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The hot sauce market is projected to grow by $1 billion between 2023 and 2028, according to new research published this week.
Research firm Technavio released its analysis of the hot sauce market on Monday. In a press release, the company predicted that the market will grow at a compound annual growth rate of 7.49%.
The firm said that the main driver of the market is consumers looking to cook restaurant-quality dishes at home.
"Numerous variables, such as shifting consumer preferences, easier access to gastronomic resources, and the development of digital media, have influenced this trend," Technavio said in a press release.
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Bottles of Frank's RedHot Xtra Hot and Sweet Chili on a store shelf. (Roberto Machado Noa/LightRocket via Getty Images / Getty Images)
"Further, hot sauces, often integral to global cuisines, encourage home cooks to explore and recreate international dishes, providing an authentic touch to homemade meals."
The research firm predicts that plant-based home cooks are accelerating growth, as many vegan recipes rely on hot sauce.
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Grocery items at a Mexican restaurant and food store in Sunset Pars, Brooklyn. (Bill Tompkins/Getty Images / Getty Images)
"The practice of veganism and rising vegan population is a positive trend that will drive the growth during the forecast period," Technavio's report said.
Researchers caution that excessive regulations may prevent growth in the industry.
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"Stringent regulations in the food and beverage industry are a major challenge hindering growth," the press release added.
Tabasco hot sauce bottles seen at a supermarket. (Alex Tai/SOPA Images/LightRocket via Getty Images / Getty Images)
The report studied various hot sauces, including ghost pepper hot sauces, Carolina Reaper hot sauces and sriracha.
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The study analyzed a variety of hot sauce producers, including McCormick and Co. Inc., Pepsi Inc. and Unilever PLC.
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Hot sauce market expected to boom by 2028, thanks to home cooks: report - Fox Business
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