Global Sauces, Condiments, and Dressing Market

Description

With rapid urbanisation on the rise, the sauces, condiments, and dressing market is poised to benefit well, owing primarily to rising interest in culture cuisine. Intermixing cultures and a modern spark in gourmet among typical urban households curtail the use of various spices and condiments. An increased interest at showcasing and decorating cuisine have likewise entailed a stark rise in the demand for sauces and dressings.

The global sauces, condiments, and dressing market is expected to register a CAGR of XX% in the period 2017-2022. Estimated at a valuation of US$ XX in 2017, the market is projected to reach US$ XX by 2022.

Market Dynamics

Increased interest in multi-cuisine culture, rising per capita income, and intermixing of cultures with urbanisation are seen as the primary forces guiding the market towards a steady growth throughout the forecast period. High disposable salaries have ensured more households to dwell into more polished gourmet while not being too concerned about a slight increase in respective costs of living.

Another factor that albeit being small, but of great assistance to the market is the rising popularity of being able to prepare refined cuisines at home, contrasted with indulging in pricy gourmet at restaurants. Manufacturers often use this as a selling point, often releasing ad campaigns supporting the same.

Market Segmentation

The market is segmented on the basis of product type, ingredients, and distribution channels. On the basis of product type, the market is segmented into table sauces and dressings, cooking sauces, dips, pickled products, pastes and purees, and others. Amongst these, cooking sauces took the lion’s share of the market with the table sauces and dressings fraction following close behind.
On the basis of ingredients, condiments, herbs, and spices stood out as the prominent fraction. Food additives, notably taste enhancers, are expected to see much growth in the forecast period as well.

Based on distribution channel, the market can be segmented into supermarkets/hypermarkets, convenience stores, and independent retailers. Owing to widespread coverage and quality customer connect, the supermarkets/hypermarkets segment stands out as the biggest fraction in terms of capacity and units sold.

Regional Analysis

When segregated into geographical segments, the global sauces, condiments, and dressing market can be broadly divided into North America, South America, Asia-Pacific, and Europe. Amongst these, Europe holds the largest market share owing to diversified continental and mixed gourmet prevalent through all the diverse regions in the continent. Closely following behind is North America, while South America and Asia-Pacific are expected to witness highest growth during the forecast period.

Key players

Key players in the market include ConAgra Food Inc, General Mills Inc, Nestle Inc, Kroger, Kraft-Heinz, and Frito-Lay.