The increasing popularity of exotic dishes and international cuisines and surging disposable income of the people are the major factors responsible for the soaring demand for dressings, sauces, and condiments across the globe”. There has been a sharp rise in travel and tourism over the last few years and this has led to a huge rise in interaction between people of different cultures. This has massively increased the popularity of many regional cuisines and food items, that require sauces and dressings for their preparation.
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In addition to the above-mentioned reason, the increasing awareness amongst the people about different cooking styles and food preparation techniques is also causing increased sales of dressings and sauces all over the globe. Furthermore, people in several countries, nowadays, lead busier lives and thus, usually don’t get the required time for cooking meals. As a result, they either end up ordering fast foods or buying ready-to-eat food items which require the extensive usage of sauces, condiments, and dressings.
“The other major factor fuelling the need for sauces and dressings is the increasing preference for healthy snacks throughout the world”. Healthy sauces are often used in preparing these snacks, thereby boosting the demand for sauces across the world. Due to these drivers, “the global sauces market generated $115.3 billion revenue in 2017 and is predicted to attain a value of $143.9 billion in 2023”, advancing at a CAGR of 3.8% from 2018 to 2023.
Historically, “the APAC sauces market was dominated by Japan”. This is ascribed to the widespread usage of various types of sauces such as wasabi sauce, soy sauce, and teriyaki sauce in many traditional Japanese dishes and cuisines. However, despite these factors, “the market growth in this country will be outpaced by that in India in the upcoming years", as per the estimates of the market research firm P&S Intelligence, mainly because of the rising popularity of fast foods in the country.
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Hence, it can be safely said that the market will surge rapidly throughout the globe over the next few years, on account of the increasing popularity of international cuisines and exotic dishes and growing cultural exchange and tourism activities across the world.