The new report by Expert Market Research titled, ‘Global Hot Sauce Market Price, Trends, Growth, Report and Forecast 2020-2025’, gives an in-depth analysis of the global hot sauce market, assessing the market based on its segments like product types, packaging, distribution channels, applications, end-uses, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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Note 1: For a snapshot of the primary and secondary data of the market (2015-2025), along with business strategies and detailed market segmentation, please click on the request sample report. The sample report shall be delivered to you within 24 hours.
The key highlights of the report include:
Market Overview (2015-2025)
• Historical Market Size (2019): USD 4.31 billion
• Forecast CAGR (2020-2025): 5.3%
• Forecast Market Size (2025): USD 5.8 billion
The global hot sauce market is being driven by the growing consumption of spicy foods by consumers across the globe. The rising penetration of major fast-food chains across developed and developing countries is also aiding the market. These fast-food chains are introducing products with varying spice levels to cater to the consumers changing palates, thus, further aiding the market growth. The increasing popularity of Latin American and Pan Asian cuisines due to the growing immigrant population is expected to aid the growth of the market. The expanding retail channels of the product is also expected to aid the market with retail channels such as supermarkets and hypermarkets having dedicated sections for African, Latin American, and Asian cuisines, which heavily rely on different types of hot sauces. The rising penetration of smartphones and lowering internet charges is projected to lead to a rise in the online sales of hot sauce.
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Industry Definition and Major Segments
Hot sauce is a condiment made of chillies or pepper, which also often include vinegar and salt. Their consistency varies from liquid to paste-like and are available in a variety of colour such as red, brown, green, and others.
Based on product types, the mild hot sauce segment leads the market. The other product types in the market are:
• Medium Hot Sauce
• Very Hot Sauce
On the basis of packaging, the industry is segmented into:
Jars account for the largest segment in the global hot sauce market.
By distribution channels, the market is led by supermarkets and hypermarkets. The other major distribution channels in the market are:
• Traditional Grocery Retailers
• Online Stores
The leading application segments in the market are:
• Cooking Sauce
• Table Sauce
Currently, cooking sauces are the major application segment of the market.
Based on end uses, the market is divided into:
The commercial sector accounts for the largest market share, among other end-use sectors.
North America is the largest regional market for hot sauce. The other major regional markets for hot sauce are:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
In the coming years, the market is expected to be heavily influenced by the rising preference for hot sauces originating from the Middle East and African region. Ethiopian berbere and za’atar, and Yemeni zhug, along with the North African hot chili pepper paste, harissa, are forecast to witness a surge in popularity in the coming years and are expected to be included more widely in a number of commercially produced hot sauces. Fermented hot sauce flavours from Korea and Japan are also expected to witness a significant surge in the market in the coming years. The rising demand for organic and non-GMO ingredients is further projected to be a major trend in the forecast market.
Key Market Players
The major players in the market are McIlhenny Company, McCormick & Company , Inc. (NYSE: MKC), The Kraft Heinz Foodservice, B&G Foods , Inc. ((NYSE: BGS)), and Baumer Foods, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers, and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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