According to a new report published by Allied Market Research, titled, “Table Sauce Market by Product Type, Packaging Form, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,”. The global table sauce market size was valued at $7,817.4 million in 2020, and is projected to reach $13,352.9 million by 2030, registering a CAGR of 5.5%. Asia-Pacific was the highest revenue contributor, accounting for $3,162.1 million in 2020.
The market growth is propelled by the inclination towards healthy food products that offer healthfulness. Table sauces offer a portable, convenient, and inventive way to consume on-the-go healthy food products, generally with premium, indulgent and exotic products. Table sauces refer to a preparation that is added to food, typically after cooking, to impart a specific flavour, to enhance the flavour, or to complement the dish. Certain sauces are using prior to serving while some are used during cooking. They have become a part of the daily diet across countries, hence generating high their demand.
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Globalization and increase in travel have persuaded people to experience new tastes and cultures. This cross-cultural interaction has led to a widespread adoption of foreign foods and table sauces, especially in the emerging countries, which acts as one of the major driving forces of the sauces industry. Furthermore, with growing health consciousness among consumers, the demand for “clean”, “free from” and “natural” table sauces has gained high traction. Manufacturers are thereby introducing table sauces using natural ingredients that are minimally processed. Furthermore, the popularity of vegan diets as a lifestyle choice is growing tremendously among consumers owing to health, environmental, and ethical reasons. As a result, plant-based table sauces are gaining substantial recognition. This offers great potential and opportunity for manufacturers to introduce novel table sauces for market growth and expansion.
By product type, the tomato ketchup category was the dominant segment in 2020 with XX% share. This is due to its popularity and its application for commercial as well as household usage. Furthermore, the demand for private label ketchup has been growing in most parts of the world due to the consolidation and expansion of the retail segment. Several retailers are venturing into the private label ketchup market owing to growing popularity. However, the others segment is anticipated to grow at a faster rate during the table sauce market forecast period, owing to the rising popularity of ready to cook pasta sauces. The demand for ready to cook sauces has gained significant traction in the recent years due to consumers rising interest in cross borer cuisine.
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On the basis of packaging, the pouches category was the dominant segment in 2020 with XX% share in the market. This is due to its convenient and easy-to-use characteristic. Furthermore, they have a better product-to-package ratio as compared to other rigid formats, such as bottles and jars However, the sachets segment is anticipated to grow at a faster rate during the table sauce market forecast period. This is because they are available in a single-serve, ready-to-consume. They require minimal packaging material, consumes less storage space and most importantly requires low shipping cost. It offers great convenience and flexibility to consumers since it allows table sauces to be carried easily and discreetly.
As per distribution channel, the supermarket & hypermarket segment accounted for the maximum share in the table sauce market in 2020. This is attributed to the fact that supermarkets & hypermarkets provide high visibility and attractive assortment of table sauces to consumers. This enables them to discover new variety and understand the labels and differentiate better among products. Furthermore, supermarket chains are one of the frequently visited stores for purchasing grocery items. Hence, this factor is expected to boost the sales of table sauce in the market. However, the online segment is anticipated to grow at a faster rate during the table sauce market forecast period, owing to rising convenience for consumers and wider consumer reach due to brand websites.
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Region wise, Asia-Pacific was the prominent region in 2020 due to tremendous popularity and substantial consumption of table sauces in the region. This was due to the increase in demand for convenient food and meat products as well as rise in the number fast food outlets in the Asia-Pacific region. In addition, this region is one of the largest producers and consumers of table sauce and its products. However, North America is expected to witness a significant CAGR, owing to the increasing interest of people in various foreign and ethnic cuisines, long shelf life, preference for healthy food such as salads with various dressings and gluten-free sauces.
The key players profiled in this report include ConAgra Brands, Inc, Encona Sauces, Everest Beverages & Food Industries Private Limited, Hain Celestial Group, Inc, Levi Roots Reggae Reggae Foods Ltd, McCormick & Company, Inc, Nestle S.A, Quattro Foods, The Great British Sauce Company, and The Kraft Heinz Company.
Key findings of the study
By product type, the tomato ketchup segment was the highest contributor to the market, with $3,489.7 million in 2020, and is estimated to reach $5,743.4 million by 2030, at a CAGR of 5.2% during the forecast period.
On the basis of packaging form, the pouches segment held the highest share, and is anticipated to grow at a notable CAGR during the forecast period
In 2020, Asia-Pacific was the most prominent market; however, North America is expected to grow at a significant CAGR throughout the forecast period.
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