Sauces Market Size Worth USD 80 Billion With Significant Growth Rate Of 5.1% CAGR Between 2019-2024: Market Research Future

Sauces Market Size Worth USD 80 Billion With Significant Growth Rate Of 5.1% CAGR Between 2019-2024: Market Research Future

“Sauces Market”
Sauces Market is projected to grow at a significant rate of 5.1% from 2019 to 2024 to reach a market value of USD 80 billion by the end of 2024, Global Sauces Market Research Report: By Type, Packaging, Distribution Channel and Region

Sauces Market Analysis 

The Global Sauces Market is predicted to touch USD 80 billion at a 5.1% CAGR between 2019-2024, reveals the latest Market Research Future (MRFR) report. A sauce, simply put, is a semi-solid, cream, or liquid food used to prepare or served on other foods. Mostly they are consumed by themselves, and help to add moisture, flavor, and visual appeal to a dish. Different types of sauces are available in the market, such as ketchup, barbecue sauces, soy sauces, hot sauces, mustard sauces, and others. Sauces can be used for savory or sweet dishes. It plays a big role in maximizing flavor in the food.

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Various factors are propelling the Sauces Market growth. These factors, as per the new Market Research Future (MRFR) report, include increasing preference for international flavors and ethnic cuisines by consumers, growing popularity of home cooking, demand for convenience, and customized packaging for sauces by various food processors, and advancements in organized retail stores and e-commerce. Additional factors pushing market growth include busy lifestyle, demand for easy to cook sauces that offer a new flavor, growing demand for new flavor and products having enhanced shelf life, rapid urbanization and globalization, availability of multiple flavor enhancer sauces, technological advancements in the food industry, demand for different dry and wet sauces, adoption of multi-cuisine cooking habits, and customers changing eating habits. 

Key Players

Major players profiled in the Sauces Market report include The Kraft Heinz Company (US), Unilever PLC (UK), Northwest Gourmet Foods (US), Nestle S.A.(Switzerland), McCormick & Company, Inc. (US), Hain Celestial (US), Orkla ASA (Norway), ACH Food Companies, Inc. (US), Quattro Foods (UK), Concord Foods, LLC (US), The Kroger Co. (US), CSC BRANDS, L.P.(US), Conagra Brands, Inc. (US), The Clorox Company (US), OTAFUKU SAUCE Co., Ltd. (Japan)

Industry News

October 2019: Barilla has launched a new line of pasta sauces, Vero Gusto. These include scallion herb, Calabrian marinara, tomato and basil, and heritage marinara. These sauces come with new ingredients to spark creativity with Italian tomatoes and are non-GMO verified. 

Market Segmentation

The MRFR report provides an all-inclusive segmental analysis of the Sauces Market based on distribution channel, packaging, and type.

Based on Type, the Sauces Market is segmented into ketchup, barbecue sauces, soy sauces, hot sauces, mustard sauces, and others. Of these, the hot sauces segment will have the largest share in the market over the forecast period chiefly due to its growing demand from the foodservice industry. 

Based on Packaging, the Sauces Market is segmented into pouches and sachets, bottles and jars, and others. 

Based on the Distribution Channel, the Sauces Market is segmented into non-store-based and store-based. The store-based segment is again segmented into the convenience store, supermarket and hypermarket, and others. Of these, the supermarket and hypermarket segment will lead the market over the forecast period due to rising preference for supermarkets and hypermarkets by consumers.

Regional Analysis 

By region, the Sauces Market report covers the latest trends and growth opportunities across Europe, the Asia Pacific, North America, and the Rest of the World. Of these, Europe will have the lion’s share in the market over the forecast period. This is chiefly on account of the growing demand for ethnic cuisines and quick food recipes.

The Sauces Market in the APAC region is predicted to grow at the highest CAGR over the forecast period. This is chiefly on account of a huge consumer base in the region. International market players are providing different types of sauces with various flavors, thereby giving consumers multiple options to select from.

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The Sauces Market in North America is predicted to have healthy growth over the forecast period. Factors pushing growth in the region include various discounts and product offered by e-commerce platforms, a growing number of dual-income households, an increasing number of supermarkets and hypermarkets, and increasing consumer demand for high-quality, healthy, and natural food. 

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