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The global hot sauce market size is anticipated to grow from USD 2.71 billion in 2021 to USD 4.38 billion in 2028. Renowned companies are nowadays introducing innovative campaigns to attract more customers. For instance, in March 2021, TRUFF unveiled a TikTok competition named #HowITRUFFContest to encourage foodies to develop viral recipes using the company’s hot type of sauces, mayonnaise, or pasta sauces. Fortune Business Insights™ published this information in a new study, titled, “Hot Sauce Market Size, Share & COVID-19 Impact Analysis, By Type (Tabasco Pepper Sauce, Habanero Pepper Sauce, Jalapeno Sauce, Sweet and Spicy Sauce, and Others), Distribution Channel (Mass Merchandisers, Specialist Retailers, Convenience Stores, Online Retail, and Others), and Regional Forecast, 2021-2028.” As per the study, the market stood at USD 2.54 billion in 2020. It is set to exhibit a CAGR of 7.1% in the forecast period between 2021-2028.
Mountain Dew Partners Up with Joel Embiid to Create its First Hot Sauce
In November 2020, PepsiCo’s Mountain Dew joined hands with Joel Embiid, American professional basketball player, to launch the brand’s first-ever hot type of sauce. A poll was conducted on Facebook and Twitter for selecting the best flavor of the same. Out of datil, habanero, fatalii, and peri-peri, the habanero ingredient received the maximum votes. It will contain the unique citrus flavor of Mountain Dew.
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Expansion of Hospitality and Tourism Sector to Accelerate Growth
The increasing influence of Asian cuisines, mainly Latin and Indian across the globe is set to bolster the hot sauce market growth in the forthcoming years. Mexico is considered to have the largest population of immigrants, followed by China and India. This would help the dietary patterns of people to evolve constantly. Besides, the expansion of the tourism and hospitality sector globally is expected to accelerate the internationalization of multiple cuisines. It is further set to surge the demand for ethnic and bold flavors of sauces. However, the persistent delay in manufacturing backed by the temporary closure of production facilities amid the COVID-19 pandemic may obstruct growth.
Key Players Aim to Gain Competitive Edge through Acquisitions and Partnerships
The market is consolidated with the presence of only a handful of manufacturers. But, in the upcoming years, a large number of new companies are expected to enter the market with their unique product offerings. Most of the key players are currently participating in partnerships and acquisitions to gain a competitive edge in this industry.
A Notable Industry Development-
Further Report Findings-
Fortune Business Insights™ presents a list of prominent hot sauce providers operating in the global market. They are as follows:
The global market can be segmented in the following way:
Value (USD Billion)
By Type, Distribution Channel, and Geography
By Distribution Channel