Condiments Market Share, Regional Growth, Key Players with Increasing Demand and Forecast
Condiments Market Overview
The global condiments market is expected to
exhibit a strong 5.20% CAGR over the forecast period from 2020 to 2027,
according to the newest market report compiled by Market Research Future
(MRFR). The global condiments market is mainly driven by the growing demand for
condiments for their flavor and health benefits. The growing food and beverage
industry is likely to be a major driver for the global condiments market statistics
over the forecast period. The report projects the global condiments market to
grow to an impressive valuation of USD 12 billion by 2027. The steady growth
trajectory of the condiments market price over the historical review period is
also studied in detail in the report, providing pointers as to the leading
drivers and restraints propelling the market.
Condiments are mainly used alongside dishes
such as burgers, salads, and sandwiches to enhance the flavor of the latter.
These include widely used examples such as tomato ketchup and mustard sauce, to
rare spices and dressings used in certain cuisines. Condiments can add various
flavors to the food, making it more palatable and popular.
The growing food and beverage industry is
likely to be a major driver for the global condiments market value over the
forecast period. The rapid growth of the fast-food industry, in particular, has
been a major driver for the condiments market, as condiments such as various
sauces are widely used alongside foods such as burgers, hot dogs, and
sandwiches. The fast-food industry has propelled itself at a rapid growth rate
over the last few years, with the cheap, quickly prepared foods becoming a hit
all over the world, leading to a growing demand for condiments and other
supplementary products. This is likely to remain a major driver for the global
condiments market over the forecast period.
Competitive Landscape:
Leading players in the global condiments
market include Three Threes Condiments Pty Limited, Del Monte Foods
Inc., Nutri-Asia Inc., Kikkoman Corporation, Sing Cheung Co., Midas Foods
International, Mars Inc., Nestle, The Kroger Co., Hormel Foods Corporation,
Unilever, General Mills Inc., Kraft Foods Inc., ConAgra Foods Inc., and
McCormick & Company. Leading players in the global condiments market are
likely to focus on product expansion in the coming years, as the demand for a
wide range of condiments is growing around the world. Leading international
players are also likely to target emerging markets in Asia Pacific, the Middle
East, and Africa, in the coming years, with local players also emerging from
the aforementioned regions to supply the region’s growing need. Local players’
understanding of the local palette and preferences is likely to be vital in the
global condiments
brands market, with several local players carving out a solid stake in the
global condiments market.
What is the
segmentation of the condiments market?
Segmentation Opportunities
The global condiments market size is
segmented on the basis of type, packaging type, distribution channel, and
region.
By type, the global condiments market trends
is segmented into spices, sauces and ketchup, dressings, and others.
By packaging type, the global condiments
market value is segmented into bottles, pouches and sachets, and others.
By distribution channel, the global condiments
market is segmented into store-based and non-store based distribution. The
store-based distribution segment is further sub-segmented into supermarkets and
hypermarkets, convenience stores, and others.
Regional Insights:
Asia Pacific is expected to be the dominant
consumer within the global condiments market report, followed by Europe and
North America. The growing fast-food industry in and the increasing awareness
about western condiments are likely to be the major drivers for the condiments industry
in Asia Pacific. The region is also expected to exhibit the fastest growth rate
over the forecast period, due to the high volume of unmet needs in countries
such as China, India, Japan, and South Korea.
Industry News
In October 2019, Heinz announced a
collaboration with Hummingbird Bakery in order to produce ketchup and beans
flavored cakes. The development of condiment-flavored cakes represents a new
demographic for the condiments market, as cakes are among the few products that
are hardly ever consumed with condiments.
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