Hot Sauce Market Global Size, Growth, Segments, Revenue, Manufacturers and 2029 Forecast Research Report
The global hot sauce market size is expected to witness elevated growth owing to rising globalization and increasing popularity among worldwide consumers during the forecast period. This information is provided by Fortune Business Insights™, in its report, titled, “Hot Sauce Market, 2022-2029.” The global hot sauce market size reached USD 2.17 billion in 2021. The market value is estimated to increase from USD 2.89 billion in 2022 to USD 4.72 billion in 2029 at a CAGR of 7.26% in 2022-2029. Additionally, expanding business ventures among the dominant players on a global scale will increase the footprint of the market.
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List of Key Players Present in the Market
- The Kraft Heinz Company (U.S.)
- McCormick & Company Inc. (U.S.)
- Campbell Soup Company (U.S.)
- Unilever PLC. (U.K.)
- Conagra Brands Inc. (U.S.)
- McIlhenny Company (U.S.)
- Southeastern Mills, Inc. (U.S.)
- Hormel Foods Corporation (U.S.)
- Baumer Foods, Inc. (U.S.)
- W. Garner Food Company (U.S.)
Based on type, the market can be divided into tabasco pepper sauce, habanero pepper sauce, jalapeno sauce, sweet and spicy sauce, and others.
By distribution channel, the market can be segmented across mass merchandisers, specialty retailers, convenience stores, online retail, and others.
In terms of geography, the market can be categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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The market report of hot sauce contains a qualitative and quantitative approach by presenting pivotal factors such as growth rate for all possible segments and regional splits. Additionally, future market trends and ongoing industry developments are also presented in the report. Factors such as the regulatory scenarios in critical countries, consumer buying behavior, and the competitive landscape are also noted.
Drivers & Restraints
Rising Demand for Healthy Indulgence & Increased Consumption of Asian & Mexican Cuisines to Augment Growth
Factors such as increasing popularity and enhanced consumer inclination regarding bold flavors will boost the hot sauce market growth during the forecast period. Additionally, increased consumption of fast food among the urban population and rising advantages including better nutritional profiles, non-GMO, and adaptive retail positioning will increase the footprint of the market. Also, an ongoing trend of rising consumption of Asian & Mexican cuisines coupled with increasing hospitality and tourism sector on a global scale will fuel the growth of the market.
However, higher fluctuating raw material pricing will hinder the growth of the market during the forecast period.
North America to Exert Dominance During Forecast due to Increased Consumer Spending
North America will occupy the largest hot sauce market share during the forecast period owing to increased consumer spending coupled with rising diversification in food flavors. Additionally, the rising popularity of chili sauce in the U.S. and Canada will boost the growth of the market.
Asia Pacific will witness the second-largest market position in terms of global contribution owing to a rising preference for native condiments and sauces.
South America will hold a substantial market share and will grow at a considerable growth owing to increased consumption of meat-based food products and snacks coupled with increased integration with sandwiches, pizzas, and salads.
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Innovative Product Launches & Increasing Market Opportunities to Deter Players to Expand Horizons
The sector of hot sauce is extremely consolidated with the presence of a limited number of global players. The market will witness the entry of many emerging players with multiple innovations occurring during the forecast period. Dominant players are focused on launching the latest products by engaging in mergers & collaborations in a bid to widen their product offering. For example, in August 2021, Bibigo announced launching GOTCHU – An ancient Korean hot sauce to their portfolio which is traditionally inspired by Korean foods used in Mini Wontons, Mandu, and Steamed Soup Dumplings.
Key Industry Development
- September 2021: Kraft Heinz announced launching its hot sauce packet in the U.K. This will be released in the form of a new avocado-based hot sauce which will be Venezuelan-inspired and named Kumana.
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