Global Condiments Market 2019-2023 | 4% CAGR Projection over the Next Five Years | Technavio
The global condiments market is expected to post a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio.
(prsubmissionsite) November 16, 2019 –A key factor driving the growth of the global condiments market is the health benefits associated with the consumption of condiments. Major sub-categories of condiments including sauces, dressings, mustards, and pickles are frequently being infused with healthy ingredients. The consumption of these condiments also lowers the risk of cardiovascular diseases as they are rich sources of lycopene containing powerful antioxidants. Similarly, the regular intake of buckwheat honey also protects the cells from the damaging effects of free radicals and reduces the risk of cancer and muscular degeneration. The consumption of other condiments such as various herbs and spices also helps in detoxifying the body by removing carcinogens and suppressing the growth of the existing tumors. Thus, growing awareness of the several health benefits offered by condiments will eventually drive their adoption among the end-users during the forecast period.
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Global condiments market: Rise in popularity of specialty, clean-labeled, organic, and gluten-free condiments
Clean-labeled, organic, gluten-free condiments are gaining popularity owing to the growing shift in preferences among the consumers owing to growing health-consciousness. Vendors are increasingly striving toward manufacturing condiments from natural, organic, and high-quality ingredients for providing better-quality options to the consumers. In addition, there has been a growing prominence of specialty condiments in the recent years. Innovations in the specialty condiments category including the demand for plant-based spreads, low sugar cooking sauces, and an array of authentic and ethnic offerings such as harissa. As a result, with the launch of new products, the growth of organic and shelf-stable condiments is likely to foster the market growth during the next few years.
“The emergence of various vendors offering private-label condiments is likely to proliferate the market growth in the forthcoming years. Many organized retail outlets and online shopping stores are focusing on offering their own labels of condiments used in the food and beverage industry. This will further foster the growth of the market in the next few years,” says a senior research analyst at Technavio.
Global condiments market: Segmentation analysis
This market research report segments the global condiments market by product (table sauces, cooking ingredients, mustard, and others) and geographic regions (APAC, Europe, North America, South America, and MEA).
APAC led the market in 2018, followed by Europe, North America, South America, and MEA respectively. The market growth in APAC can be attributed to the increasing adoption of health and wellness-based condiments among the consumers in the emerging as well as advanced economies of the region.
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Five Forces Analysis
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The global condiments market is expected to post a CAGR of over 4% during the period 2019-2023
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