Sauces, Condiments, and Dressings - Market Growth, Trends and Forecasts (2020 - 2025)
Global sauces, condiments, and dressing market is projected to record a CAGR of 4.9% during the forecast period.
Increasing shift toward the consumption of spicy food products is expected to boost the demand for various condiments, sauces, and dressings, significantly. Consumption of food products, such as pasta and rice, with various sauces, condiments, and dressing continues to remain in vogue, globally.
The global sauces, condiments, and dressings market report is segmented on the basis of ingredient, type, and distribution channel.
Key Market Trends
Dips Segment is projected to Record Significant Growth Rate
The market opportunities for products perceived as healthier, such as hummus, and vegetable/bean-based dips and sauces, are increasing. Increasing consciousness among consumers, regarding product ingredients, is being witnessed and low-fat dressings and dips are believed to have significantly higher sugar levels. Consumer preference has shifted toward vegan and gluten-free dips. Fitness level is important among consumers, which has accelerated the demand for high-protein bean-based dips. A resurgence in hot cheese dip – particularly fondue, spinach dip, and artichoke dip - in US casual theme restaurants transitions to demand conveniently packaged products.
Europe Emerges as the Dominant Region
Sauces, condiments, and dressings, collectively, include herbs, spices, tomato paste, soy sauces, pasta sauces, purees, cooking sauces, ketchup, mayonnaise, mustard, salad dressings, dips, and other sauces. The European countries are entirely different markets among themselves, with diversified taste and preferences. An increasing number of people are opting for healthy living, new flavor profiles, and packaging convenience in United Kingdom. The demand for aforementioned market is moderately growing, due to the steady influx of international cuisines driven by the tourism and hospitality industry.
The global sauces, condiments, and dressings market is fragmented, with a large number of players. Some of the leading players in the market are McCormick & Company, The Kraft Heinz Company, and Kikkoman Corporation among others. Major emerging market players, targeting leading brands, are making strategic acquisitions in other mature and sophisticated markets. Acquiring these brands enables diversification and gives these players access to stable cash flows and growth opportunities. Seeking opportunities in the trend, the companies are constantly trying to offer the consumers with new and innovative launches, specific to their demands.
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