WASHINGTON, Aug. 26, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Hot Sauce Market finds that the increasing demand for healthy delicacies and growth in the consumption of Mexican and Asian food are expected to expedite the development of the Global Hot Sauce Market during the forecast period.
The Global Hot Sauce Market revenue is expected to reach a value USD 3,997.9 Million in 2028.
The Global Market revenue was valued at USD 2,649.1 Million in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 7.1% during the forecast period; states Vantage Market Research, in a report, titled “Hot Sauce Market Size, Share & Trends Analysis Report by Product Type (Mild, Medium, Very Hot), by Packaging (Jars, Bottles, Other Packaging), by Distribution Channel (Supermarkets & Hypermarkets, Traditional Grocery Retailers, Online Stores, Other Channels), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
Key Industry Findings & Insights from the report:
- The global Hot Sauce Market was valued USD 2,649.1 Million in 2021 and is all set to surpass USD 3,997.9 Million by 2028, exhibiting a CAGR of 7.1% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- North America captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Hot Sauce industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
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Market Dynamics:
Driver:
Increasing Need for Healthy Delicacy and Increased Spending on Asian & Mexican Cuisines to Drive the Market Growth
The surge in popularity and improved consumer inclination relating to the bold flavors worldwide are expected to drive the Hot Sauce Market growth during the estimated period. Furthermore, the augmented consumption of fast food among the metropolitan population base and growing advantages, including enhanced nutritional profiles, non-GMO, and adaptive retail positioning, will fuel the market's growth. Besides, the mounting hospitality and tourism sector on a global level and the current trend of increase in consumption of Asian & Mexican cuisines are other growth factors that are likely to increase market sales.
Innovative Product Launches and Rising Market Prospects to Stimulate Market Growth
The sector of Hot Sauce Market is tremendously strengthened with the presence of a limited number of worldwide market players. Moreover, the entry of various promising players with numerous innovations will help the industry to expand during the forecast period. Besides, top companies are focusing on launching the newest products through mergers and collaborations that will surely broaden their product offering.
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Segment Analysis:
- Product Type
- Mild
- Medium
- Very Hot
- Packaging
- Jars
- Bottles
- Other Packaging
- Distribution Channel
- Supermarkets & Hypermarkets
- Traditional Grocery Retailers
- Online Stores
- Other Channels
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
The report on Hot Sauce Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
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Regional Analysis:
North America Dominated the Global Hot Sauce Market
North America dominated the Global Hot Sauce Market and is anticipated to continue the same trend in the coming years. This is mainly due to the increase in demand and popularity of chili sauces in Canada and the United States. Moreover, North America will most likely occupy the biggest Hot Sauce Market share revenue during the forecast period because of the augmented consumer expenses and the growing diversification in food flavors. Additionally, the increase in demand for spicy foods and more recipes incorporating Hot Sauce Market will fuel the regional Hot Sauce Market expansion.
List of Prominent Players in Hot Sauce Market:
- The Kraft Heinz Company
- McCormick & Company Inc.
- Campbell Soup Company
- Unilever PLC
- Conagra Brands Inc.
- McIlhenny Company
- South eastern Mills Inc.
- Hormel Foods Corporation
- Baumer Foods Inc.
- T.W. Garner Food Company
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on "Hot Sauce Market Size, Share & Trends Analysis Report by Product Type (Mild, Medium, Very Hot), by Packaging (Jars, Bottles, Other Packaging), by Distribution Channel (Supermarkets & Hypermarkets, Traditional Grocery Retailers, Online Stores, Other Channels), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Recent Developments:
July 2022: Kraft Heinz is introducing the new premium line of sauces and spreads under the Heinz 57 banner, aiming at customers looking for culinary ingredients in their cooking at home.
September 2021: Kraft Heinz declared the launching of its Hot Sauce Market in the U.K. market. The new avocado-based is Hot Sauce Market are Venezuelaninspired and is named Kumana.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Hot Sauce Market for the base year and forecast period?
This market titled “Hot Sauce Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Product Type ° Mild ° Medium ° Very Hot • Packaging ° Jars ° Bottles ° Other Packaging • Distribution Channel ° Supermarkets & Hypermarkets ° Traditional Grocery Retailers ° Online Stores ° Other Channels • Region ° North America ° Europe ° Asia Pacific ° Latin America ° Middle East & Africa |
| Region & Counties Covered | • North America ° U.S. ° Canada ° Mexico • Europe ° U.K ° France ° Germany ° Italy ° Spain ° Rest Of Europe • Asia Pacific ° China ° Japan ° India ° South Korea ° South East Asia ° Rest Of Asia Pacific • Latin America ° Brazil ° Argentina ° Rest Of Latin America • Middle East & Africa ° GCC countries ° South Africa ° Rest Of Middle East & Africa |
| Companies Covered | • The Kraft Heinz Company • McCormick & Company Inc. • Campbell Soup Company • Unilever PLC • Conagra Brands Inc. • McIlhenny Company • Southeastern Mills Inc. • Hormel Foods Corporation • Baumer Foods Inc. • T.W. Garner Food Company |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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