The ‘Global Sauces Market Size, Share, Price, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global sauces market, assessing the market on the basis of its segments like product, and major regions.
Sauces Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 5%
The growing demand for sauces is due to the rise in the consumption of them because of the customised and convenient packaging which aids consumers in cooking quick and easy home meals. The popularity of sauces used in different cuisines like Korean, Mexican and in making fusion food is escalating the global sauces market. Customers and restaurants are creating new recipes because of the availability of different sauce variants with unique flavours. Due to customers liking multiple cuisine flavours, these sauces help connect people with different cultures which ultimately has positive effect on the increasing use of sauces globally.
Consumer preference to incline towards healthier food options is also a driver for the market for sauces because of improvements in quality, pricing, and sizes. Due to high sugar and salt concentration in other condiments, customers are preferring the use of sauces as they are often made from scratch with fresh ingredients. The sauces market is anticipated to expand due to rise in health-conscious options with multiple flavours which is a factor for customers preference towards sauces.
Sauces Industry Definition and Major Segments
Sauce is a flavoured or seasoned thickened liquid that is intended to complement meals by enhancing their flavour. The sauces can be savoury, sour, spicy, or sweet, and can be used to prepare main dishes or side dish in a variety of cuisines. Sauces give food a range of qualities, including enhanced or complemented flavours, succulence, a pleasing look, and added texture.
On the basis of product, the market is classified into:
• Table Sauces
• Culinary Sauces
Based on region, the market is divided into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Sauces Market Trends
The sauces market is estimated to grow due to the increasing consumer demand for premiumisation which goes beyond pricing to encompass great quality and excellent taste experiences. Consumer preferences for high value, good quality products with decent ingredients that offer great flavours of multiple cuisines has increased due to premiumisation. In the market for sauces, one of the key elements influencing consumer demand is the variety of different ethnic sauces available. Several culinary items are used to make sauces, and these ingredients give the sauces their flavours, aroma, exotic flavour, and texture.
Growing interest in vegan and plant-based sauces with the rising popularity of veganism, is one of the key trends in the market for sauces. These sauces are prepared with plant-based components, making them suitable for consumers following plant-based or vegan diets. As more people are becoming aware of the advantages of plant-based diets for their health and the environment, this trend is likely to continue and contribute to the growth of the global sauces market. With the growing tendency of allergies in children and adults, customers are switching towards plant-based sauces. Due to awareness of the damaging effects that eating food derived from animals has on the environment, more customers are choosing vegan sauce products.
Key Market Players
The major players in the global sauces market report are:
• Campbell Soup Company
• Hormel Foods Corporation
• McCormick & Company, Inc.
• The Kraft Heinz Company
• Unilever PLC
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.