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The global condiments market is expected to witness significant growth during the forecast years, due to increasing demand for additional flavor enhancers, such as sauces, dips, and others to make the food more interesting. Increasing demand for condiments from food & beverage industry, which is experiencing considerable growth, is further projected to contribute to the global condiments market.
Key companies operating in the global condiments market are focusing on launching novel products and increasing their participation in merger & acquisition activities to maintain their market prominence. Nestle SA, The Kraft Heinz Company, Conagra Brands Inc., McCormick & Company Incorporated, and The Unilever Group are some of the key companies performing in the global condiments market.
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Condiments are mainly identified as spices or food additives, that can modify the organoleptic property of foods. Condiments serve wide applications and can be used in the preparation of a number of cuisines and food products, such as bakery products, dairy products, confectioneries, desserts, and others. Increased launches of organic and healthy ingredients are projected to support the growth of global condiments market during the forecast years.
Changing lifestyle is leading to change in eating habits and preferences which is expected to drive the growth of the condiments market. Increased demand for organic food products, coupled with increased product launches by market players is expected to aid the growth of organic condiments market in the upcoming years. Furthermore, increased adoption of condiments to prepare different cuisines, coupled with increased consumer demand for exotic condiments to enhance the food taste is expected to aid the market growth.
Fluctuating prices of raw materials required to prepare condiments is anticipated to restrain the market growth during the forecast years. Increasing resistance of consumers towards condiments attributed by the presence of high salt, sugar, and carbohydrates in most of the condiments is further projected to obstruct the market growth.
Some of the major companies that are present in the global condiments market are McCormick & Company Incorporated, The Unilever Group, Nestle SA, The Kraft Heinz Company, General Mills Inc., Conagra Brands Inc., Del Monte Foods Inc., Hormel Foods Corporation, Frito-Lay Inc., and Kikkoman Corporation among the other players operating in the global condiments market.
By Product Type
· Sauces & Ketchup
By Distribution Channel
· Specialty Stores
· Convenience Stores
· Online Stores
· North America (U.S., Canada, and Mexico)
· Europe (France, Germany, Italy, Spain, U.K., Russia, and Rest of Europe)
· Asia Pacific (China, India, Japan, Australia, and Rest of Asia Pacific)
· South America (Brazil, Argentina, and Rest of South America)
· Middle East & Africa (South Africa and Rest of ME&A)
On the basis of product type, the global condiments market has been segmented into sauces & ketchup, spices, dressings, pastes, and others. Sauces & ketchup segment is anticipated to grow at a rapid pace during the forecast period, owing to their increasing demand from the food service industry and households. Spices segment is projected to hold a crucial market share in the global condiments market owing to their increasing application across the food industry.
On the basis of distribution channel, the global condiments market has been segmented into hypermarket/supermarket, specialty stores, convenience stores, online stores, and others. Hypermarket/Supermarket segment is expected to dominate the global condiments market in the forthcoming years, due to high consumer dependency on them for purchasing regular groceries. Broad brand options and discounts offered by hypermarkets/supermarkets are other prominent reasons that is expected to fuel the growth of the segment.
Europe, followed by North America is projected to hold the major market share in the global condiments market during the forecast period, owing to the escalation in demand for ready-made and easy to use products such as dips, sauces, pastes, and others. Hectic and busy schedules of people living in developed economies are projected to aid the demand for condiments in the upcoming years. Condiments market in Asia Pacific is projected to witness significant growth during the forecast years, owing to rapid urbanization in the region, coupled with increased adoption of western eating habits by population of APAC.
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