The global table sauce market size is projected to expand at a CAGR of 5.4% during the forecast period, 2021–2028. Growth of the market is attributed to the changing consumption pattern of the customers. Moreover, increasing demand for wide variety of food and different cuisines has raised the demand of table sauces.
Table sauce or condiments refers to sauces enriched with spices, seasonings, and herbs that are added to food after cooking to complement the flavor of the dishes. Table sauces are used during cooking to add texture or sometimes added prior to servings. Many table sauces are available in packets for takeout or fast food meals.
Increasing demand for the table sauces across different countries has consequence growth of the market. Rise in the consumption of the spices and ethnic food around the globe and adopting multiple cuisines is increasing the demand for table sauces and dressings. Easy availability of sauce in the market is anticipated to increase the demand during the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing tourism around the world has increased demand for an international cuisine among the customers this is anticipated to drive the market in the coming years.
- Rapid growth of the fast food service industry is major factors spurring the market during the forecast period.
- Increasing prices of raw material is estimated to restrict the market expansion during the forecast period.
- Excessive consumption of salt and preservatives, sugar in the sauces can increase the chances of heart diseases and hypertension which act as key challenges that can impede the market growth in the coming years.
- Introducing new flavors according to the preference and changing taste of the consumers and coming up with new innovative flavors is projected to offer lucrative opportunities for the market players.
Table Sauce Market Segment Insights
The ketchup segment is projected to constitute a large market share
Based on types, the table sauce market is bifurcated into sweet sauce, seafood sauce, ketchup, salad dressing, and others. The ketchup segment is expected to account for a key share of the market during the forecast period due to increased consumption of ketchup and commonly served with the local fast food items. The salad dressing segment is anticipated to expand at a rapid pace during the forecast period due to increasing demand of processed food products.
The hypermarket/ supermarket segment is projected to account for a large market share
In terms of distribution channel, the table sauce market is segmented into departmental stores, online retail, hypermarket/supermarket, and specialty stores. The supermarket segment is expected to constitute a key share of the market in the coming years due to wide range of product and easy availability of brand in stores. The online retail channel is anticipated to expand at a rapid pace during the forecast period due to rising inclination towards online shopping, convince, and less time consumption.
Europe is expected to hold major market share
On the basis of regions, the Table Sauce market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Europe is anticipated to expand at a high CAGR during the forecast period. The regional market growth is attributed to the changing tendency towards fast food consumption and changing food habits. The market of North America is expected to exhibit a rapid growth rate in the coming years due to rising trend of using table sauce.
Compititive Landscape
Key players competing in the global table sauce market include Kraft Heinz Company, Nestle S.A., Dr. Oetker, Veeba, P.F. Chang’s China Bistro, Inc., Quattro Foods, ACH Food Companies, Inc., Colman’s of Norwich. Some of the players are engaging in several business strategies including mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares. For instance, in March 2019, TPZ ventures introduced a new hot sauce in Puerto Rican style which is known as pique.