The new report by EMR titled, ‘Global Condiments Market Report and Forecast 2023-2028’, gives an in-depth analysis of condiments, assessing the market based on its segments like products, distribution channel, 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, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 4.5%
Increasing per capita income, rising demand for organic and clean labeled condiments, growing awareness about multiple product types and their usage through social media and digital channels are some of the major factors expected to influence the growth of the market in the forecast period. Additionally, the wide variety of products catering to vegan, gluten-free and low-fat diet is also anticipated to augment market demand. Increasing demand for convenience food products complemented with the growth of QSRs specially in the emerging economies will also boost market growth.
Industry Definition
A condiment can be defined as a spice or a sauce that is usually added to the cooked food to provide a particular flavour or to enhance the flavour or aesthetics or both of the dish.
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By product, the market is segmented into:
- Table Sauces
- Cooking Ingredients
- Mustard
- Others
The market, based on distribution channel, can be studied into:
- Offline Stores
- Online Stores
The regional markets for the Global Condiments Market can be separated into:
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Italy
- Others
- Asia Pacific
- China
- Japan
- India
- ASEAN
- Australia
- Other
- Latin America
- Brazil
- Argentina
- Mexico
- Other
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Nigeria
- South Africa
- Others
Market Trends
Health consciousness and shifting of consumers to clean-labelled, gluten-free, and organic condiments are the key trends that will be witnessed in the market in the near future. To cater to the health consciousness, companies are developing condiments with lower calories, sugar, and preservatives. Additionally, consumers are shifting toward natural, organic, and high-quality ingredients and raw materials. Companies are also developing innovative, unique, international, and new flavours of specialty condiments with a variety of authentic and ethnic products.
Key Market Players
The major players in the market include Conagra Brands, Inc., Kewpie Corp., McCormick & Co., Inc., The Kraft Heinz Co., and Unilever Plc 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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