Wilmington, Delaware, United States, Dec. 11, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Globally, the hot sauce market was valued at US$9.3 billion in 2021. A CAGR of 5.0% is forecast from 2022 to 2031. Global hot sauce sales are forecast to reach US$ 15.0 billion by 2031. Investments in natural and healthier food products are expected to drive demand for hot sauces in coming years.
In order to attract consumers, companies are developing hot sauces that have clean ingredient lists, do not contain artificial additives, and may even incorporate organic or non-GMO ingredients. Customers can choose from a variety of spice levels ingredients, and even create personalized labels for their hot sauces.
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Adding this element to the product makes it more fun and interactive. Consumers will be more likely to buy hot sauce if they are offered limited editions or seasonal varieties. A brand's exclusivity can also be enhanced through this strategy.
Global Hot Sauce Market: Key Players
Hot sauce is a fragmented market, with big companies and small players controlling most of the market. Key strategies for big players include expanding their product portfolios and merging and acquiring.
- Baumer Foods, Inc.
- Conagra Brands, Inc.
- Del Monte Pacific Ltd.
- Hormel Foods Corporation
- Huy Fong Foods, Inc.
- Kikkoman Sales USA, Inc.
- McCormick & Company, Incorporated
- McIlhenny Company
- The Kraft Heinz Company
- TW Garner Food Company
Key Findings of the Market Report
- The mild hot sauce market held almost 42% of the global hot sauce market in 2021.
- In terms of application, cooking sauce will continue to grow in the global market.
- Hot sauce sales in Asia Pacific are growing at the fastest rate. In 2021, the region held 32% of the global market for hot sauce.
- Supermarkets/hypermarkets are expected to become bigger retailers of hot sauces based on distribution channels.
- Hot sauce for household use is likely to grow in popularity over the next few years.
Global Hot Sauce Market: Growth Drivers
- Hot sauces with bolder and spicier flavours are becoming increasingly popular in ethnic cuisines. Hot sauces are gaining popularity as consumers become more aware of their benefits. Consumers are becoming more adventurous when it comes to food choices, which has led to a growing demand for diverse and authentic flavours from around the world. In order to make different cuisines taste authentic and tasty, hot sauces play an important role.
- Social media has had a significant impact on food trends. Spice dishes and hot sauces are often featured on food blogs, influencers, and cooking shows, sparking consumer curiosity. Innovation in the hot sauce industry has been characterized by the introduction of new flavours, product formulations, and packaging. With the diversity of these products, there is a wide range of taste and preference options for consumers.
- New and bold flavours are more popular among younger generations, such as Millennials and Gen Z. Premium hot sauces tend to emphasize high-quality ingredients, custom-made methods, and handcrafted quality. Consumers have been attracted to premium hot sauces because of this perception of premiumization.
- Consumers can now access a wide range of hot sauce brands and regions through e-commerce. Unique and speciality hot sauces can be explored and purchased online via online platforms. Natural and clean-label products are becoming increasingly popular among consumers. These trends are well suited to sauces made with natural ingredients and free of additives.
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Global Hot Sauce Market: Regional Landscape
- The demand for hot sauce is rapidly growing in the Asia Pacific. Spicy flavours have long been a part of the cuisine of countries like China, India, Thailand, and Vietnam. Hot and spicy food are common daily meals in these countries, and hot sauce is a common ingredient. The Asia Pacific region is home to an array of emerging economies and large consumer markets. The rapid growth of fast food restaurants, combined with the expansion of hot sauce manufacturers, creates growth opportunities.
- The Asia Pacific region also sees a strong demand for hot sauces from Asian and Mexican cuisines. Fermented hot sauce or red hot sauce is often used in Asian and Mexican dishes to enhance taste and flavor. Hot sauces with customized ingredients are increasingly popular in the Asia Pacific region. To cater to the specific preferences of consumers, they are seeking unique flavors and options
Key Developments
- In August 2023, Too Yumm! RP-Sanjiv Goenka Group's FMCG division, Guiltfree Industries, launched a brand new flavour called Too Yumm! BHOOT Chips. The brand collaborated with Naagin, India's leading hot sauce brand, infused with Bhut Jholokia, India's spiciest chilli.
- In November 2023, the San Antonio Spurs, the franchise’s latest attempt at entering the food industry, announced a new signature hot sauce. With the expertise of the local producer, the Spurs creative studio formulated the "Por Vida" hot sauce in collaboration with Humble House.
Global Hot Sauce Market: Segmentation
By Product Type
- Mild Hot Sauce
- Medium Hot Sauce
- Very Hot Sauce
By Packaging
- Jars
- Bottles
- Others
By Application
- Cooking Sauce
- Table Sauce
By Price
- Low
- Medium
- High
By End Use
- Commercial
- Household
By Distribution Channel
- Online
- E-commerce Websites
- Company-owned Websites
- Offline
- Supermarkets/Hypermarkets
- Specialty Stores
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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