The popularity of international cuisines has been increasing rapidly across the globe. People are increasingly becoming open to try out new flavor and are not afraid to experiment with new choices. Moreover, globalization has made the introduction of new tastes and flavors easy these days. It is because of these factors that the popularity of Italian, Chinese, Indian, Greek, Mexican, and Continental cuisines is growing all over. The surge in cross-cultural interaction and increasing awareness regarding different cultures is also key factor for the popularity of these food products.
A major part of different types of cuisines is various types of sauces, dressings, and condiments. These products are utilized extensively for enhancing the taste of meals. The increasing disposable income of people across the globe has further made it easier for people to spend on such items. In addition to this, dressings and sauces are utilized widely in the preparation of ready-to-eat, the demand for which is rising as well, owing to busy schedules of people.
The sauces,dressings, and condiments market is expected to generate a revenue of $143.9 billion by 2023, rising from $115.3 billion in 2017, and is predicted to progress at a 3.8% CAGR during the forecast period (2018–2023). When type is considered, the market is divided into dips, table sauces, pastas & purees, pickled products, and others. Out of these, the table sauce division accounted for the largest share of the market in 2017, contributing more than 30.0% to the global market.
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The Asia-Pacific region dominated the sauces, dressings, and condiments market in 2017, as per a report by P&S Intelligence. The adoption of Mexican and Chinese cuisines is increasing rapidly in the region, majorly among the young generation who prefer to experiment with their eating habits. Within the region, Japan held the largest share of the market in 2017 due to the wide usage of sauces in the traditional cuisine of the country.
In conclusion, the market is being driven by the increasing disposable income, rising consciousness regarding health, and preference for international cuisines.
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