Pune, India, June 14, 2023 (GLOBE NEWSWIRE) -- The global hot sauce market size was USD 2.89 billion in 2022 and is projected to grow from USD 3.09 billion in 2023 to USD 5.09 billion by 2030, exhibiting a CAGR of 7.42% during the forecast period.
The primary force behind the rise in globalization is the need for sauces, spices, and condiments. Due to their distinctive umami qualities, savory foods are becoming incredibly popular among customers all over the world. An increasingly popular condiment for savory meals is hot sauce. They go well with a variety of treats, including sweet and salty snacks, meat-based snacks, and others. Moreover, market participants are expanding their presence on a global scale, which is anticipated to favorably affect the expansion of the hot sauce market growth. Fortune Business Insights™ presents this information in their report titled "Global Hot Sauce Market, 2023–2030."
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List of Key Players Profiled in the Hot Sauce Market Report:
- The Kraft Heinz Company (U.S.)
- McCormick & Company, Inc. (U.S.)
- Campbell Soup Company (U.S.)
- Unilever PLC (U.K.)
- Conagra Brands Inc. (U.S.)
- McIlhenny Company (U.S.)
- Southeastern Mills, Inc. (U.S.)
- Hormel Foods Corporation (U.S.)
- Baumer Foods, Inc. (U.S.)
- T.W. Garner Food Company (U.S.)
Report Scope & Segmentation:
| Report Attribute | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 7.42% |
| 2030 Value Projection | USD 5.09 Billion |
| Hot Sauce Market Size in 2023 | USD 3.09 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 191 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Hot Sauce Market Drivers | Increasing Demand for Healthy Appeasement to Spur Product Sales |
| Surging Consumption and Innovations in Mexican and Asian Cuisines to Drive Growth |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/hot-sauce-market-100495
Segments:
Due to Rising Demand, the Tabasco Pepper Sauce Segment Will Continue to have a Significant Market Share
Based on type, the market is classified into tabasco pepper sauce, habanero pepper sauce, jalapeno sauce, sweet and spicy sauce, and others.
In 2022, the tabasco pepper sauce segment held roughly 23% market share worldwide. The increased customer preference for strong, spicy, and combination flavors is anticipated to maintain the segment's stable rise.
Due to its flavor and nutritional attributes, sweet and spicy sauce is becoming increasingly popular all over the world. Additionally, the industry is expected to greatly benefit from premiumization of sweet and spicy sauce offerings, expanding consumer interest in creative condiments infused with unique and spicy flavors and the rising popularity of ethnic cuisine products that are "better for you".
Mass Merchandiser Product Sales Will Increase Quickly due to Consumer Preference for Condiments and Food Items
Based on distribution channel, the market is divided into mass merchandisers, specialty retailers, convenience stores, online retail, and others.
Since people prefer to buy condiments and food items such as chili sauce at supermarkets and hypermarkets, the mass merchandisers segment dominated the market in 2021 all over the world.
However, due to rising consumer interest in online shopping, which provides great convenience and a variety of product & brand options, sales of chili sauce through online retail channels are anticipated to increase in the upcoming years. Furthermore, it is projected that the market will continue to develop steadily due to increased internet penetration in emerging economies.
Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments include product launches, partnerships, mergers, and acquisitions.
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COVID-19 Impact:
Sluggish Development Due to Low Raw Material Supply during COVID-19 Epidemic
Businesses were impacted by the ongoing epidemic to varying degrees in various locations and supply chain segments. Since consumers were asked to quarantine at home, giving them more room to experiment with fresh cooking choices, the demand for the commodity rose in some nations. One of the most well-known producers of hot sauce, Truff in the U.S., claimed in an article that it had seen a spike in sales and had brought in almost USD 25 million in income in 2020, a 400% increase in sales from March. Also, it was suggested that individuals stockpile necessities and prepared foods, which had a favorable impact on the market. Unfortunately, the initial few months' growth of the business has been badly impacted by lack of personnel and raw materials.
Drivers & Restraints:
Growth will be Driven by Mexican and Asian Cuisine Innovations and Surge in Consumption
The main factor fueling the demand for the goods is the expanding popularity of Asian, particularly Latin and Indian, cuisine everywhere. For instance, China and India are the two countries with the largest population of Mexicans. The demographic and market dynamics are impacted by this trend due to the continuously changing food patterns. It is anticipated that the appeal of these regional and ethnic cuisines would boost sales of cutting-edge goods such as cayenne pepper sauce and increase the global hot sauce market share.
The number of immigrants entering the industrialized western markets has increased significantly, mostly from South American and Asia Pacific countries. Young consumers in the retail industry now have easier access to a wider variety of cayenne pepper sauces due to persistent trend in gourmet cuisine, which will result in the market growth.
On the contrary, the market for hot sauce is significantly constrained by price volatility, particularly for raw ingredients such as tomatoes, peppers, chilies, jalapenos, and others. The COVID-19 pandemic's abrupt global breakout disrupted transportation, which had an effect on the cost of raw materials.
Regional Insights
North America Leads the Market due to Strong Purchasing Power
In 2022, the North America market was valued at USD 1.28 billion. The strong purchasing power of customers in this region is responsible for its supremacy in this industry. Moreover, chili sauce has a chance to replace its current status as a niche ethnic cuisine in the American diet due to the expanding diversity of culinary flavors. A helpful factor contributing to the market's expansion is the extensive popularity of chili sauce in the U.S. and Canada, which had a good influence on the trade of the product throughout the region. One of the top five countries importing chili sauce worldwide is Canada, followed by the U.S.
Competitive Landscape
Businesses are Focused on Developing Novel Product Variants to Stay Competitive
The market has a few important international players and is moderately consolidated. The global market is expected to increase due to the entry of new competitors and several innovative product launches in the years to come. Businesses doing business on the global market are launching new products and forming alliances with pertinent parties for product marketing and portfolio expansion. Several firms also offer free product samples to entice new customers and broaden market penetration.
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Key Industry Development:
November 2020 – PepsiCo’s Mountain Dew signed a partnership agreement with American professional basketball player Joel Embiid to create the brand’s first ever hot sauce.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview on the Parent Market
- Supply Chain Analysis
- Industry SWOT Analysis
- Recent Industry Developments - Policies, Mergers & Acquisitions, and New Product Launches
- Market Analysis and Insights (in Relation with COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges due to the Pandemic
- Potential Opportunities Due to COVID-19
- Global Hot Sauce Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Tabasco Pepper Sauce
- Habanero Pepper Sauce
- Jalapeno Sauce
- Sweet and Spicy Sauce
- Others
- By Distribution Channel (Value)
- Mass Merchandisers
- Specialist Retailers
- Convenience Stores
- Online Retail
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type (Value)
- North America Hot Sauce Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Tabasco Pepper Sauce
- Habanero Pepper Sauce
- Jalapeno Sauce
- Sweet and Spicy Sauce
- Others
- By Distribution Channel (Value)
- Mass Merchandisers
- Specialist Retailers
- Convenience Stores
- Online Retail
- Others
- By Country (Value)
- U.S.
- By Distribution Channel (Value)
- Mass Merchandisers
- Specialist Retailers
- Convenience Stores
- Online Retail
- Others
- By Distribution Channel (Value)
- Canada
- By Distribution Channel (Value)
- Mass Merchandisers
- Specialist Retailers
- Convenience Stores
- Online Retail
- Others
- By Distribution Channel (Value)
- Mexico
- By Distribution Channel (Value)
- Mass Merchandisers
- Specialist Retailers
- Convenience Stores
- Online Retail
- Others
- By Distribution Channel (Value)
- U.S.
- By Type (Value)
TOC Continued...!
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