Pune, Aug. 04, 2020 (GLOBE NEWSWIRE) -- The global culinary sauces market size is projected to reach USD 55.31 billion by 2027, exhibiting a CAGR of 3.3% during the forecast period. Rapid expansion of urban areas across the globe will open new opportunities in this market, observes Fortune Business Insights™ in its report, titled “Culinary Sauces Market Size, Share & COVID-19 Impact Analysis, By Type (Dry and Wet), Application (Households, Food Processors, and HoReCa), End-use (B2C and B2B), and Regional Forecast, 2020 – 2027”. According to the UN, by 2050, almost 70% of world’s population will be residing in urban agglomerations, with majority of this shift expected to emerge from Asia and Africa. The food and nutrition demands in urban regions, where large proportion of populations are young and working, are speedily evolving. In order to cater to these changing food preferences, supermarkets and departmental stores are stocking their shelves with diverse ingredients and products, with culinary sauces being one of the most widely purchased items. Furthermore, the hectic lifestyles that typically characterize the lives of working people force them to opt for quick-fix meal solutions, which are providing an additional boost to the sales of cooking sauces and creating new opportunities for market players.
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The report states that the global market value stood at USD 43.53 billion in 2019 and shares the following:
- Accurate depiction of the market in terms of size, share, and revenue;
- Actionable insights into the various market drivers, trends, and restraints;
- In-depth assessment of all market segments; and
- Comprehensive analysis of the regional dynamics and competitive landscape of the market.
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List of Key Players Profiled in the Culinary Sauces Market Research Report are:
- Hormel Foods Corporation (Minnesota, United States)
- McCormick & Company Inc. (Maryland, United States)
- YAMASA Corporation (Chiba, Japan)
- Del Monte Foods Inc. (California, USA)
- Conagra Brands (Illinois, United States)
- Hein Celestial (New York, United States)
- Ken’s Foods (Massachusetts, U.S.)
- Kikkoman Corporation (Chiba, Japan)
- Unilever PLC (London, United Kingdom)
- The Kraft Heinz Company (Pennsylvania, United States)
Market Restraint
Sharp Drop in Restaurant Revenues Triggered by COVID to Stall Growth
The outbreak of the COVID-19 pandemic forced governments worldwide to impose stringent lockdown and social distancing measures to contain the spread of the virus. As a consequence, restaurants and cafes witnessed a sudden drop in footfalls and revenues started declining. For example, according to a report by Crisil Research, dine-in restaurants across India are likely to see their revenues shrink by 40-50% owing to the coronavirus. Moreover, fears surrounding contracting the infection has kept consumers away from stores and shops where crowding has a high likelihood. Together, these developments have stymied the culinary sauces market growth as the demand and consumption of premium, gourmet foods has slumped massively. However, a silver lining for the hotel/restaurant/catering (HoReCa) sector has emerged in the form of online ordering, which is also expected to support this market throughout 2020.
Regional Insights
Europe to Command Market Share Backed by Growing Popularity of Ethnic Foods
Among regions, Europe is anticipated to lead the culinary sauces market share during the forecast period on account of widespread popularity of ethnic food preparations. In addition to this, cultural diversity in the continent is growing steadily, which is further propelling the demand for cooking sauces and other ingredients in the region.
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The market size in North America stood at USD 8.36 billion in 2019 and the region is expected to offer lucrative opportunities to market players in the coming years. This will be primarily a result of rising integration of exotic condiments and spices in their traditional meals. Asia Pacific is expected to showcase the most impressive CAGR of 3.65% between 2020 and 2027 owing to increasing uptake of western culinary items and evolution staple diets.
Competitive Landscape
Launch of Exciting New Products to Intensify Market Competition
Key market players are aggressively introducing novel food products such as exotic condiment sauces to cement their position in the market. To achieve this, these companies are injecting large amounts of monies in R&D activities to match their products with the changing consumer demands.
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Industry Developments:
- January 2020: Tesco launched a unique plant-based condiment range in the UK, the first of its kind in the country, to meet the surging the demand for vegan sauces. The new sauces are part of the Wicked Kitchen product line and include offerings such as ‘Dreamy Beetroot Dressing’, ‘Sriracha Sauce’, and ‘Sticky Teriyaki Sauce’.
- April 2019: The US-based barbecue sauce specialist, Rufus Teague, released its first-ever line of sugar-free BBQ sauces, with the new flavors named as “Smoke ‘N Chipotle” and “Slim N’ Sweet”. The innovative flavors are aimed at expanding the company’s existing portfolio of natural, gluten-free, and premium quality barbecue sauces.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Applicationology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis (In Relation to COVID-19)
- Impact of COVID-19
- Supply Chain Challenges
- Potential Opportunities due to COVID-19
- Global Culinary Sauces Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Dry
- Wet
- By Application (Value)
- Households
- Food Processors
- HoReCa
- By End-use (Value)
- B2C
- B2B
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type (Value)
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