Market Overview
The global condiments market is expected toexhibit a strong 5.4% CAGR over the forecast period from 2019 to 2024,
according to the newest market report compiled by Market Research Future
(MRFR). The global condiments market is mainly driven by the growing demand for
condiments for their flavor and health benefits. The growing food and beverage
industry is likely to be a major driver for the global condiments market over
the forecast period. The report projects the global condiments market to grow
to an impressive valuation of USD 98.3 billion by 2024. The steady growth
trajectory of the condiments market over the historical review period is also
studied in detail in the report, providing pointers as to the leading drivers
and restraints propelling the market.
Condiments are mainly used alongside dishessuch as burgers, salads, and sandwiches to enhance the flavor of the latter.
These include widely used examples such as tomato ketchup and mustard sauce, to
rare spices and dressings used in certain cuisines. Condiments can add various
flavors to the food, making it more palatable and popular.
The growing food and beverage industry islikely to be a major driver for the global condiments market over the forecast
period. The rapid growth of the fast-food industry, in particular, has been a
major driver for the condiments market, as condiments such as various sauces
are widely used alongside foods such as burgers, hot dogs, and sandwiches. The
fast-food industry has propelled itself at a rapid growth rate over the last
few years, with the cheap, quickly prepared foods becoming a hit all over the
world, leading to a growing demand for condiments and other supplementary
products. This is likely to remain a major driver for the global condiments
market over the forecast period.
Competitive Analysis:
Leading players in the global condimentsmarket include Three Threes Condiments Pty Limited, Del Monte Foods Inc.,
Nutri-Asia Inc., Kikkoman Corporation, Sing Cheung Co., Midas Foods
International, Mars Inc., Nestle, The Kroger Co., Hormel Foods Corporation,
Unilever, General Mills Inc., Kraft Foods Inc., ConAgra Foods Inc., and McCormick
& Company. Leading players in the global condiments market are likely to
focus on product expansion in the coming years, as the demand for a wide range
of condiments is growing around the world. Leading international players are
also likely to target emerging markets in Asia Pacific, the Middle East, and
Africa, in the coming years, with local players also emerging from the
aforementioned regions to supply the region’s growing need. Local players’
understanding of the local palette and preferences is likely to be vital in the
global condimentsbrands market, with several local players carving out a solid stake in theglobal condiments market.
Segmentation:
The global condiments market size issegmented on the basis of type, packaging type, distribution channel, and
region.
By type, the global condiments market trendsis segmented into spices, sauces and ketchup, dressings, and others.
By packaging type, the global condimentsmarket is segmented into bottles, pouches and sachets, and others.
By distribution channel, the globalcondiments market is segmented into store-based and non-store based
distribution. The store-based distribution segment is further sub-segmented
into supermarkets and hypermarkets, convenience stores, and others.
Regional Analysis:
Asia Pacific is expected to be the dominantconsumer within the global condimentsmarket report, followed by Europe and North America. The growing fast-foodindustry in and the increasing awareness about western condiments are likely to
be the major drivers for the condiments industry in Asia Pacific. Theregion is also expected to exhibit the fastest growth rate over the forecast
period, due to the high volume of unmet needs in countries such as China,
India, Japan, and South Korea.
Industry News
In October 2019, Heinz announced acollaboration with Hummingbird Bakery in order to produce ketchup and beans
flavored cakes. The development of condiment-flavored cakes represents a new
demographic for the condiments market, as cakes are among the few products that
are hardly ever consumed with condiments.
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