Formulated products

Market Trends

The global cooking sauces market size was estimated at USD 38.35 billion in 2018. Rising demand for ethnic and spicy food coupled with preference for easy solution for meal preparation is anticipated to drive the market. Changing eating habits of customers, adoption of multi cuisine cooking habits, and demand for various wet and dry sauces is anticipated to further fuel the market growth.

Technological advancements in food industry have significantly fueled up the sauces market with new the availability of a wide range of flavor enhancer sauces. This factor is anticipated to positively influence the product demand in near future. Product demand vastly differs on the basis of regions as well as countries. Native ingredients and cuisines determine various flavors preferred by the local customers. Rapid globalization and urbanization is expected to break geographical barrier in the forthcoming years and thus, create new business opportunities for the key players.

Regional Insights

Europe is expected to reach USD 18.89 billion in 2025. High demand for ethnic foods as a result of increasing multi-cultural population in the region is expected to expand the scope of traditional sauces. Furthermore, new product launches in developed markets including U.K. and Germany is expected to have a positive impact on the growth.

Asia Pacific is anticipated to remain a key lucrative markets, witnessing a CAGR of 4.0% from 2019 to 2025. Increasing adoption of western food trends along with inclusion of new flavors in traditional staple food by the middle-class income groups in developing countries, including India, China, and Bangladesh is anticipated to drive the growth.

 

Source:
grandviewresearch.com
marketdataforecast

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