Dietary Preferences To Drive China Seasonings, Dressings & Sauces Growth
Friday, February 18th, 2022 | 274 Views
The COVID-19 pandemic has altered consumer dietary habits and preferences, spurring more demand for seasonings, dressings & sauces. The Chinese seasonings, dressings & sauces market is projected to grow from CNY152.2bn ($22.2bn) in 2021 to CNY203.8bn ($30bn) by 2026, at a compound annual growth rate (CAGR) of 6%, forecasts GlobalData, a leading data and analytics company.
GlobalData’s report, ‘China Seasonings, Dressings & Sauces – Market Assessment and Forecasts to 2026’, reveals that the market growth will be primarily driven by the wet cooking sauces category, which is forecast to register the fastest value CAGR of 7% during 2021–2026. The category is followed by bouillons & stocks, which is expected to record a CAGR of 6.2% during the same period. Savitha Kruttiventi, Consumer Analyst at GlobalData, says: “The COVID-19 pandemic has disrupted the food consumption habits, with more consumers preferring their meals to be home-cooked. This is driving the demand for a wide range of seasonings, dressings and sauces products. In line with the rising disposable incomes, consumer preferences for seasonings, dressings & sauces are changing, with demand on the rise for premium products with authentic provenance, and craft quality.”
‘Hypermarkets & supermarkets’ was the leading distribution channel in the Chinese seasonings, dressings & sauces market in 2021, followed by department stores, and e-retailers.
The per capita expenditure on seasonings, dressings & sauces in China increased from $4 in 2016 to $7.8 in 2021 and is expected to reach $10.5 in 2026, which will be higher than the regional average ($9.1), and lower than the global average ($13.8).
Foshan Haitian Flavoring & Food Co., Ltd, CITIC Group, and Lee Kum Kee were the top three companies in the Chinese seasonings, dressings & sauces market by value in 2020, while Haitian and Amoy were the leading brands. Kruttiventi concludes: “With Chinese consumers engaging in home cooking more often, their spending on the traditional and domestic flavoured seasonings, dressings & sauces will rise. At the same time, the growing influence of Southeast Asian and Western culinary trends on Chinese youth is driving interest in fusion foods with exotic flavours, and thereby unlocking new opportunities for manufacturers.”
Quotes provided by Savitha Kruttiventi, Consumer Analyst at GlobalData
Information based on GlobalData’s report: ‘China Seasonings, Dressings & Sauces – Market Assessment and Forecasts to 2026’
This press release was written using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts
MORE FOR YOU:
Subway Announces Partnership To Expand Its Presence In Thailand
Semaai, An AgTech Startup To Begin Transforming Rural And Agricultural Development In Indonesia
Nestlé Introduces A New Plant-based Version Of Milo In Thailand
Global Food Prices To Hit Record Levels From Rising Oil Prices
Scientists Develop Recyclable Plastics Based On Sugars
“More fat And Healthier Fat” As An Emerging Trend In Kids’ Food
Introducing A New Oat Milk Born In Singapore
Affordable, Freshly- Handpicked Grocery Delivery To Meet the Needs of Southeast Asian Consumers
Pharmactive Black Garlic Extract For Blood Pressure Management
WANT MORE INSIDER NEWS? SUBSCRIBE TO OUR DIGITAL MAGAZINE NOW!