According to the latest report by IMARC Group, titled “Hot Sauce Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global hot sauce market size reached US$ 4.3 Billion in 2019. Hot sauce refers to a condiment that is prepared using chili peppers mixed with numerous other ingredients, such as salt, vinegar, fruits, vegetables and garlic. Also known as chili or pepper sauce, it is commercially prepared by mixing the paste of chili peppers with red tomato puree and cooked to achieve a distinct flavor. It is widely consumed with a variety of dishes and can be used as dressings and seasonings. Characterized by a spicy flavor, it forms an indispensable ingredient in numerous Asian, African and Latin American dishes.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
Global Hot Sauce Market Trends:
The global market is primarily driven by the increasing popularity of Pan Asian and Latin American cuisines, which extensively use different types of sauces, including hot sauce, in the preparation of several of their dishes. This is further facilitated by rapid globalization and urbanization, which has resulted in increasing the cross-cultural interaction. In addition to this, the expanding working population, which prefers on-the-go and ready to eat (RTE) foods, is acting as another major growth-inducing factor. Inflating disposable incomes, coupled with hectic working schedules, has propelled the demand for fast foods, thus resulting in the proliferation of fast-food joints and quick-service restaurants (QSRs) across the globe. Consisting primarily of delectable, such as fries, chips, and chicken wings, these food establishments extensively utilize hot sauce not only in the preparation of dishes but also as condiments and a side dip. Apart from this, growing awareness among the masses regarding the health benefits associated with the consumption of the sauce is providing a thrust to the market growth. It is a rich source of vitamins, minerals and antioxidants which are known to enhance metabolism, reduce inflammation and minimize the chances of developing cancer. Some of the other factors influencing the market growth include long product shelf-life, easy product availability through various e-retail platforms and continual launch of innovative flavor variants. On account of the aforementioned factors, the market is expected to reach a value of US$ 5.9 Billion by 2025, growing at a CAGR of 5.2% during the forecast period (2020-2025).
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Key Market Segmentation:
Competitive Landscape:
The competitive landscape of the market has been examined in the report with the detailed profiles of the key players operating in the market. Some of these players include McIlhenny Company, McCormick & Company, Inc., Huy Fong Foods, Inc., Baumer Foods Inc., TW Garner Food Company, B&G Foods, Inc., The Kraft Heinz Company, SALSA TAMAZULA SA DE CV., and Bruce Foods.
Market Breakup by Product Type:
1. Mild Hot Sauce
2. Medium Hot Sauce
3. Very Hot Sauce
Based on the product type, the market has been divided into mild, medium and very hot sauces. At present, mild hot sauce represents the most preferred segment.
Market Breakup by Application:
1. Cooking Sauce
2. Table sauce
On the basis of the application, the market has been bifurcated into cooking and table sauce. Among these, cooking sauce exhibits a clear dominance in the market.
Market Breakup by End-Use:
1. Commercial
2. Household
Based on the end use, the commercial sector accounts for the majority of the total market share, followed by the household sector.
Market Breakup by Packaging:
1. Jars
2. Bottles
3. Others
On the basis of the packaging, the market has been classified into jars, bottles and others. Currently, jars represent the leading segment in the market.
Market Breakup by Distribution Channel:
1. Supermarkets and Hypermarkets
2. Traditional Grocery Retailers
3. Online Stores
4. Others
Based on the distribution channel, the market has been segregated into supermarkets and hypermarkets, traditional grocery retailers, online retailers and others, wherein supermarkets and hypermarkets are the most popular mode of distribution.
Market Breakup by Region:
1. North America
2. Asia Pacific
3. Europe
4. Latin America
5. Middle East and Africa
Region-wise, North America (the United States and Canada) holds the leading position in the market. Other major regions include Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
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"Sauce" - Google News
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Hot Sauce Market 2020, Growth, Demand, Key Players and Forecast By 2025 | Covid-19 Impact - News Distinct
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