The major key players in Sauces Market are
- Nestle SA (Switzerland)
- Kraft Foods Inc. (U.S.)
- Mars, Incorporated (U.S.)
- General Mills, Inc. (U.S.)
- ConAgra Food (U.S.)
- Unilever Plc. (U.K.)
- Hormel Foods Corporation (U.S.)
- The Kroger Company (U.S.)
Food manufacturers across various regions follow the strategy of innovating new flavors in their existing product line to expand their business due to which the demands of Sauces as a potential food additive and flavor is experiencing a surge. The sauces manufacturing industries are mainly focused on increasing their supply to developed regions where the demand of product is escalating at a high rate. In the Europe region, Germany is amongst the dominating countries holding a major share in Sauces market and exports the product in various other countries of Europe which include Netherlands, France, Austria, U.K., Poland and others.
The increasing sale of Sauces is driven by its diverse application across the food industries. Technology developments in developed regions have led to the innovation in flavors along with increasing the shelf-life of the sauces which has supported the sale of sauces. The market share of sauces holds a prominent share based on the high preference of consumers towards ready-to-eat meals. Higher focus on research and development sector of the food industries has influenced the positive growth rate of the market. The consumption of sauces is high in Europe and is evaluated to increase at a high growth rate in various other countries of North America and Asia-Pacific region.
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Globally the Sauces market share as a flavor enhancer is estimated to escalate at a higher growth rate which is supported by the rising consumption of noodles and pasta and ready-to-eat meals. The higher demand for fast-food and its accompaniments are supporting the sale of Sauces in the market. The positive economic growth of various regions is fueling up the market demand for Sauces.
All these factors contribute to the calculated CAGR of 3.7% of Sauces market during 2017-2023.
Consumption of sauces as dips and application vital application in ready-to-eat meals is growing at significant rate. This is backed up by the high consumer’s preference towards fast-foods in which sauces are used in high amount and also consumed as an accompaniment. Amongst the various type of sauces available, tomato sauce is found to hold a lion’s share mainly in North America. On the other hand, the consumption of mustard sauce is high in European region.
The increasing consumption of products with high nutritional value is supporting the growth of low-carb sauces share in the market. Due to the convenience usage, the squeeze bottle segment of sauces packaging is found to dominate the overall share.
The Global Sauces Market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Europe region holds a major market share followed by North America. The high demands for sauces and condiments as a key ingredient from the developed countries of these regions is contributing to the positive growth of Sauces market. Rising consumption of convenience food is supporting the growth of the market in developed countries of North America and Europe region. U.K., Canada, France, Germany and U.S. are the major importers of Sauces.
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Global Sauces Market is segmented by Type, Specialty Food-Type, Packaging, Application and Region
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