Global Ketchup Market 2017-2021
Ketchup is a sauce that is usually made from tomatoes or other fruits and vegetables; it also contains vinegar, seasonings, salt, some spices, and additives. It also has sweeteners like cane sugar or beet sugar or artificial sweeteners like liquid sugar, dextrose, and others. It is a good source of antioxidants and helps prevent colon and prostate cancers and others. Ketchup is used as a sauce or condiment and served along with main dishes like sandwiches, fries, burgers, and others. It is sometimes also used as an additive flavoring agent. Ketchup accounts for the largest share in the condiment and sauce market.
Technavio’s analysts forecast the global ketchup market to grow at a CAGR of 4.90% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global ketchup market for 2017-2021. To calculate the market size, the report considers the retail selling price as the average selling price of the product.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Ketchup Market 2017-2021
Technavio recognizes the following companies as the key players in the global ketchup market: Conagra Brands, Del Monte Food, Nestlé, The Kraft Heinz Company, and Unilever
Other Prominent Vendors in the market are: Annie's Homegrown, Bolton Group, Campbell Soup Company, General Mills, Kagome, Kensington and Sons, Mutti, Organicville, and Red Duck Foods.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increasing demand for organic ketchup. Organic ketchup is made from organic tomatoes. It also contains sweeteners, salt, vinegar, and other organic flavors and spices. It contains organic sugar instead of HFCS. Organic ketchup has a thicker consistency and texture than conventional ketchup and has a deep red color. Organic tomatoes also have higher amounts of beneficial antioxidants like lycopene, polyphenols, and minerals like magnesium and iron. Polyphenols help in reducing the risk of heart problems and Alzheimer's.”
According to the report, one of the major drivers for this market is Increasing sales of private label ketchup. The demand for private label ketchup has been growing in most parts of the world. The consolidation and expansion of the retail segment have led to the strong growth of private labels. Many retailers are entering the private label ketchup market due to the growing popularity of ketchup in most parts of the globe. Private label ketchup brands have been performing better than well-established brands in many countries like the UK, France, Germany, and others. This is primarily because many consumers have cut down their spending on non-essential products like ketchup, sauces, spreads, dressings, and other similar products. Moreover, private label brands are considered to provide value for money as they are of a similar quality as branded products but are priced lower than branded ketchup. Kroger, Safeway, Walmart, Carrefour, Tesco, Sainsbury's, Auchan, and Morrisons are some examples of retailers that offer private label ketchup. Many retailers are also expanding to gourmet services by offering local and ethnic flavors in ketchup.
Further, the report states that one of the major factors hindering the growth of this market is Threat from substitutes. Ketchup is commonly used as an add-on to main dishes and as a dressing. However, other varieties of sauces and condiments are gaining popularity due to numerous factors. Consumers in the developed markets like North America and Europe are switching ketchup with spicier alternatives. In 2016 in the UK, the sales of hot sauces increased by more than 7%, while the sales of ketchup experienced a dip. Another segment that had witnessed a high growth rate is soy sauce. Thus, more number of manufacturers have shown interest in the other sauce segments.
Conagra Brands, Del Monte Food, Nestlé, The Kraft Heinz Company, and Unilever, Annie's Homegrown, Bolton Group, Campbell Soup Company, General Mills, Kagome, Kensington and Sons, Mutti, Organicville, and Red Duck Foods.