United States, In the past few years, it has been observed that the demand for ethnic cuisines, including Mexican, Indian, Thai, Japanese, Chinese, Italian, and Korean, in the U.S. has been increasing dramatically. People who enjoy consuming ethnic foods have risen in number, which is why the number of ethnic restaurants in the country has also increased. In 2011, the ethnic food market generated about $3 billion and increased to reach a value of $3.9 billion in 2016. Ascribed to these reasons, the food industry in the U.S. is witnessing new trends such as the growth in demand for sauces.
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The usage of different kinds of sauces in ethnic foods is quite common, which is why, the U.S. sauces market is predicted to generate a revenue of $22.4 billion by 2024, increasing from $18.6 billion in 2018, progressing at a 3.3% CAGR during the forecast period (2019-2024)according to the latest research study published by P&S Intelligence. The three major types of sauces are dips, table sauces, and cooking sauces. Out of these, the demand for table sauces was the highest in 2018, which is primarily attributed to the changing food preferences of people in the U.S. Table sauces are further of different types including oyster sauce, mayonnaise, horseradish sauce, tomato sauce, schezwan sauce, soy sauce, mustard sauce, chilli sauce, and barbecue sauce.
Some of the key players operating in the U.S. sauces market are Kikkoman Corporation, McCormick & Company Incorporated, The Kraft Heinz Company, Unilever Group, Conagra Brands Inc., Del Monte Foods Inc., Edward & Sons Trading Company Inc., Ken’s Foods Inc., General Mills Inc., Nestle S.A., C.H. Guenther & Son Inc., and Tas Gourmet Sauce Co.
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Market Segmentation by Type
- Table Sauces
- Tomato Sauce
- Soy Sauce
- Barbecue Sauce
- Chili Sauce
- Mustard Sauce
- Schezwan Sauce
- Horseradish Sauce
- Oyster Sauce
- Others (vinaigrette, Worcestershire/steak sauce, cocktail sauce, fish sauce, and curry sauce)
- Cooking Sauces
- Wet Sauces
- Dry Sauces/Powder Mixes
Market Segmentation by Distribution Channel
- Convenience Stores
- Specialist Stores
- Others (discount stores, health and beauty specialist retailers, forecourt retailers, and independent small grocers)