Pune, India, Nov. 04, 2022 (GLOBE NEWSWIRE) -- The global culinary sauce market size was valued at USD 45.23 billion in 2021. It is projected to reach USD 59.75 billion by 2029 at a CAGR of 3.60% during the forecast period. The market has surged terrifically due to the growing popularity of healthy cooking solutions and premium food products among buyers. Fortune Business Insights™ stated this in a report titled, "Global Culinary Sauce Market, 2022-2029."
COVID-19 Impact-
Rising Transportation and Logistics Rates during Pandemic Impede Market Growth
A negative impact has been observed on the food industry during the outbreak. Several factors, such as disruption in the supply chain and rising transportation and logistics rates during the pandemic, have affected product demand negatively. Furthermore, the shortage of labor and limited operational hours hampered the market's overall performance. Meanwhile, the shifting trend toward ready-to-eat products helped revive the global market to support the industry's needs.
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List of the Companies Profiled in the Culinary Sauce Market:
- McCormick & Company Inc. (U.S.)
- McIlhennyCompany (U.S.)
- Hormel Foods Corporation (U.S.)
- Del Monte Foods Inc. (U.S.)
- Kikkoman Corporation (Japan)
- YAMASA Corporation (Japan)
- Ken's Foods (U.S.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 3.60 % |
| 2029 Value Projection | 59.75 USD Billion |
| Base Year | 2021 |
| Culinary Sauce Market Size in 2022 | USD 46.64 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 217 |
| Segments Covered | By Type, By Application, By End – Use |
| Culinary Sauce Market Growth Drivers | Growing Vegan and Vegetarianism Trends to Fuel Market Growth |
| Growing Investment in Research and Development by the Major Playersto Aid Market Growth |
Segmentation-
Wide Utilization In Households Will Favor Market Development
Based on type, the culinary sauces market is bifurcated into wet and dry sauces. The wet sauces segment will expected to rule out the market owing to its wide utilization in the foodservice industry as well as in households.
Rise In the Working Women Population Drives Household Segment
On the basis of application, the market is trifurcated into food processors, HoReCa, and households. The household segment will gain grip due to its growing use in home cooking and rise in the working women population.
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Rising Demand For Easy-To-Cook Solutions Stimulates Product Demand
In terms of end-use, the market is divided into B2B and B2C. The B2C segment is expected to maintain its leadership due to the growing demand for easy-to-cook solutions among millenniums.
Report Coverage
The report provides insights into the regional analysis covering different regions, contributing to the market's growth. The report includes qualitative and quantitative analysis of several factors, such as the key drivers and restraints that will impact the market. Adopting strategies by major players to introduce partnerships, collaboration, and new products will contribute to the market's growth.
Drivers and Restraints
Rising Demand for Exotic And Bold Flavors In Sauces to Fuel Product Demand
Population diversification, rising consumer preferences, and Cultural expansion are the key factors predicted to boost the demand for nutrient-enriched cooking sauces among consumers. Furthermore, the rising demand for exotic and bold flavors in sauces stimulates the need for the product at a better pace. The rising prevalence of different plant-based meat alternatives among end-users so as to cater to the changing consumer preferences is another factor escalating the product's demand. Meanwhile, variations in raw materials prices could impede the industrial coatings market growth.
Regional Insights
Rising Adoption Of Various Western Eating Habits Nurtures Growth in the Asia Pacific
Asia Pacific held a strong foothold in the culinary sauce market share and is expected to lead the market during the projected period owing to the rising adoption of various western eating habits and culinary practices for creating new eating experiences.
Europe is likely to showcase impressive growth during the forecast period due to the rising demand for spicy ethnic foods across the region.
South America is anticipated to have decent demand due to the growing exposure of individuals to cross-cultural and international cuisines is influencing new cooking techniques, and fuels the demand for culinary sauce across the region.
Competitive Landscape
High Investments in Innovation will favor Market Growth
Prominent companies such as Conagra Brands, Del Monte Foods Inc., Kraft Heinz Company, Unilever Plc, and McCormick & Company Inc. will likely invest in new product rollouts to establish their prominence in the marketplace. Furthermore, the rising popularity of various cuisines gives manufacturers and vendors opportunities to establish their footprints in the culinary sauce market.
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Industry Developments:
September 2021: Companhia Hemmer Indústria e Comércio acquired by Kraft Heinz Co. to expand their consumer base in Brazil.
Detailed Table of Content:
-
-
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Market Overview of Parent/Related Market
- Supply Chain Framework
- Industry SWOT Analysis
- Analysis on Technological Advancements
- Recent Industry Developments: Policies, Partnerships, New Product Launches,
- and Mergers & Acquisitions
- Qualitative Analysis (in relation to COVID-19)
- Impact of COVID-19
- Supply Chain Challenges
- Potential Opportunities due to COVID-19
- Global Culinary Sauces Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- By Application(Value)
- Household
- Food Processor
- HoReCa
- By End-Use (Value)
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- North America Culinary Sauces Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- By Application(Value)
- Household
- Food Processor
- HoReCa
- By End-Use (Value)
- Introduction
-
TOC Continued…!
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Culinary Sauce Market to Reach USD 59.75 Billion by 2029 | Culinary Sauce Industry CAGR of 3.60% During 2022-2029 - GlobeNewswire
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