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Sweet Sauces Market Overview:
The sweet sauces market is growing rapidly on the global platform. Rising consumer demand for food products prepared with flavor enhancers that offer exotic flavors is positively influencing the sweet sauces market growth. Besides, shifting food consumption patterns backed up by increasing disposable income propels the sweet sauces market revenues.
Market Research Future (MRFR) asserts that the global Sweet Sauces Market value will escalate from USD 2.5 BN in 2022 to USD 3.58 BN by 2032, growing at a 4.10% CAGR during the forecast period (2023-2032). Changing consumer taste preferences, the growing food service industry, and the rising demand for convenience & ready-to-use products are key sweet sauces market trends.
Additionally, the increasing interest in home cooking and the growing trend of multiple-cuisine restaurants positively impact the sweet sauces market growth. Augmenting demand for foods prepared with healthier and natural ingredients substantiates the market shares.
Considering a market opportunity for premiumization, sweet sauce producers seek to develop diverse product offerings to meet and cater to these emerging trends. They commercialize their products through marketing & branding initiatives, globalization & international trade, and online & e-commerce platforms,
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Global Sweet Sauces Market – Segments:
The market is segmented into types, packaging types, distribution channels, and regions. The type segment is segmented into fruit-based, dairy-based, chocolate-based, and others. The packaging type segment is segmented into bottles & jars, tubes, pouches & sachets, and others. The distribution channel segment is segmented into store-based (supermarkets & hypermarkets, convenience stores, others) and non-store-based. By region, the market is segmented into the MEA, Americas, Asia-Pacific, Europe, and Rest of the World.
Global Sweet Sauces Market – Regional Analysis:
North America dominates the global sweet sauces market, with a significant market share followed by Europe. Changing food consumption patterns and high sales of barbecued/roasted food in the region boost the sweet sauces market size. There is a large base of production facilities and consumers of sweet sauces in the region, which leads to the high-volume production and consumption of these products. Besides, the presence of several well-established players positively impacts the sweet sauces market growth in the region.
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Global Sweet Sauces Market – Competitive Analysis:
The highly competitive sweet sauces market appears fragmented, with several large players forming a competitive edge. M&A, innovation, and brand reinforcement remain the key trends for these players. They strive to develop cost-competitive sweet sauces with reduced downtime and longer shelf life. The competition in the market is estimated to intensify with the expected extensions and innovations in products and services.
Key Players:
Leading sweet sauces market players are Hiltfields Ltd. (UK), Macphie Of Glenbervie Ltd. (UK), The Hershey Company (US), Bd Foods Limited (India), Mapro Foods Pvt. Ltd. (UK), Hermans Foods Pty Ltd. (Australia), Atkins and Potts Ltd. (UK), Felbro Food Products, Inc. (US), The Tracklement Company Ltd (UK), Ghirardelli Chocolate Company (US), Quattro Foods (UK), Georges Monin SAS (France), The Kraft Heinz Company (US), The J. M. Smucker Company (US), and R. Torre & Company, Inc. (US), among others.
Industry/ Innovations/ Related News:
Nov.02, 2022 — Macphie Ltd., a leading food manufacturer, launched two brand-new fruit-based options and three indulgent premium flavors to its existing o.t.t toppings range to satisfy the appetite of dessert lovers. The surge in the number of dessert Parlors has prompted the firm to make a significant investment in new sweet sauces. Macphie’s o.t.t toppings range is already used across many successful dessert bars, restaurant kitchens, and bakeries.
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