Global Condiments Market Overview
Recent research has shown that the Global Condiments Market have undergone a steep growth in the past few years. And the market is also expected to find great opportunities to grow in the projected period of 2020 to 2030.
The Global Condiments Market revenue was valued at USD 9.6 billion in 2022 which is expected to grow in the forecasted period and reach 13.8 billion USD valuation with a CAGR rate of 5.20%.
The increasing demand for the convenient foods, ready-to-eat foods have been a major market drivers in past years. Also, the changing taste for flavors and rising demand for fast foods will be the major market drivers within the projected period.
During the Covid 19 the market has faced some negative impact on supply chain and raw materials but one the other hand they have conducted various innovation to improve their products.
Competitive Analysis:
The global condiments key market players include Three Threes Condiments Pty Limited, Del Monte Foods Inc., Nutri-Asia Inc., Kikkoman Corporation, Sing Cheung Co., Midas Foods International, Mars Inc., Nestle, The Kroger Co., Hormel Foods Corporation, Unilever, General Mills Inc., Kraft Foods Inc., ConAgra Foods Inc., and McCormick & Company.
Leading players in the global condiments market are likely to focus on product expansion in the coming years, as the demand for a wide range of condiments is growing around the world. Leading international players are also likely to target emerging markets in Asia Pacific, the Middle East, and Africa, in the coming years, with local players also emerging from the aforementioned regions to supply the region’s growing need. Local players’ understanding of the local palette and preferences is likely to be vital in the global condiments brands market, with several local players carving out a solid stake in the global condiments market.
Market Segmentation
The global condiments market is segmented depending on the product type, supply channel, and region.
Depending on the product type, the market is divided into pickles, cooking sauce, table sauce, dips, ketchup, tomato paste, and tomato puree. Also, the growing demand for ready-to-eat food products made the tomato sauce and ketchup segments stand out among other products.
Depending on the supply channel, the market is divided into food chain services, modern trade, departmental stores, and online shops. The food chain services and online shops have the largest segment growth because of its easy to reach and ready to eat facilities.
Regional Classification
According to the regional segmentation, the market is divided into North America, Latin America, South Asia, East Asia, Europe, Middle East Asia, and Africa.
With the increasing demand for exotic flavours and changing tastes in foods, South Asia holds the largest global condiment market share. India holds a significant amount of market share in this region.
The U.S. is expected to witness lucrative growth in the future, and the region is anticipated to be the fastest-growing condiments market size during the forecast period and hold a significant share of the global condiments market revenue.
China will also hold a significant position in the market due to its ready-to-eat foods and exotic flavors.
Industry News
In 2020, The Kraft Heinz Company gained the Brazilian condiment and sauce firm Comphania Hemmer Industria e Comercio. Which will gain them the access to 250+ meal enhancer in future.
In November 2020, the PepsiCo Inc. collaborated with famous basketball player Joel Embiid to launch their first hot sauce in the market. This product was the signature product of PepsiCo and it was intended to bring more customer in the future.
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