Culinary Sauces Market to Hit USD 55.31 Billion by 2027; Rising Popularity of Exotic Preparations in Developed Countries to Favor Market Growth: Fortune Business Insights™ – GlobeNewswire

Pune, Aug. 04, 2020 (GLOBE NEWSWIRE) — The global culinary sauces market size is projected to reach USD 55.31 billion by 2027, exhibiting a CAGR of 3.3% during the forecast period. Rapid expansion of urban areas across the globe will open new opportunities in this market, observes Fortune Business Insights™ in its report, titled “Culinary Sauces Market Size, Share & COVID-19 Impact Analysis, By Type (Dry and Wet), Application (Households, Food Processors, and HoReCa), End-use (B2C and B2B), and Regional Forecast, 2020 – 2027”. According to the UN, by 2050, almost 70% of world’s population will be residing in urban agglomerations, with majority of this shift expected to emerge from Asia and Africa. The food and nutrition demands in urban regions, where large proportion of populations are young and working, are speedily evolving. In order to cater to these changing food preferences, supermarkets and departmental stores are stocking their shelves with diverse ingredients and products, with culinary sauces being one of the most widely purchased items. Furthermore, the hectic lifestyles that typically characterize the lives of working people force them to opt for quick-fix meal solutions, which are providing an additional boost to the sales of cooking sauces and creating new opportunities for market players.
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Hormel Foods Corporation (Minnesota, United States)McCormick & Company Inc. (Maryland, United States)YAMASA Corporation (Chiba, Japan)Del Monte Foods Inc. (California, USA)
Conagra Brands (Illinois, United States)
Hein Celestial (New York, United States)Ken’s Foods (Massachusetts, U.S.)Kikkoman Corporation (Chiba, Japan)
Unilever PLC (London, United Kingdom)
The Kraft Heinz Company (Pennsylvania, United States)
Sharp Drop in Restaurant Revenues Triggered by COVID to Stall GrowthThe outbreak of the COVID-19 pandemic forced governments worldwide to impose stringent lockdown and social distancing measures to contain the spread of the virus. As a consequence, restaurants and cafes witnessed a sudden drop in footfalls and revenues started declining. For example, according to a report by Crisil Research, dine-in restaurants across India are likely to see their revenues shrink by 40-50% owing to the coronavirus. Moreover, fears surrounding contracting the infection has kept consumers away from stores and shops where crowding has a high likelihood. Together, these developments have stymied the culinary sauces market growth as the demand and consumption of premium, gourmet foods has slumped massively. However, a silver lining for the hotel/restaurant/catering (HoReCa) sector has emerged in the form of online ordering, which is also expected to support this market throughout 2020.Regional InsightsEurope to Command Market Share Backed by Growing Popularity of Ethnic FoodsAmong regions, Europe is anticipated to lead the culinary sauces market share during the forecast period on account of widespread popularity of ethnic food preparations. In addition to this, cultural diversity in the continent is growing steadily, which is further propelling the demand for cooking sauces and other ingredients in the region.Competitive LandscapeLaunch of Exciting New Products to Intensify Market CompetitionKey market players are aggressively introducing novel food products such as exotic condiment sauces to cement their position in the market. To achieve this, these companies are injecting large amounts of monies in R&D activities to match their products with the changing consumer demands.
Industry Developments:
January 2020: Tesco launched a unique plant-based condiment range in the UK, the first of its kind in the country, to meet the surging the demand for vegan sauces. The new sauces are part of the Wicked Kitchen product line and include offerings such as ‘Dreamy Beetroot Dressing’, ‘Sriracha Sauce’, and ‘Sticky Teriyaki Sauce’.April 2019: The US-based barbecue sauce specialist, Rufus Teague, released its first-ever line of sugar-free BBQ sauces, with the new flavors named as “Smoke ‘N Chipotle” and “Slim N’ Sweet”. The innovative flavors are aimed at expanding the company’s existing portfolio of natural, gluten-free, and premium quality barbecue sauces.Detailed Table of Content:IntroductionResearch ScopeMarket SegmentationResearch ApplicationologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesEmerging TrendsKey InsightsOverview of the Parent/Related MarketsIndustry SWOT AnalysisSupply Chain AnalysisRecent Industry Developments – Policies, Partnerships, New Product  Launches, and Mergers & AcquisitionsQualitative Analysis (In Relation to COVID-19) Impact of COVID-19 Supply Chain Challenges Potential Opportunities due to COVID-19Global Culinary Sauces Market Analysis, Insights and Forecast, 2016-2027Key Findings / SummaryMarket Size Estimates and Forecast By Type (Value)DryWetBy Application (Value)HouseholdsFood ProcessorsHoReCaBy End-use (Value)B2CB2BBy Region (Value)North AmericaEuropeAsia PacificSouth AmericaMiddle East & AfricaTOC Continued…!!!

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