Allied Market Research published a research report on the table sauce market. The findings of the report states that the global market for table sauce generated $7.81 billion in 2020, and is projected to reach $13.35 billion by 2030, witnessing a CAGR of 5.5% from 2021 to 2030. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
The report provides insights on drivers, restrains, and opportunities to help market players in devising growth strategies and capitalizing on opportunities. Rise in cross-cultural interaction due to globalization, increase in demand for clean label sauces, and growing demand for convenience food fuel the growth of the global table sauce market. On the other hand, fluctuations in the cost of raw materials impede the growth to some extent. However, increasing demand for functional table sauce presents new opportunities in the industry.
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The report provides a detailed scenario of the impact of the Covid-19 pandemic on the table sauce market globally. It is helpful for market players, new entrants, and investors in terms of determining new strategies as per the current scenario and improvising the business model for the next few years. The outbreak of the pandemic gave way to temporary closure of the production units across the world, especially during the initial period. It also disrupted the whole supply chain, leading to difficulties in the supply of raw materials, which in turn, impacted the global table sauce market negatively. Nevertheless, the market is expected to recoup soon.
“The popularity of vegan diets as a lifestyle choice is growing tremendously among consumers owing to health, environmental, and ethical reasons. As a result, dairy-alternative table sauces produced using plant-based ingredients has gained tremendous popularity. Consumers look for specific functions in these food products that enable to make it a part of their lifestyle such as energy boosting, protein supplement and on-the-go snack. These factors are anticipated to collectively contribute toward the growth of table sauce market trends.” said Shankar Bhandalkar, Team Lead, Food & Beverages at Allied Market Research.
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The report offers detailed segmentation of the global table sauce market based on product type, packaging form, distribution channel, and region. By packaging form, the pouches segment contributed to the highest market share in 2020, generating more than one-third of the total market share. Simultaneously, the bottle segment would portray the fastest CAGR of 5.4% from 2021 to 2030.
By distribution channel, the supermarket & hypermarket segment accounted for the highest market share in 2020, contributing to more than two-fifths of the total market share, and is anticipated to retain the lion’s status during the forecast period. The online retail segment, on the other hand, is expected to showcase the fastest CAGR of 6.1% from 2021 to 2030.
By region, Asia-Pacific accounted for the major share in terms of revenue in 2020, garnering two-fifths of the total market share, and is estimated to continue its dominant share by 2030. However, North America is projected to cite the fastest CAGR of 6.5% during the forecast period. Other regions discussed in the report include Europe and LAMEA.
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Leading players of the global table sauce market that are analysed in the research include ConAgra Brands, Inc, Encona Sauces, Everest Beverages & Food Industries Private Limited, Hain Celestial Group, Inc, McCormick & Company, Inc, Nestle S.A, Quattro Foods, The Great British Sauce Company, The Kraft Heinz Company, and Levi Roots Reggae Reggae Foods Ltd.
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