Condiments Market projected to grow by USD 44.2 Billion from 2024-2028, fueled by frequent product launches and AI-driven market transformation - Technavio

NEW YORK  , Oct. 14, 2024 /PRNewswire/ -- Report with the AI impact on market trends - The Condiments Market  size is estimated to grow by USD 44.2 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 4.36%  during the forecast period. Frequent product launches is driving market growth, with a trend towards increase in new deals and acquisitions. However, frequent warnings and product recalls in the global condiments market  poses a challenge - Key market players include ADF Foods Ltd., Ajinomoto Co. Inc., Conagra Brands Inc., Cremica Food Industries Ltd., Dabur India Ltd., Dr. August Oetker KG, General Mills Inc., Halcyon Proteins Pty. Ltd., Hormel Foods Corp., Kerry Group Plc, Kewpie Corp., McCormick and Co. Inc., Midas Foods International, Nestle SA, NutriAsia Inc., Patanjali Ayurved Ltd., PepsiCo Inc., The Kraft Heinz Co., Three Threes Condiments Pty Ltd., and Unilever PLC.

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now

Key Market Trends Fueling Growth

Vendors in the global condiments market are strategically expanding their reach in regional and international markets to expand their customer base. They are pursuing new distribution deals with organized retailers and local distributors to efficiently penetrate new markets. For instance, Nestle SA completed the acquisition of The Bountiful Company's core brands in August 2021. Additionally, The Kraft Heinz Company and Simplot Food Group signed a long-term agreement in February 2022, making Simplot the exclusive manufacturer and supplier of Ore-Ida. Such strategic collaborations will significantly contribute to the growth of the global condiments market in the forecast period. 

The condiments market is experiencing notable trends, with calcium-fortified yellow mustard sauce gaining popularity due to its health benefits for bones and teeth. Cultural influences from Western and international cuisines, such as Chinese, Japanese, Thai, Indian, and ethnic food variants, are driving demand for exotic ingredients. Ready-to-serve meals, street foods, and foreign cuisine are increasingly popular among young adult customers. Digital technology and delivery services like Deliveroo are transforming the market, enabling easy access to a wide range of sauces, pickles, and sauce mixtures. Natural ingredients, veganism trend, and plant-based diets are also shaping the culinary landscape. Brands like Kikkoman soy sauce, tomato ketchup, hot sauce, mayonnaise, mustard sauce, and Mother's Recipe continue to dominate the market, while millennials prefer vegan-friendly and natural condiments. The rising disposable incomes and expanding urbanization are fueling the growth of the condiments market. 

Insights on how AI is driving innovation, efficiency, and market growth- Request Sample!

Market Challenges

• The global condiments market faces a significant challenge due to the frequent product recalls affecting various sub-categories, including sauces, mayonnaise, pickles, seasonings, and mustard. These recalls can harm a sector's reputation and lead to operational and financial setbacks for players. Notable instances of recalls in the recent past include PASCO Food Ltd's recall of their Tikka Masala Cooking Sauce and Rajestani Jalfrezi Cooking Sauce due to a production fault, and Mars Food's recall of Dolmio pasta sauces due to undeclared traces of soy. Such incidents of bacterial contamination or unwanted ingredients pose a threat to consumer safety and can hinder the growth of the global condiments market during the forecast period.
• The condiments market faces several challenges in today's dynamic food industry. Exotic global sauces like Veeba are gaining popularity, pushing conventional condiment manufacturers to innovate. However, the use of artificial preservatives like sodium benzoate and sorbic acid raises concerns among health-conscious consumers. Table sauces, honey, and spices continue to dominate the market, with organic and vegan options becoming increasingly preferred. Packaging types, including glass jars and PET bottles, cater to various channels such as foodservice, supermarkets/hypermarkets, convenience stores, and online retail. Rising snacking trends, keto products, and at-home consumption drive demand for condiments. Organoleptic properties and cross-cultural eating patterns influence consumer taste palates. Sauce manufacturers must address health benefits, with potassium and phosphorous being key nutrients. New product releases in food products like pasta, rice, and sauces cater to diverse consumer needs. Young population demographics present growth opportunities, while vegan and vegetarian food items, along with spices, sauces & ketchup, dressings, and packaging types like pouches & sachets, expand the market landscape.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

Segment Overview 

This condiments market report extensively covers market segmentation by

1. Product 
• 1.1 Table sauces
• 1.2 Cooking ingredients
• 1.3 Mustard
• 1.4 Others
2. Distribution Channel
• 2.1 Offline
• 2.2 Online
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Table sauces-  The global condiments market encompasses a diverse range of sauces, including salad dressings and table sauces, such as salad dressing variants like mayonnaise, ranch dressing, Italian dressing, and barbecue sauces and hot sauces. Key players in the market include Kraft Heinz and McCormick, offering sauce-based and dressing-based condiments worldwide. In the US, mayonnaise, particularly Hellmann's, holds the top spot as the most popular condiment. Product innovation continues to drive growth, with companies launching reduced-sugar, organic, and natural ingredient options. For instance, McIlhenny Co.'s Tabasco Brand BBQ Sauces and Kraft Heinz's Mayochup sauce blend are recent additions to the market. These developments are expected to positively impact the growth of the table sauces segment during the forecast period.

Download complimentary Sample Report to gain insights into AI's impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 - 2022) 

Research Analysis

The condiments market is a vibrant and diverse sector, encompassing a wide range of sauces, pickles, and spreads that add flavor and excitement to various food categories. Bakery and confectionery items often use honey, jams, and syrups as condiments, while savory dishes are enhanced with tomato ketchup, soy sauce, hot sauce, mayonnaise, mustard sauce, and various spices. The market is driven by factors such as rising disposable incomes, expanding urbanization, and the evolving culinary landscape. Consumers' preferences are shifting towards organic, vegan, and vegetarian options, leading to the production of condiments made with Sorbic acid, glass jars, and PET bottles. The foodservice industry and supermarkets/hypermarkets are major distribution channels. Cross-cultural eating patterns and the trend towards veganism and vegetarianism are also influencing the market, with an increasing demand for vegan food items and innovative condiments that cater to these dietary preferences.

Market Research Overview

The condiments market is witnessing significant growth due to the rising disposable incomes and expanding urbanization, leading to a diverse culinary landscape. Tomato ketchup, soy sauce, hot sauce, mayonnaise, mustard sauce, pickles, and honey are popular condiments across bakeries, confectioneries, and savory dishes. The veganism trend and plant-based diets are driving the demand for vegan food items and condiments, such as Mother's Recipe and Exotic Global Sauces. Artificial preservatives like sodium benzoate and sorbic acid are commonly used in condiments but are facing increasing opposition due to health concerns. New product releases, such as keto products and at-home consumption, are also gaining popularity. Packaging types include glass jars, PET bottles, pouches, and sachets, catering to store-based and non-store-based retail. Rising snacking trends, ready-to-serve meals, and street foods are further fueling the growth of the condiments market. Cultural influence, especially from Western culture, is driving the demand for international cuisines and exotic ingredients. Young adult customers and the social media landscape are also influencing consumer taste palates and cross-cultural eating patterns. Sauce mixtures, migrants, and ethnic food variants from Chinese, Japanese, Thai, and Indian cuisines are also contributing to the market's growth. Health benefits, such as potassium, phosphorus, and calcium, are also driving consumer interest in certain condiments. Overall, the condiments market offers numerous growth opportunities for sauce manufacturers and food product companies.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation

• Product
• Table Sauces
• Cooking Ingredients
• Mustard
• Others
• Distribution Channel
• Offline
• Online
• Geography
• APAC
• Europe
• North America
• Middle East And Africa
• South America

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: media@technavio.com

Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/condiments-market-projected-to-grow-by-usd-44-2-billion-from-2024-2028--fueled-by-frequent-product-launches-and-ai-driven-market-transformation---technavio-302274736.html

SOURCE Technavio