Fort Collins, Colorado, May 13, 2024 (GLOBE NEWSWIRE) --
The growing popularity of convenient foods drives the demand for sauce.
The sauce market has experienced significant growth, primarily propelled by the rising popularity of convenience foods and the global shift towards on-the-go lifestyles. Over the past decade, consumption of ready-to-eat meals and prepared foods has surged by 28%, as the U.S. Department of Agriculture reported. Sauces play a crucial role in enhancing the flavor and diversity of these convenient meal options, meeting the demand for quick and delicious dining solutions. Moreover, the increasing interest in international cuisines and fusion flavors has broadened the demand for a wide range of sauce varieties, spanning from traditional soy and teriyaki sauces to exotic chutneys and harissa.
Additionally, the trend toward health-conscious consumerism has contributed to the sauce market's growth. Particularly among millennials and Gen Z consumers, there's a growing emphasis on understanding the nutritional value of food choices. In response, manufacturers have introduced healthier sauce options, including low-fat, low-sodium, and plant-based varieties, aligning with the demand for nutritious and flavorful condiments. The rising global vegan culture has further expanded the market, with many sauces catering to individuals with dietary restrictions like lactose intolerance or egg allergies. Vegan sauces are often perceived as healthier alternatives, as they tend to be lower in fat and calories and may contain more natural ingredients. Recognizing this trend, numerous brands are introducing vegan sauces to meet the evolving demands of health-conscious consumers.
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Segmentation Overview:
The sauce market has been segmented into type, packaging, distribution channel, and region.
Cooking sauce accounted for a significant market share in 2023.
- Based on type, the market is segmented into table sauces, cooking sauce, dips, paste & purees, and others. Cooking sauces hold a significant share of the type segment of the sauce market. Cooking sauces are versatile and widely used in various cuisines, providing flavor and moisture to dishes. They are convenient for meal preparation and cater to the growing demand for ready-to-use ingredients, particularly among working professionals and busy households.
Supermarkets/hypermarkets are the leading distribution channels, accounting for a substantial market share.
- Based on the distribution channel, the market segmentation includes supermarkets/hypermarkets, convenience stores, online, and others. Supermarkets/hypermarkets hold a substantial share of the distribution channel segment of the sauce market. This is because traditional brick-and-mortar retail outlets, such as supermarkets and hypermarkets, have historically been the primary distribution channels for packaged food products, including sauces. These outlets offer various sauce brands and types, catering to diverse consumer preferences and shopping habits.
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Sauce Market Report Highlights:
- The sauce market growth is anticipated at a CAGR of 5.3% by 2032.
- The rising popularity of convenience foods and the introduction of healthier and vegan sauces drive market growth.
- Asia-Pacific holds a significant share and is also expected to grow substantially in the sauces market during the forecast period, with China, India, and Japan dominating this region.
- Some prominent players in the sauce market report include Kraft Heinz, Unilever, Conagra Brands, McCormick & Company, The Clorox Company, Dr. Oetker, Kikkoman Corporation, Ajinomoto Co. Inc., Nestlé S.A., and Campbell Soup Company.
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