According to the global sauces, condiments, and dressing market, sales will reach US$103.04 billion in 2021. According to Fact.MR, the market for sauces, condiments, and dressing will continue to grow, but the CAGR over the last ten years has remained healthy at 5.1%. New flavours and treats are being added to the menu in response to changing tastes. By 2031, the industry is expected to be worth US$169.4 billion. The market for sauces, condiments, and dressings is a significant and expanding sector of the food industry. It includes ketchup, mustard, mayonnaise, salad dressings, soy sauce, barbecue sauce, hot sauce, and many other items.
North America and Europe are currently the largest markets for sauces, condiments, and dressings, but the Asia-Pacific region is expected to grow the fastest in the coming years, owing to the region's increasing adoption of western-style diets and growing urbanisation.
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Key Takeaways from Market Study
Increasing production and meeting consumer demand through strategic collaborations will lead to higher revenue and market share. Organic products will be made available to end-users through new technologies and innovations. A strategic collaboration can help the company increase its production capacity.
- Companhia Hemmer Industria e Comercio, a manufacturer of sauces and condiments in Brazil, was purchased by Kraft Heinz in September 2021. With this transaction, Kraft Heinz will have access to over 250 meal enhancers, including chilli sauce, mayonnaise, and zero-calorie ketchup, subject to clearance by Brazil's Administrative Council for Economic Defense. Additionally, the acquisition of Hemmer by Kraft Heinz quickens the company's global Taste Elevation project, which is focused on finding new white space markets.
- Similarly, PepsiCo's Mountain Dew teamed up with American professional basketball star Joel Embiid in November 2020 to launch the company's first-ever hot sauce. Additionally developed in partnership with Houston-based hot sauce retailer iBurn, the special sauce will incorporate Mountain Dew's distinctive citrus flavour.
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Key Companies Profiled
- General Mills Inc.
- Hormel Foods Corp
- Nestle SA
- ConAgra Foods Inc.
- McCormick & Co Inc.
- The Kraft Heinz Company
- Unilever Group
- PepsiCo Inc.
- Kikkoman Corp
The Clorox Co.