As per the analysis by Market Research Future (MRFR), the global sauces market is anticipated to acquire a market value of USD 80 billion while expanding at a CAGR of 5.1% during the forecast period from 2019 to 2024.
The growing popularity of multi-cuisine culture is expected to be a significant factor that can drive the global sauces industry during the assessment period. The increasing consumption of pasta and rice and varieties of condiment sauces are expected to underpin the trade in the coming period. The rapid urbanization and rising product innovations are anticipated to drive the demand for sauces, which can propel global industry growth. The increasing popularity of sauces owing to the rising advancements in e-commerce is expected to fuel the market for sauces significantly. In addition, the surging requirement for natural and organic food products can also augment the global sauces market size.
The segmental analysis of the global sauces market is done by packaging, type, and distribution channel.
The packaging-based segments of the global sauces market are pouches & sachets, bottles & jars, and others.
The type-based segments of the global sauces market are hot sauces, barbecue sauces, mustard sauces, soy sauces, ketchup, and others.
The distribution channel-based segments of the global sauces market are store-based and non-store-based. The store-based segment is further bifurcated into convenience store, supermarkets & hypermarkets, and others.
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Based on the region, the global market for global sauces is segmented into North America, Europe, Asia-Pacific, and the Middle East & Africa.
According to the analysis conducted by MRFR, the global sauces market for sauces is anticipated to be dominated by Europe. The European countries are likely to be lucrative markets owing to the prevailing diversity of taste and preferences. The growing adoption of a healthy lifestyle is expected to support the regional expansion of the market. The rising demand for international cuisines is rising significantly, which can help develop the regional market in the coming period. Furthermore, the growing demand for the increasing preference for unique flavors is likely to actuate the regional market.
The APAC region is anticipated to witness the highest CAGR during the forecast period due to its growing consumer base. The increasing popularity of international cuisines is likely to grow the regional market. The rise in disposable income is predicted to underpin trade in the region. Besides, e-commerce plays a salient role as it is a crucial tool to popularize sauces among the rising consumer base. Moreover, emerging economies; such as India, Japan, and China are predicted to grow considerably due to rapid industrialization.
North America is expected to amass significant market value during the forecast period owing to the growing popularity of international cuisines among the expanding populace. Besides, the increasing awareness about health is anticipated to enhance the requirement for organic and healthy sauces that is projected to support the trade in the region.
MEA is likely to acquire the least market share due to low economies and lack of awareness. The underdeveloped economies, precisely African countries, is projected to show sluggish development, which is anticipated to withhold the region’s market growth.
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Renowned players of the global sauces market are Unilever PLC (U.K.), The Kraft Heinz Company (U.S.), Northwest Gourmet Foods (U.S.), McCormick & Company, Inc. (U.S.), Nestle S.A.(Switzerland), Hain Celestial (U.S.), ACH Food Companies, Inc. (U.S.), Orkla ASA (Norway), Quattro Foods (U.K.), The Kroger Co. (U.S.), Concord Foods, LLC (U.S.), CSC BRANDS, L.P.(U.S.), The Clorox Company (U.S.), Conagra Brands, Inc. (U.S.), OTAFUKU SAUCE Co., Ltd. (Japan)
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