The U.S. sauces market is expected to reach $22.4 billion by 2024, registering a CAGR of 3.3%, during the forecast period. The market growth market can be attributed to increasing popularity of ethnic cuisines, busy lifestyle and rising disposable income of the populace, and changing consumer preferences toward healthier and unique flavor products in the country according to P&S Intelligence.
Insights into the market segments
Based on table sauces, U.S. sauces market is categorized into mayonnaise, tomato sauce, soy sauce, barbecue sauce, chili sauce, mustard sauce, schezwan sauce, horseradish sauce, oyster sauce, and others, wherein ‘others’ include vinaigrette, Worcestershire/steak sauce, cocktail sauce, fish sauce, and curry sauce. Among these, mayonnaise category held largest share in the market. The growing popularity of fast-food and salads as well as growing demand from youth population for more snack foods resulted in an increased consumption of mayonnaise across the country, in turn providing healthy market sales. Moreover, Soy and chili sauce are estimated to be the fastest growing table sauce categories during the forecast period.
Based on distribution channel, U.S. sauces market is segmented into supermarkets/hypermarkets, convenience stores, online, specialist stores, and others, wherein ‘others’ include discount stores, health and beauty specialist retailers, forecourt retailers, and independent small grocers. Among these, supermarkets/hypermarkets category accounted for over 70% share in the market, in 2018. Change in preference and rising number of supermarkets/hypermarkets, consumers largely prefer buying sauces via supermarkets/hypermarkets rather online channel, through online distribution channel is registering positive growth in the market.
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Increasing popularity of ethnic cuisines to drive market growth
Increasing popularity of ethnic cuisines is a major factor contributing to the growth of sauces market in U.S. With globalization and culinary cultural exchange, demand for ethnic cuisines in the country is on the rise. The younger population in the country prefer experimenting with new flavors available in different cuisines. Moreover, the rising interest in other cultural cuisines such as Chinese, Mexican, Italian, Japanese, Greek, and Indian is further driving the demand for sauces in the country.
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.
