New York, US, March 23, 2023 (GLOBE NEWSWIRE) -- Condiments Market overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), Condiments Market Research Report Information By Type, By Packaging Type, By Distribution Channel, and By Region –Market Forecast Till 2030 - The condiments industry is projected to expand from USD 9.6 billion in 2022 upto USD 13.8 billion by 2030, exhibiting a CAGR of 5.20% during the forecast period (2022 - 2030).
Market Scope:
Due to their natural and healthful composition, condiments are among the products that clients commonly seek for. They are becoming more knowledgeable about and interested in how things are made. In wealthy countries, consumers are embracing sustainable sourcing to protect product quality, supply chain security, and—most importantly—the livelihoods of those who grow the condiments. As sustainability certification of spices grows more widespread, market share of condiments made ethically is increasing in diverse areas.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 13.8 billion |
| CAGR | 5.20% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, By Packaging Type, By Distribution Channel, and By Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increase demand for vegan food items |
| growing need for convenient food products |
Competitive Dynamics:
As key market participants make large R&D investments to diversify their product portfolios, the market for condiments will continue to grow. In addition to significant industry developments including new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations, market participants are taking part in a number of strategic initiatives to enhance their positions globally. Competitors in the condiments market who wish to expand and prosper in a market that is getting more competitive must offer products at competitive prices.
Key Companies in the condiments market include
- Nutri-Asia Inc. (Philippines)
- Del Monte Foods Inc (US)
- Three Threes Condiments Pty Limited (Australia)
- Incorporated (US)
- Midas Foods International (US)
- Sing Cheung Co.(India)
- McCormick & Company (US)
- ConAgra Food Inc. (US)
- The Kroger Co. (US)
- Nestlé (Switzerland)
- Mars
- Kikkoman Corporation (Japan)
- Kraft Foods Inc. (US)
- General Mills Inc. (US)
- Unilever (UK)
- Hormel Foods Corporation (US).
Market USP:
Market Drivers
Due to the increased desire for convenient food products that would enhance the organoleptic features of the food item, the market for condiments has experienced an increase in demand. Moreover, the main market driver boosting market growth is the adoption of cross-cultural eating behaviors across the regions. Vegetarianism and veganism are components of a quickly spreading trend. There have been dramatic increases in both the U.S. and the U.K. in the overall number of vegans. Plant-based diets are gaining popularity all over the world. Businesses are focusing on releasing new items aimed at the vegan and vegetarian community in order to profit from this new trend. For instance, Los Angeles-based Watson's Seasoning Blends, a female and minority-owned company, debuted a new line of gourmet vegan condiment mixes in January 2022, making it simple to produce delectable plant-based meals. As a result, the CAGR of the condiments industry has increased recently.
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Market Limitations
Throughout the anticipated years, it is projected that fluctuating prices of the raw materials used to prepare condiments will constrain market expansion. In addition, it is anticipated that rising consumer aversion to condiments due to the high salt, sugar, and carbohydrate content in most condiments may hinder market expansion.
COVID-19 Analysis:
The market for condiments has been significantly impacted by the COVID19 pandemic. Because of this uncertainty, consumer buying habits altered as people learned how important it was to have a robust immune system; as a result, they sought more organic and natural foods.
Market Segmentation:
Type Insight
Spices are anticipated to hold a significant market share in the condiments market given their rising use in the food industry. The growing demand for authentic food around the world is one of the major factors affecting the use of spices. While flavor and taste are still the main reasons why people use spices today, their health benefits are also generally recognized. Moreover, the sauces and ketchup industry had tremendous growth in 2021. The availability of a wide variety of flavor enhancer sauces has considerably boosted the condiments market for sauces due to technological improvements in the food business. Hence, rising applications of sauces positively impact market growth.
Condiments Packaging Type Insights
The market for condiments was dominated by bottle packaging. The widespread usage of wet and ready-to-use sauces in Western nations like Germany, the United Kingdom, and France can be attributed to this dominance. Nonetheless, the condiments market revenue also grew at the fastest rate for pouches and sachets. It is anticipated that the availability of healthy options, such as foods devoid of fat and cholesterol, will increase demand for the product. These products are available as semi-powders and bouillon cubes.
Condiments Distribution Channel Insights
A significant portion of all distribution channels in 2021 were store-based. Convenience stores, supermarkets, brand outlets, hypermarkets, unorganized retail, and direct selling are all part of this supply chain. To fulfill the growing customer demand for sauces, dressings, and condiments, large companies like Walmart, Amazon, and 7-Eleven are investing in developing nations like India, Thailand, and Taiwan. The non-store-based distribution channel is the second-fastest-growing portion of the condiments market. With the increasing use of the internet in nations like China and India, it is anticipated that the online distribution channel would have the quickest growth.
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Regional Analysis:
The market for condiments in Asia Pacific was valued at USD 3.8 billion in 2021 and is anticipated to rise at a strong CAGR of 41.6 percent over the course of the study. Also, the area is anticipated to experience the fastest growth over the coming years. Due to the rising popularity of regional traditional meals, consumption of condiments, sauces, and dressings is rising dramatically in countries like China, Japan, India, Taiwan, and Indonesia. Furthermore, well-known producers are launching new products as demand for cuisines rises in Indonesia and India. In January 2021, ORCO, commonly known as Organic Seasonings, an Indian firm, introduced 32 new goods to its extensive selection of 100% natural, nutritious, and certified organic seasonings & spices. In addition, the Indian condiments market had the quickest rate of growth in the Asia-Pacific region, while China's condiments industry had the largest market share.
The second-largest market share belongs to the condiments market in Europe. In the UK, more people are choosing easier packaging, new flavor profiles, and healthier lifestyles. The demand for condiments is mildly rising as a result of the continual introduction of foreign cuisines, driven by the travel and hospitality sectors. At least 2% of the overall export comes from the other 18 kinds of spices. Also, the UK's condiment market grew the fastest in the European region, while the German market had the biggest market share.
It is anticipated that the North American condiments market will expand significantly. North America has traditionally been one of the major markets for condiments, with shifting eating habits influencing how consumers see herbs. Also, new businesses are springing up in the US and Canada to use spices for things other flavoring food, which is expected to drive the market in the years to come. The rise of the regional market has been aided by the increased demand for ethnic cuisines as well as convenience and ready-to-eat foods. In America, processed foods make up around 70% of the diet.
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