Market Scenario
The global Sauces Industry is presumed to register a remarkable CAGR during the forecast period (2017-2023) owing to the incessant demand for flavor enhancers, asserts Market Research Future (MRFR). Sauces are referred to as fluids or semi-solid paste which are generally used as condiments across the food industry. 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.
Drivers and Constraints Impacting the Market
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 Sauces Market Growth. 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.
On the flip side, vendors are facing challenges due to continuous fluctuation in the prices of raw materials, which can impede the market growth in the coming years. In addition, constant pressure to remain competitive in the market influences the vendors to use low-cost raw materials substitutes which leads to decreased quality of the product. This is another factor which can negatively impact the market growth across the globe.
Competitive Dashboard
Major vendors operating in the global Sauces Industry include Kraft Foods Inc. (U.S.), The Kroger Company (U.S.), Hormel Foods Corporation (U.S.), Nestle SA (Switzerland), General Mills Inc. (U.S.), ConAgra Food (U.S.), Unilever Plc. (U.K.), and Mars Incorporated (U.S.).
Industry Updates
November 14, 2018: Tate & Lyle has recently announced that from November 01, 2018, the North American Food & Beverage Solutions business implemented price will increase between 3 and 11 percent on a range of food and beverages. The increase in the prices is restricted to the North American market concern its fibers, specialty starches, oat products, stabilization and functional systems, and specialty and high-intensity sweeteners.
Global Sauces Market: Segmental Analysis
The global Sauces Market has been segmented on the basis of type, specialty food type, packaging, application, and region.
By mode of type, the global Sauces Market has been segmented into tomato, mustard, soy, chili pepper, and others.
By mode of specialty food type, the market has been segmented into gluten-free, kosher, low-carb, vegan, low-fat, and others. Among these, the low-carb sauces hold the lion’s share of the Sauces Industry owing to the growing health-conscious population worldwide.
By mode of packaging, the global Sauces Market has been segmented into squeeze bottles, glass bottles, jars, sachets, and others. Among these, squeeze bottles are popular in the global market as they are convenient to use.
By mode of application, the market has been segmented into dressings, dips, pasta and noodles, soups and gravies, ready-to-eat meals, and others. Among these, the ready-to-eat meals are considered to expand at a higher rate and are estimated to maintain its dominance in the coming years.
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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