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The Global Hot Pot Condiment Market size is estimated to reach $12.3 Billion by 2027. Furthermore, it is poised to grow at a CAGR of 5.9% over the forecast period of 2022-2027. The term “hot pot” refers to a cooking style that originated in China. A pot of simmering hot soup is maintained at the table in this approach. At the table, food is dipped in the stock and cooked. Soup meals or steamboats are other names for hot pot. Any broth, spices, flavorings, or sauces that can be added to the boiling soup to enhance the flavor are referred to as Hot Pot Condiments. Hot pot has become an everyday necessity, and the demand for hot pot condiments is growing and driving the Global Hot Pot Condiment industry. As a result, many hot pot restaurants will opt to acquire the condiment straight from the manufacturer or have it processed by the manufacturer. Naturally, there is a slew of companies that process hot pot materials. Hot pot condiments are a kind of specialty food and in various cultures, condiments are applied to the food to garnish the dish. Monosodium glutamate doubles the freshness and flavor of food in condiment. Hot pot condiment contains ferric pyrophosphate and ferrous fumarate that helps to prevent anemia in patients. Hot pot condiment has a super long shelf life which helps to store for a maximum number of days. Rising trends of consuming all types of cultural dishes among consumers help to surge the demand for hot pot condiments are some of the factors enhancing the Global Hot Pot Condiment industry outlook forward in the projected period of 2022-2027.
Global Hot Pot Condiment Market Segment Analysis- By Type
The hot pot condiment market based on type can be further segmented into Solid, Liquid, and Powder. Solid held a dominant market share in the year 2021. Solid condiments are mostly available in the form of cubes which are made from liquid broth and are much more concentrated in flavor. People are getting attracted with the help of this flavor and thus roses the demand for solid condiments while making hot pot dishes.
However, Powder is estimated to be the fastest-growing, with a CAGR of 6.7% over the forecast period of 2022-2027. Recently, the consumption of spicy food becomes popular day by day as many people are now looking for hot spicy flavors. In China, the consumption of spicy dishes increases rapidly which gives rise to the use of hot pot condiments in various commercial sectors. Also, consumers adopting it in their everyday meals surges the demand for hot pot condiments in the household sector.
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Global Hot Pot Condiment Market Segment Analysis- By End-Users
The hot pot condiment market based on end-users can be further segmented into Household and Commercial. Commercial held a dominant market share in the year 2021. Rising number of restaurants and the growing trend of consuming outside food are some factors that help in increasing the use of hot pot condiments in the commercial sector. Moreover, the growing number of tourists increases the number of commercial places where a variety of dishes are available. This gives rise to the demand for hot pot condiments in the commercial sector.
However, Household is estimated to be the fastest-growing, with a CAGR of 7.1% over the forecast period of 2022-2027. Rising trends of making outside dishes in homes help in surging the consumption of hot pot condiments. Many people are now demanding spicy dishes regularly owing to changing taste buds as spicy. This factor helps in soaring the market growth.
Global Hot Pot Condiment Market Segment Analysis- By Geography
The global hot pot condiment market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. Asia-Pacific held a dominant market share of 37% in the year 2021 as compared to its other counterparts. It is owing to the increasing number of restaurants offering different cultures of dishes that gives rise to the demand for hot pot condiments. Moreover, many tourists are also demanding to consume the special food of particular culture which is further rising the adoption of hot pot condiment in recent years. In China, consumption of hot pot condiments increases rapidly and 1 million people in China are consuming spicy dishes as people are shifting towards spicy flavors so manufacturers are also increasing the product launches of spicy dishes.
Global Hot Pot Condiment Market Drivers
Rising trends of adopting different cultures give rise to the intake of hot pot condiments that have readily aided the market growth
The globe has become a small village as a result of globalization. People from many countries and cultures have become more open to trying the foods of other cultures. As a result, not just Asian countries, but also North America and Europe, are driving demand for hot pot condiments. People have become more interested in other cuisines as a result of globalization and lifestyle changes. Many people want to adopt different cultures in order to taste their variety of foods. Owing to this tourism increases making hot pot condiments more famous around the globe. Also, many tourists mostly visit china only to taste the flavor of hot pot condiments.
Rising product innovation among manufacturers is driving the growth of the hot pot condiment market
Manufacturers are increasingly focusing on serving consumer tastes and produces a variety of dishes that seems innovative. Now, people are looking for different and new types of dishes which increases the innovation among manufacturers. This factor is rising the demand for hot pot condiments among people. Furthermore, many people no longer have the time to prepare their meals from scratch as a result of their lifestyle changes. Premade broths and condiments can make it easier for them to eat similar foods with less effort. So, the number of product innovations among manufacturers increases which further enhances the market growth.
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Global Hot Pot Condiment Market Challenges
Stringent government regulation towards the food industry is one of the factors impeding market growth
Owing to rising chemical content in food products rules and regulations becomes strict. With the introduction of ISO 22000, which addresses food safety management systems, major changes have been introduced in the global food industry. Due to increased attention from government agencies and customers, the COVID-19 pandemic will result in stricter regulations for workers’ health and safety in the food industry. This factor reduces the making of hot pot condiments and thus deteriorates market growth.
Global Hot Pot Condiment Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the market. Global Hot Pot Condiment top 10 companies include:
Yihai,
Hongjiujiu,
Inner Mongolia Red Sun,
Teway Food Group,
Chongqing Morals Village,
Hao Ren Jia,
Chongqing Sanyi Food,
Haitian,
Inner Mongolia Mengxin Food,
Chongqing Banu Food Culture.
Recent Developments
In January 2022, at the nearing of the Chinese New Year, Hao Ren Jia brand will introduce a range of small-sized hot pot bases and recipe-style seasonings wrapping handmade butter hot pot base, bobo chicken seasoning, soup pickled fish sauce seasoning, hawthorn clear-oil hot pot base and more. The delectableness persists into the alone time. With Hao Ren Jia, people can appreciate good taste each minute.
In March 2021, Haitian launched hot pot related condiments as people are becoming more interested in spicy dishes which rising the sales of hot pot condiments.
In January 2021, Hao Ren Jia brand will launch a series of small-sized hot pot bases and recipe-style seasonings covering handmade butter hot pot base, bobo chicken seasoning, soup pickled fish sauce seasoning, hawthorn clear-oil hot pot base, etc.
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Key Takeaways
Geographically, Asia-Pacific held a dominant market share in the year 2021. It is owing to the increasing number of restaurants offering different cultures of dishes that gives rise to the demand for hot pot condiments. Moreover, many tourists are also demanding to consume the special food of particular culture which further rising the adoption of hot pot condiment in recent years.
The robust growth in the end-use industries such as household and commercial are some of the factors driving the global hot pot condiment Market. However, stringent government regulations are some of the factors impeding market growth.
A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Global Hot Pot Condiment Market Report.
Relevant Titles
A. Spices And Seasonings Market
https://www.industryarc.com/Research/Spices-And-Seasonings-Market-Research-504443
B. Global Spicy Sticks Market
https://www.industryarc.com/Research/Global-Spicy-Sticks-Market-Research-513523
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