The new report by EMR titled, ‘Global Hot Sauce Market Share, Price, Growth, Trends, Report and Forecast 2023-2028’, 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.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 5.3%
Moreover, the thriving food and beverage industry owing to the increasing population and rising disposable income is likely to provide significant impetus to the market growth in the coming years. In terms of region, Europe accounts for a significant share of the market owing to the increasing popularity of continental cuisines, coupled with the rapid development of food outlets, restaurants, and hotels.
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Hot Sauce Industry Definition and Major Segments
Hot sauce is defined as any condiment, salsa, or seasoning made up of hot peppers. A wide variety of hot sauce is commercially available, some of which are canned, and others are directly served to compliment the cuisines. Hot sauces have a pungent smell and are semi-liquid in nature, and the texture of this condiment is thick.
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On the basis of product type, the market can be segmented into:
• Medium Hot Sauce
• Mild Hot Sauce
• Very Hot Sauce
The market can be broadly categorised on the basis of packaging into:
Based on distribution channel, the market can be segmented into:
• Supermarkets and Hypermarkets
• Traditional Grocery Retailers
• Online Stores
By application, the market has been bifurcated into:
• Cooking Sauce
• Table sauce
On the basis of end use, the market has been classified into:
The regional markets for hot sauce include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Hot Sauce Market Trends
The key trends in the hot sauce market include the growing expansion of the e-commerce industry which is increasing the sales of dishes, frozen food items, and condiments, among others. The growing popularity of canned hot sauce, owing to its high shelf life, is likely to propel the market growth in the coming years as well.
The increasing dine-out activities and the growing enthusiasm of the population towards exploring different cuisines and dishes are likely to provide significant impetus to the market in the forecast period. Furthermore, the increasing urban population, coupled with the robust development of supermarkets/hypermarkets and convenience stores, are anticipated to be the crucial trends aiding the market growth.
Key Market Players
The major players in the market are
- McIlhenny Company
- McCormick & Company, Inc.
- The Kraft Heinz Foodservice
- B&G Foods, Inc
- Baumer Foods Inc.
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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