.S.), and Hormel Foods Corporation (U.S.) among others.
Industry/ Innovations/ Related News:
March 05, 2019 — Yai’s Thai (the US), a company known for its clean-label, easy-to-use Thai sauces, introduced two new SKUs — Sweet Chili Sauce and Pad Thai Sauce — at Natural Products Expo West 2019. These sauces are made with no added sugar, continuing the company’s innovation in cleaning up the Thai category.
February 28, 2019 —- D-Alive Health Pvt. Ltd. (India), a leading packaged food and OTC solutions and first holistic wellness solutions provider for diabetes launched India’s first ever range of sauces and salad dressings for people with diabetes, making it the country’s maiden offering. These breakthrough sauces and salad dressings are specially designed for people with diabetes.
February 06, 2019 — Nando’s (South Africa), an international fast food chain announced that its Vusa sauce, which launched in restaurants in 2017, is now available for £2 from supermarket shelves. Similarly, the Vusa sauce is available to purchase at selected Tesco’s stores, online and in Nando’s’ own establishments.
Regional Insights:
Geographically, the sauces market covers trends across Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).Among all the regions, Europe is estimated to hold the major market share as developing economies in this region have managed to create disposable income levels for consumer. In addition, changing food preferences of the consumers in Europe is considered to generate high revenue in this region.
The Asia Pacific region is considered to hold the largest market share as the young generation in this region is extensively experimenting with international cuisines such as Mexican and Chinese. Preparation of such cuisines relies on use of different kinds of sauces, which further influences the market growth in this region.
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