Culinary Sauces Market will exhibit a CAGR of 3.3% during the forecast period, 2020-2027, and reach USD 55.31 billion by 2027,and the market value as per 2019 was USD 43.53 billion.
Fortune Business Insights™ titled, “Culinary Sauces Market Size, Share & COVID-19 Impact Analysis, By Type (Dry and Wet), Application (Households, Food Processors, and HoReCa), End-use (B2C and B2B), and Regional Forecast, 2020 – 2027,”
Culinary Sauces Market Drivers and Restraint :
Sharp Drop in Restaurant Revenues Triggered by COVID to Stall Growth
The outbreak of the COVID-19 pandemic forced governments worldwide to impose stringent lockdown and social distancing measures to contain the spread of the virus. As a consequence, restaurants and cafes witnessed a sudden drop in footfalls and revenues started declining. For example, according to a report by Crisil Research, dine-in restaurants across India are likely to see their revenues shrink by 40-50% owing to the coronavirus. Moreover, fears surrounding contracting the infection has kept consumers away from stores and shops where crowding has a high likelihood. Together, these developments have stymied the culinary sauces market growth as the demand and consumption of premium, gourmet foods has slumped massively. However, a silver lining for the hotel/restaurant/catering (HoReCa) sector has emerged in the form of online ordering, which is also expected to support this market throughout 2020.
List of Significant Culinary Sauces Market Manufacturers are as follows:
• Hormel Foods Corporation (Minnesota, United States)
• McCormick & Company Inc. (Maryland, United States)
• YAMASA Corporation (Chiba, Japan)
• Del Monte Foods Inc. (California, USA)
• Conagra Brands (Illinois, United States)
• Hein Celestial (New York, United States)
• Ken’s Foods (Massachusetts, U.S.)
• Kikkoman Corporation (Chiba, Japan)
• Unilever PLC (London, United Kingdom)
• The Kraft Heinz Company (Pennsylvania, United States)
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Some of the key industry developments in the Culinary Sauces Market Include:
• January 2020: Tesco launched a unique plant-based condiment range in the UK, the first of its kind in the country, to meet the surging the demand for vegan sauces. The new sauces are part of the Wicked Kitchen product line and include offerings such as ‘Dreamy Beetroot Dressing’, ‘Sriracha Sauce’, and ‘Sticky Teriyaki Sauce’.
• April 2019: The US-based barbecue sauce specialist, Rufus Teague, released its first-ever line of sugar-free BBQ sauces, with the new flavors named as “Smoke ‘N Chipotle” and “Slim N’ Sweet”. The innovative flavors are aimed at expanding the company’s existing portfolio of natural, gluten-free, and premium quality barbecue sauces.