The
U.S. sauces market attained a value of $18.6 billion in 2018, and it is
projected to advance at a CAGR of 3.3% during the forecast period (2019–2024).
The market is witnessing growth due to the surging number of immigrants in the
country, rising disposable income and busy lifestyle of the populace, and surging
popularity of ethnic cuisines. Sauces are semi-liquid or liquid substances that
are used while cooking in order to add flavor to the food, served with food, or
both.
When
type is taken into consideration, the U.S. sauces market is categorized
into dips, cooking sauces, and table sauces. Out of these, the largest revenue
was generated by table sauces. This is because these are required with food by
the majority of the population. The shifting dietary preferences of people are also
a key driving factor for this category. Dips are predicted to grow at the
fastest pace during the forecast period, both in terms of value and volume, as they
are an integral part of several regional as well as international cuisines.
Rising Popularity of Ethnic Cuisines Driving U.S. Sauces Market
One
of the key drivers of the U.S. sauces market is the surging popularity
of ethnic cuisines. The demand for ethnic cuisines in the country is rising
considerably because of globalization and culinary cultural exchange.
Approximately 75.0% of the population living in the U.S. prefers ethnic foods
at least once in a month while dining out. The younger generation especially
prefers trying new the flavors available of different cuisines. As sauces are a
vital in Chinese, Mexican, Italian, Greek, Japanese, and Indian cuisines, their
popularity is driving the demand for sauces.
The
popularity of hot and spicy variants is among the major trends in the U.S. hot sauces market. The demand for hot sauces in the country is increasing due
to the growing willingness of natives to try out new cuisines and the rising
number of expatriates in the U.S. Cuisines which are known for their hot and
spicy flavors are gaining popularity among people. Moreover, the key companies
in the market are launching spicy and hot sauces to meet the changing consumer
preferences.
Hence,
the growing popularity of hot and spicy sauces, busy lifestyle and rising
disposable income of the population, and increasing popularity of ethnic
cuisines are leading to the growth of the market.
Some of the key players operating in the U.S. sauces market are Kikkoman Corporation, McCormick & Company Incorporated, The Kraft Heinz Company, Unilever Group, Conagra Brands Inc., Del Monte Foods Inc., Edward & Sons Trading Company Inc., Ken’s Foods Inc., General Mills Inc., Nestle S.A., C.H. Guenther & Son Inc., and Tas Gourmet Sauce Co.
