The global cooking sauces market size is expected to reach USD 48.65 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 3.5% during the forecast period. Rising demand for easy solution to meal preparation coupled with demand for authentic and exotic food flavors is anticipated to drive the demand. Moreover, introduction of new flavors by the key manufacturers including Unilever and Kraft Heinz is expected to remain a key factor driving the growth.
Rising popularity of bouillon powder sauces as a gluten-free alternative, especially in developed markets such as U.S. and Germany is expected to positively influence the market. In addition, adoption of traditionally stapled flavors in the developed western countries including, U.K. France, and Germany owing to increasing number of multi-cultural population is projected to promote the demand for cooking sauces.
New product launches by the key players is anticipated to bode well for the growth of the cooking sauces market. For instance, in 2018, Mr. Organic, an Italian company working with local farmers launched two new products, in tomato, carrot & parsnip flavor and sweet potato & courgette flavor During the same year, Gran Luchito, launched a range of authentic Mexican cooking sauces, namely, featuring Hot Chilli, Enchilada, Tinga Taco, and Mild Fajita.
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Cooking Sauces Market Report Highlights
• Dry product segment is projected to expand at a CAGR of 3.9% from 2019 to 2025, attributed to rising customer preference for easy to use products with extended shelf life
• Wet segment led the global cooking sauces market with an overall share of almost 88.5 % in 2018
• Supermarket/hypermarket distribution channel held the leading market share of over 50.1% in 2018
• Europe accounted for a leading market share of 39.2% in 2018. It is projected to continue leading the global market in near future on account of high consumption of cooking sauces along with innovation of new flavors in U.K., Germany, and France among other countries
• The market is highly competitive in nature with the presence of key players including Nestle SA; Tas Gourmet; Kikkoman Corporation; McCormick & Company Incorporated; The Kraft Heinz Company; The Unilever Group; Bolton Group; Conagra Brands Inc.; General Mills Inc.; and Del Monte Foods Inc.
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