Pune, India, May 27, 2021 (GLOBE NEWSWIRE) – The world hot sauce market size is set to gain momentum with the increasing launch of high-end and innovative products by renowned companies to attract more customers due to their high functional superiority. In January 2020, for example, Dabka introduced its new chili sauce made with ghost peppers, cumin spices, garlic, onion, California sun-dried tomatoes and Roma tomatoes. It would provide rich flavors of classic Mediterranean cuisines. This information is provided by Fortune Business Insights ™ in a new report titled “Hot Sauce Market, 2021-2028. “
The report further states that the market size is expected to grow from $ 2.71 billion in 2021 to $ 4.38 billion in 2028, with a CAGR of 7.1% during the forecast period. It stood at $ 2.54 billion in 2020.
Stay-at-home standards to increase demand amid COVID-19 pandemic around the world
The outbreak of the COVID-19 pandemic has resulted in the implementation of social distancing standards and full lockdowns across the world. As people stay at home, the demand for hot sauces has increased rapidly due to the growing need to cook restaurant-style dishes. But, the unavailability of labor and shortages of raw materials are expected to have a negative effect on the market. We provide authentic research reports to help you make unique business decisions to improve sales.
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The list of major hot sauce manufacturers operating in the global market are;
- The Kraft Heinz Company (Pennsylvania, USA)
- McCormick & Company Inc. (Maryland, United States)
- Campbell Soup Company (New Jersey, USA)
- Unilever PLC. (London, United Kingdom)
- Conagra Brands Inc. (Illinois, USA)
- McIlhenny Company (Louisiana, United States)
- Southeastern Mills, Inc. (Georgia, US)
- Hormel Foods Corporation (Minnesota, USA)
- Baumer Foods, Inc. (California, United States)
- TW Garner Food Company (North Carolina, USA)
Strong demand for spicy and bold flavors to drive the Tabasco pepper sauce segment
Based on the distribution channel, the market is separated into department stores, specialty retailers, convenience stores, online retail and others. By type, it is divided into tabasco pepper sauce, habanero pepper sauce, jalapeno sauce, sweet and spicy sauce, and others. Of these, the tabasco pepper sauce segment generated 22.62% in terms of hot sauce market share in 2020. This growth is driven by the increasing demand for combined, spicy and bold flavors.
The report contains four notable tasks to estimate the current market size. Extensive secondary research has been conducted to collect data on the peer market. Our next step included primary research to determine these sizes, projections and results with several industry experts. We also used bottom-up and top-down approaches to calculate the market size.
Conductors and restraints:
Growing inclination of young people towards peppery and spicy foods to promote growth
Rapid globalization and increasing young population in the world are expected to increase the growth of hot sauce market in near future. The food choices of young people are constantly evolving and they are increasingly turning to spicy and peppery food products. At the same time, the increase in the consumption of fast food restaurants due to the hectic lifestyles of the urban dwellers is also expected to propel the growth.
Today’s consumers are looking for organic, non-GMO, and highly nutritious products. However, fluctuations in the prices of raw materials, such as jalapenos, chilies, peppers and tomatoes due to the COVID-19 pandemic, can hamper growth.
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Growing Diversification of Food Flavors to Help North America Dominate
Geographically, North America held $ 1.13 billion in 2020 in terms of revenue. The region is expected to retain its dominant position over the next several years due to the rapid diversification of food flavors that has made chili sauce a staple in American cuisine.
In Asia-Pacific, the expansion of the restaurant industry, particularly in India and China, has enabled it to remain in second place in 2020. South America is expected to experience significant growth supported by usage growing hot sauces in a wide range of food products, such as grilled seafood, sandwiches, pizzas and more.
Major players focus on introducing new products to compete with their rivals
The global market is home to many leading companies which are currently focused on launching innovative products to meet high consumer demand. Some of the others are also engaging in the acquisition strategy to expand their presence.
Here are the two latest developments in the industry:
- March 2021: Barbecue Cart unveiled Saucy’s Southern Premium, taking the exclusive barbecue sauces and wings and infusing them with THC distillate. It has been extracted from RIZE concentrates to enhance flavors.
- November 2020: McCormick & Company Inc. acquired Cholula Hot Sauce®, a manufacturer of premium Mexican hot sauce from L Catterton. This would help the company expand its product offering for restaurant operators and consumers.
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Detailed table of contents:
- Scope of research
- Market segmentation
- Research methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market restrictions
- Market opportunities
- Key ideas
- Overview of the parent market
- Supply chain analysis
- SWOT Analysis of Industry
- Recent industry developments – policies, mergers and acquisitions, and
- Launch of new products
- Market analysis and outlook (in relation to COVID-19)
- Impact of COVID-19 on the market
- Supply chain challenges from the pandemic
- Potential opportunities due to COVID-19
- Global Hot Sauce Market Analysis, Outlook and Forecast, 2015-2028
- Main findings / summary
- Market size estimates and forecasts
- By type (value)
- Tabasco pepper sauce
- Habanero Pepper Sauce
- Jalapeno sauce
- Sweet and spicy sauce
- By distribution channel (value)
- Mass merchandisers
- Specialized retailers
- Convenience Stores
- Online retail
- By region (value)
- North America
- Asia Pacific
- South America
- Middle East and Africa
- By type (value)
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