The global condiment sauces market has not only witnessed major changes over the past decade or so but has also registered a strong growth across most geographical regions. Change in food patterns and lifestyle is a primary factor that has largely influenced the growth of the global condiment sauces market, especially in Asia-Pacific. Moreover, there has been wide scale expansion of fast-food restaurants across the globe, leading to product innovation and an increase in the demand for condiment sauces.
Scope and worth of the global condiment sauces market
The global condiment sauces market covers four key regions: North America (including the U.S. and rest of North America), Europe (including Germany, France, Italy, the U.K., and rest of Europe), Asia-Pacific (including India, China, and rest of Asia-Pacific), and Rest of the World (including Brazil and Saudi Arabia). The various types of condiment sauces available in the market are brown sauce, chili/hot sauce, mustard sauce, soy-based sauces, tomato ketchup, national specialties, and other condiment sauces.
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Based on a report published by a leading market research firm, the worldwide market for condiment sauces was worth US$19,357.4 million in 2014 and is projected to grow to US$23,395.7 million by 2020. The report also indicates that the condiment sauces market will grow at a 3.2% CAGR during the forecast period of 2014 to 2020.
Condiment sauces market: Global outlook
While Asia-Pacific is known to be the most rapidly growing and transforming regional market for condiment sauces, North America is the second largest market owing to increase in the number of working individuals and busy lifestyle. However, among developed countries, the U.S. dominated the condiment sauces market in terms of revenue as well as volume.
Countries such as Germany, the...