The global condiment sauces market is exhibiting a CAGR of 3.20% within the period from 2014 to 2020. By the end of 2020, the market is expected to be valued around US$23.4 bn. The market was valued around US$19.3 bn in 2014, according to a research report released by Transparency Market Research, titled “Condiment Sauces Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020”.
The report states the multiple factors that propel the global condiment sauces market, at the top of which is the increasing consumption of fast food. Consumers are either compelled by a hectic lifestyle or are increasingly attracted towards comfort foods, both of which include condiment sauces as core ingredients. This factor is a direct result of the increasing rate of urbanization and the rapid industrialization of developing economies.The global condiment sauces market is also boosted by the large consumer base that is demanding better condiment sauces, creating space for players to introduce new flavors to the market or to improve existing ones. There is a growing section of consumers that is demanding sauces that are low in sugars and salts.
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The report also states that the future of the global condiment sauces market will depend of the expansion of fast food chains, an improving quality of products, and consistent product innovation, backed by a wide distribution network. This will allow a greater penetration of market players through multiple distribution channels, including supermarkets, hypermarkets, convenience stores, department stores, dollar stores, variety stores, and food and beverage specialists. Each channel is expected to expand at a significant pace due to the growing disposable income of consumers.
Geographical assessments made in the report suggest that Thailand, India, Colombia, Egypt, and Mexico are set to be some of the highest consuming national segments of the global condiment sauces market, as each region is experiencing a rise in the number of fast food providers and outlets, along with a long history of using condiments, spices, and sauces. The report also states that mustard sauce, tomato ketchup, and soy sauce sales are expected to increase in Germany, China, Japan, and the U.S.
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The global condiment sauces market was dominated by the U.S. in 2014. The country is expected to continue leading the market within the report’s forecast period. Most consumers in developed economies such as the U.S. depend on fast food due to their convenience and easy accommodation into a busy lifestyle. At the same time, Japan is expected to witness the fastest growth rate in the global condiment sauces market for the forecast period.Other nations expected to witness an increase in demand from the global condiment sauces market are Saudi Arabia, Brazil, South Africa, Egypt, and Turkey.
Key segments of the Global Condiment Sauces Market
Global Condiment Sauces Market, by Type:
Other Condiment Sauces
Global Condiment Sauces Market, by Region:
Rest of World
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