NEWARK, Del, Nov. 16, 2023 (GLOBE NEWSWIRE) -- By 2033, the global gravy mixes market shows promise of reaching a market value of US$ 34,563.0 million. Expanding at a surprising CAGR of 7.1%, this market is likely to end in 2023 with a valuation of US$ 18,101.9 million.
This growth is owed mainly to augmenting consumer awareness of the health benefits of the gravy mixes. A gluten-free and low-sodium gravy mix pack is also available from gravy mix manufacturers to suit special dietary requirements.
The simplicity and convenience of gravy mixes are found appealing by all kinds of consumers- housewives in a hurry to cook for a large group of people, meals on weekends, or complicated spice mixes needed for preparing certain products. In the food preparation process, gravy mixes eliminate the need for the involvement of numerous ingredients as they comprise all the necessary ingredients and are all available at the same time. Globally, it is gaining attention due to its simplicity and ease of preparation in various regions.
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The popularity of convenience foods raises the demand for gravy mixes. Convenience foods have shown a keen inclination due to the change in lifestyles and the growing working population, which is a key trend anticipating gravy mix growth in the market. With the trend of quick-to-grab eateries, fast-food joints, and restaurants that need gravy mixes, the demand for these mixes has increased significantly.
Key Takeaways:
- The United States held a significant market share of 20.8% in the gravy mixes market in 2022, indicating the country's strong position as a major player and its substantial consumer demand for convenient and flavorful gravy options.
- Germany, with a market share of 7.1%, demonstrates its presence and contribution to the gravy mixes market, reflecting the country's culinary preferences and the availability of a diverse range of gravy mix products.
- Japan's market share in the gravy mixes market stood at 4.0% in 2022, highlighting the country's growing adoption of international flavours and the incorporation of gravy mixes in its cuisine, adding richness and depth to dishes.
- Australia contributed to the gravy mixes market with a market share of 2.7% in 2022, showcasing the country's interest in quick and easy meal solutions and its appreciation for the convenience and taste that gravy mixes offer.
- China exhibits a robust compound annual growth rate (CAGR) of 11.1% in the gravy mixes market, indicating the country's increasing consumer awareness and demand for convenient and ready-to-use gravy mixes as a way to enhance the flavour of their meals.
- India experiences a steady CAGR of 3.9% in the gravy mixes market, reflecting the country's evolving culinary landscape and the rising interest in incorporating different flavours and culinary techniques, including the use of gravy mixes, in Indian cuisine.
- The United Kingdom showcases a CAGR of 4.8% in the gravy mixes market, reflecting the country's ongoing demand for convenient meal solutions and its interest in exploring a variety of flavours and options when it comes to gravy mixes, adding depth and taste to traditional British dishes.
Competitive Landscape:
Some of the key participants present in the global Gravy Mixes market include Southeastern Mills, Inc., McCormick & Company, Inc., Campbell, Edward & Sons, Kent Precision Foods Group, Inc., Knorr, Food Club, Schwartz, Pioneer Foods, Suhana Masala, MountainKing Potatoes, Pioneer Gravy, Hellmann’s, ALCO FOODS PRIVATE LIMITED and Others.
Recent Developments Observed by FMI:
- Hellmann's introduced a new gravy mayonnaise in March 2022 to go with its takeaway trio. The American-born firm aims to bring together Northerners and Southerners with the help of its brand-new condiment trio with a takeaway-inspired design. The condiment asserts to be the first of its kind and is a new flavor collection that also includes Coronation and Chilli Charger.
- To develop a retail campaign for meals during the fall in August 2022, MountainKing Potatoes partnered with Pioneer, a well-known producer of tasty, thick gravy mixes. When purchasing MountainKing Butter Russets five-pound sacks in November, look for a special Kwik Lok tag that offers.75 cents off any two Pioneer gravy mixes (2.75 oz. or smaller) in exchange. Each Pioneer gravy mix package makes two cups, enough for any dinner.
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Key Segments Profiled in the Gravy Mixes Industry Survey
By Origin:
- Organic Gravy Mixes
- Conventional Gravy Mixes
By Product Type:
- Vegan Gravy Mixes
- Brown Mushroom Gravy Mixes
- Other Gravy Mixes
- Non-vegan Gravy Mixes
- Beef Gravy Mixes
- Poultry Gravy Mixes
- Pork Gravy Mixes
- Other Gravy Mixes
By Packaging Type:
- Rigid Packaging
- Food Cans
- Jars
- Flexible Packaging
- Pouches
- Sachets
By Distribution Channel:
- Modern Grocery Retail
- Hypermarkets/Supermarkets
- Departmental Stores
- Convenience Stores
- Traditional Grocery Retail
- Specialty Stores
- Independent Grocery Stores
- E-retail
By End-Use Industry:
- Household
- Commercial Establishments
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Author:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives. She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India. Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
Explore FMI’s Extensive Coverage in the Food and beverage Domain:
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- The dry mixes market has reached a CAGR of 5.7% during the forecast period. The market is expected to be worth US$ 9,048.0 million in 2023 and is likely to reach US$ 15,434.0 million by 2033.
- As of 2022, the global instant tea premixes market is estimated at US$ 1,486.7 Million and US$ 2,308.8 Million by 2032.
- The prepared flour mixes market is capturing a valuation of US$ 31.7 billion in 2023 and is predicted to reach US$ 58.40 billion by 2033.
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