Global Condiments Sauces Market: Snapshot
Changing eating patterns of people due to busy lifestyles are allowing the condiments sauces market in Asia Pacific to gain significant momentum. The increasing preference of people towards fast food is translating into the greater uptake of condiment sauces. Moreover, people consume condiment sauces to enhance flavor in their food preparation or use them as table dips. The growth of the market is also supported by the increasing urbanization and rising disposable income of people. The introduction of a large variety of sauces to match the changing trends in fast foods is likely to shape the future of the market.
As per a report by Transparency Market Research (TMR), the Asia Pacific market for condiment sauces is anticipated to reach a valuation of US$8.62 bn by 2024, expanding at a CAGR of 5.85% between 2014 and 2024.
Consumption of Condiment Sauces to Remain High in China and Japan through 2024
In terms of country, the market is divided into China, Australia, India, Hong Kong, Japan, Indonesia, New Zealand, Malaysia, Singapore, the Philippines, and Thailand. China was the leading revenue contributor in 2014, closely trailed by Japan.
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The growth of the country can be attributed to the busy lifestyles of the populace and their increasing dependence on fast foods. The demand is likely to remain high in the coming years, owing to the popularity of condiment sauces among consumers for the preparation of authentic and traditional multi-cuisine food at home.
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China and Japan will maintain their prominence in the global arena. However, the market in these countries is heading towards maturity. Emerging markets such as Indonesia, Australia, India, New Zealand, South Korea, and Hong Kong are estimated to witness growth in demand for condiment sauces. The rising disposable income is one of the primary factors contributing to the growth of these countries. In the forthcoming years, these countries are expected to emerge as key destinations for prominent players in Asia Pacific market.
Warehouse Clubs and Dollar Stores to Remain Most Prominent Distribution Channels through 2024
On the basis of type, the report segments the Asia Pacific market for condiment sauces into tomato ketchup, national specialty sauce, brown sauce, mustard sauce, hot and chili sauce, soy sauce, and other condiment sauce. The consumption pattern varies from country to country. For instance, the consumption of soy sauce is higher in countries such as South Korea, Japan, and China. While the demand for national condiments sauce is strong in New Zealand, the sales of tomato ketchup are high in countries such as Australia, Indonesia, Malaysia, Thailand, the Philippines, Singapore, India, and Hong Kong.
Based on distribution channel, the market is divided into food and drinks specialists, variety stores and general merchandise retailers, dollar stores, department stores, supermarkets and hypermarkets, and convenience stores. Among these, variety stores & general merchandise retailers, warehouse clubs, and dollar stores are the most preferred distribution channels and will retain their position until 2024. Food and drinks specialists and convenience stores are also estimated to account for substantial shares in the global market. The supermarkets and hypermarkets segment is anticipated to register significant growth rate during the forecast period, thanks to the improving lifestyles in developed nations.
