APAC Condiment Sauces Market Projected To Rise As Consumption Patterns Change

Monday, July 4th, 2016 | 1003 Views

A Transparency Market Research report, titled “Condiments Sauces Market – Asia Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020,” has stated that the Asia Pacific condiment sauces market will see a growth of 5.85 percent CAGR from 2014 to 2020 to register a rise valued at US$8,629.7 million by 2020.

This rise for more condiment sauces is largely driven by a major shift in consumption patterns, fuelled by the stabilising economy and progressing population in Asia Pacific, and more specifically from conventional homemade food to western-style and fast foods.

Condiment sauces are often used as table dips or are used in several recipes as cooking sauces, or both. Used for adding flavour or spice to food items, condiment sauces form a central ingredient in a number of traditional recipes that are native to Asia Pacific countries.

The rapid rate of urbanisation and busy lifestyles of people in developing countries in the region are bringing about major changes in their consumption patterns. Western and fast food items are gaining rising popularity. Furthermore, the rising disposable incomes are enabling consumers to easily spend on ready-to-consume food items.

The market for condiment sauces is gaining two-way benefits from these trends: through increased use as dips for complementing the readily consumable food items and through their use for adding flavours and spices to fast foods.

Besides this trend, the market for condiment sauces in Asia Pacific is also benefitting from innovations in terms of product types and flavours, which have been introduced and well-received in the market.

The report also noted that in countries Singapore, Hong Kong, the Philippines, Indonesia, Thailand, Australia, and Malaysia, there was a high demand for tomato-based products. Manufacturers have thus introduced numerous varieties of ketchup in these places. In countries like China, Japan and South Korea, a high demand for soy sauce was registered. New Zealand showed a higher preference to local brands of condiment sauces as they were more value for money as compared to foreign brands.