The source market size was valued at USD 63.9 billion in 2023 and is expected to reach the market size of USD 101.8 billion by 2032, at a CAGR of 5.3%.
FORT COLLINS, Colo., May 13, 2024 (Globe Newswire) —
The growing popularity of convenience foods has increased the demand for sauces.
of source market has experienced significant growth, primarily driven by the increasing popularity of ready-to-eat foods and the global shift to an on-the-go lifestyle. Over the past decade, consumption of ready-to-eat and prepared foods has skyrocketed by 28%, according to a report from the U.S. Department of Agriculture. Sauces play a key role in enhancing the flavor and variety of these convenient meal options, meeting the demand for quick and delicious meal solutions. Additionally, the growing interest in international cuisine and fusion flavors has increased demand for a wide variety of sauces, from traditional soy and teriyaki sauces to exotic chutneys and harissa.
Additionally, health-conscious consumption trends are also contributing to the growth of the sauces market. There is an increasing emphasis on understanding the nutritional value of food choices, especially among Millennials and his Generation Z consumers. In response, manufacturers have introduced healthier sauce options, including low-fat, low-sodium, and plant-based varieties, to meet the demand for nutritious and flavorful condiments. The rise of a global vegan culture has further expanded the market, and many sauces have emerged for people with dietary restrictions such as lactose intolerance and egg allergies. Vegan sauces are perceived as a healthier alternative because they are lower in fat and calories and often contain more natural ingredients. Recognizing this trend and meeting the evolving demands of health-conscious consumers, many brands are introducing vegan sauces.
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Segmentation overview:
The source market is segmented into type, packaging, distribution channel, and region.
In 2023, cooking sauces accounted for a large market share.
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Based on type, the market is segmented into table sauces, cooking sauces, dips, pastes & purees, etc. Cooking sauces account for a significant share in the type segment of the sauces market. Cooking sauces are versatile and widely used in a variety of dishes, adding flavor and moisture to dishes. It is convenient for meal preparation and meets the growing demand for ready-to-use ingredients, especially among working professionals and busy families.
Supermarkets/hypermarkets are the major distribution channel and account for a significant market share.
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Based on distribution channel, the market includes supermarkets/hypermarkets, convenience stores, online, etc. Supermarkets/hypermarkets account for a significant share in the distribution channel sector of the source market. This is because traditional brick-and-mortar retail outlets such as supermarkets and hypermarkets have historically been the primary distribution channel for packaged foods, including sauces. These outlets offer a variety of brands and types of sauces to suit the diverse tastes and shopping habits of consumers.
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Source Market Report Highlights:
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Asia-Pacific holds a major share and is expected to grow significantly in the source market as well during the forecast period, with China, India, and Japan dominating the region.
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The sauce market report includes prominent companies such as Kraft Heinz, Unilever, ConAgra Brands, McCormick & Company, Clorox Company, Dr. Oetker, Kikkoman Corporation, Ajinomoto Co., Nestlé SA, Campbell Soup Company, etc. It is included.
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