Market Overview:
Global Sauces Market is projected to grow at the CAGR of 3.7%. Sauces are used widely as a flavor enhancer and also to give a food appearance to the food preparations which increases its popularity amongst the consumers. Advancement in technology has a major impact on the growth of Sauces. Increasing sale of sauces amongst the consumers due to its wide application in food preparations is considered a major driver of the market. Rising demand for ready-to-eat meals and convenience foods is supporting the sale of Sauces globally. On the other hand, high cost involved in R&D sector is considered to be restraining the growth of the market.
Shift in consumption pattern of the consumers due to growing economy has influenced the growth of sauces share in the market. The rising demand for fast-food such as noodles, spaghetti and pasta is driving the market for sauces as one of the key ingredients. Changing lifestyle of the consumers in the developed countries is having a positive impact on the growth of Sauces. Key Players from Europe and North- America are following strategies of merger and acquisition of small players, also they have planned strategic expansion to spread their business in various other regions due to high demand of the product. U.S. and Germany are amongst the major key players exporting Sauces to various countries.
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Regional Analysis:
Sauces Market is segmented into Europe, North America, Asia Pacific, and rest of the world (ROW). Europe region has the major market share followed by North America. However, based on the multi-purpose application of the product in food industries as an additive and as dips will positively influence its consumption in various other regions. U.K., Canada, France, Germany and U.S. are considered the major importers of sauces.
Major Key Players:
This report includes a study of strategies such as mergers and acquisitions, product launches by the major Sauces market players. It further includes product portfolios, developments of leading major players which includes
- Kraft Foods Inc. (U.S.)
- Mars, Incorporated (U.S.)
- General Mills, Inc. (U.S.)
- The Kroger Company (U.S.)
- ConAgra Food (U.S.)
- Unilever Plc. (U.K.)
- Hormel Foods Corporation (U.S.)
- Nestle SA (Switzerland)
The Global Sauces Market is segmented on the basis of type, specialty food-type, packaging, application and region. Based on the type, tomato sauce is found to be escalating at a high CAGR. Amongst the various specialty food-types of sauces, low-carb sauces is calculated to hold a major share backed up by increasing health consciousness amongst the consumers. The convenience usage and ease of package is supporting the sale of squeeze-bottles of sauces. The application of Sauces is found to be high in ready-to-eat meals and hence the segment is experiencing a positive growth based on the higher demands of convenience foods from consumer’s side.
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Key Findings:
- Top five exporters of Sauces include Germany, Italy, China, Netherlands and U.S.
- Application of the product as dips is evaluated to grow at a steady rate
Segments:
- Sauces has been segmented on the basis of packaging which comprises Glass Bottles, Squeeze Bottles, Sachets, Jars, Others. Squeeze Bottles are found to hold a major share amongst the given packaging type.
- Sauces has been segmented on the basis of applications which comprises Dips, Dressings, Soups and Gravies, Pasta and Noodles, Ready-To-Eat Meals, Others. The Ready-To-Eat Meals segment is growing at a higher growth rate.
- Sauces has been segmented on the basis of type which comprises Mustard, Tomato, Chili Pepper, Soy, Others. The Tomato sauce segment is found to hold a major share due to high consumer’s preference.
Sauces has been segmented on the basis of specialty food-type which comprises Kosher, Gluten-Free, Vegan, Low-Carb, Low-Fat, Others. Low-Carb Sauces holds a lion’s share based on increasing health consciousness amongst the consumers.
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