Million Insights - World's Fastest Growing Market Research DatabaseAccording to new report available with Million Insights, the cooking sauce industry is estimated to grow at a 3.5% CAGR over the forecast period as the scope and its applications are rising enormously across the globe.
The global cooking sauces market is projected to reach USD 48.65 billion by 2025, according to the latest report by Million Insights. Growing demand for easy meal preparation along with exciting and authentic food flavors. Additionally, the introduction of new aromas by the key players is expected to be the key driver of the market. Moreover, rising number of distribution channels have made product availability much easier for the customers as well as the increasing number of advertisements campaigns have increased the product awareness among the consumers, which is further expected to boost the demand for cooking sauces products.
Rising technological development in the food industry has created a wide opportunity for the sauces market. Moreover, with the continuous product development, various new flavors sauces have been introduced in the market, which is anticipated to fuel the demand for the market. Furthermore, consumers are shifting towards a healthy lifestyle, due to hectic working hours and change in the eating habits of the consumers. Additionally, rising disposable income of the middle-class consumers, rapid urbanization products innovations are some of the key driving factors for the cooking sauce market growth in upcoming years
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The dry segment is anticipated to witness fastest growth over the forecast period, 2019 to 2025. Rising demand for ready to use sauces and growing preference for long-lasting sauces in developed countries like the U.K., Germany, U.S. and Canada has led to the high growth rate. These products are available in semi powders and bouillon cube form. Moreover, consumers of these countries are more inclined towards ready to eat and make products, due to hectic working schedules. Therefore, manufacturers are continuously focusing on product development and adding new flavors to the products ever year.
The Online segment is anticipated to grow with a CAGR of 4.0% over the forecast period, 2019 to 2025. The market is gaining traction with the growing number of online service providers such as Grofers, Big Basket and Dunzo . Moreover, market growth is attributed to the expanding implication of e-commerce and additional benefits provided by the apps and online portals which include discount coupons, cash-on-delivery and doorstep delivery. This is expected to augment the demand for market growth in upcoming years.
Europe held the largest market share, in 2108 and anticipated to reach USD 18.89 billion by 2025. Growing demand for ready to use and wet sauces are anticipated to fuel the demand for the market growth over the forecast period, 2019 to 2025. Additionally, increasing product innovations, capacity expansion and partnerships with product manufacturers in the new market are the key strategies adopted by the top players in the region. Further, the growing penetration of branded goods and the introduction of new flavors by the established players in the region is anticipated to drive the cooking sauces market growth in the coming years.
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Further key findings from the report suggest:
• The online segment is anticipated to grow with a CAGR of 4.0% over the forecast period, 2019 to 2025, owing to the growing number of e-commerce players and additional benefits provided by them like discount coupons, cash-on-delivery and doorstep delivery.
• The wet segment has accounted for the largest market share, in 2018, owing to the rise in the consumption of convenience, processed and packed food among the working-class population.
• In 2018, the hypermarket & supermarket segment accounted for the highest market value USD 19.21 billion, owing to the increasing number of retail stores and product assortment in the supermarkets & hypermarkets.
• Europe was the prominent regional market in 2018 and estimated to increase further, during the forecast during, 2019 to 2025, owing to growing penetration of branded goods and the introduction of new flavors by the established players
Million Insights has segmented the global cooking sauces market on the basis of product, distribution channel, and region:
Product Outlook (Revenue, USD Million, 2015 - 2025)
Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
• Supermarket & Hypermarket
• Convenience Store
Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa
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