U.S. Sauces Market Research Report: By Type (Table Sauces, Cooking Sauces, Dips), Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online, Specialist Stores), Regional Insight (South, West, Northeast, Midwest) – Industry Size, Share Analysis and Forecast to 2024
NEW YORK, May 13, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the U.S. sauces market is expected to reach $22.4 billion by 2024, registering a CAGR of 3.3%, during the forecast period. The market growth can be attributed to increasing popularity of ethnic cuisines, busy lifestyle and rising disposable income of the populace, and changing consumer preferences toward healthier and unique flavor products in the country.
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Based on table sauces, U.S. sauces market is categorized into mayonnaise, tomato sauce, soy sauce, barbecue sauce, chili sauce, mustard sauce, schezwan sauce, horseradish sauce, oyster sauce, and others, wherein ‘others’ include vinaigrette, Worcestershire/steak sauce, cocktail sauce, fish sauce, and curry sauce. Among these, mayonnaise category held largest share in the market. The growing popularity of fast-food and salads as well as growing demand from youth population for more snack foods resulted in an increased consumption of mayonnaise across the country, in turn providing healthy market sales. Moreover, Soy and chili sauce are estimated to be the fastest growing table sauce categories during the forecast period.
Based on distribution channel, U.S. sauces market is segmented into supermarkets/hypermarkets, convenience stores, online, specialist stores, and others, wherein ‘others’ include discount stores, health and beauty specialist retailers, forecourt retailers, and independent small grocers. Among these, supermarkets/hypermarkets category accounted for over 70% share in the market, in 2018. Change in preference and rising number of supermarkets/hypermarkets, consumers largely prefer buying sauces via supermarkets/hypermarkets rather online channel, through online distribution channel is registering positive growth in the market.
Moreover, the online channel is expected to be the fastest growing distribution channel category, and is expected to register highest CAGR during the forecast period. This can be attributed to growing retail e-commerce sales in the country. For instance, in 2018, e-commerce accounted for 14.3% share of total retail sales, an increase from 12.9% in 2017. Hence, with growing retail e-commerce sales in the country, the U.S. sauces market for online distribution channel is expected to grow in the forecast period.
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Increasing popularity of ethnic cuisines is a major factor contributing to the growth of sauces market in U.S. With globalization and culinary cultural exchange, demand for ethnic cuisines in the country is on the rise. The younger population in the country prefer experimenting with new flavors available in different cuisines. Moreover, the rising interest in other cultural cuisines such as Chinese, Mexican, Italian, Japanese, Greek, and Indian is further driving the demand for sauces in the country.
U.S. sauces market is a highly competitive market. Companies like The Kraft Heinz Company, Conagra Brands Inc., C.H. Guenther & Son Inc., were majorly involved in mergers and acquisitions to increase their market share in the country as well as globally. The Kraft Heinz Company and McCormick & Company Incorporated were also busy in partnerships to better serve the consumers through new technologies and new products.
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Some of the key players operating in the U.S. sauces market are Kikkoman Corporation, McCormick & Company Incorporated, The Kraft Heinz Company, Unilever Group, Conagra Brands Inc., Del Monte Foods Inc., Edward & Sons Trading Company Inc., Ken’s Foods Inc., General Mills Inc., Nestle S.A., C.H. Guenther & Son Inc., and Tas Gourmet Sauce Co.
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