Global Hot Sauce Market: Snapshot
The global market for hot sauce is thriving at a significantrate and has grown incredibly in the past few years. In the U.S., a marketmostly dominated by ketchup, mayonnaise, mustard sauce, and BBQ sauce, hotsauce has started making its presence felt in kitchens. The market haswitnessed immense growth pace across a number of other regional markets aswell, where Asian cuisine is rapidly becoming the choice of youngsters. It isestimated that the market will continue to thrive in the near future andwitness surging demand as new uses of hot sauce in native culinary styles of anumber of countries are invented and adopted.
Despite the thriving growth witnessed by the market, there hasnot been a dominant player in the past and the market continues to remain ahighly fragmented, also unorganized in several key regional markets. A numberof small-scale hot sauce companies are coming up in the market as the consumerdemand intensifies. The flurry of new ventures in the market has been centralto the variety of hot sauces available in the global market. Chains ofsupermarkets and hypermarkets playing host to these rapidly rising productvarieties are also playing a key role in taking hot sauces to a larger consumerbase, especially in emerging economies with a rising population of urban,affluent population.
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In the next few years, hot sauces are expected to propagateacross an increasing number of facets of kitchens across the globe. The risingconsumption of ready-to-eat food varieties is also expected to catalyze therising number of roles that hot sauces are adopting in everyday diets.
Global Hot Sauce: Overview
Hot sauces are generally made from chilli peppers and otheringredients such as salt, vinegar, garlic, xanthan gum, and many others. In terms of nutrients, hot sauces do not contain significant amounts of fats,carbohydrates, proteins and vitamins, but are yet gaining wide popularityacross the globe. Many companies in the hot sauce industry do not disclose thetype of pepper being used. Manufacturers often engage in aging contains ofmanufacturing hot sauces to achieve the desired taste. These sauces aregenerally distributed through wholesales, supermarkets, small food stores, andthrough players in the food service space. Companies in the hot sauce industryoften invest significantly in marketing and advertising, as productdifferentiation is peripheral.
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Global Hot Sauce: Market Dynamics
Globally the prime factor driving the demand for hot sauces isthe influence of Asian, particularly Indian, and Latin cuisine across allgeographies. Increasing young population coupled with increasing globalizationhas led to an advent of diversity in food choices of young people, who aresignificantly proffering spices, thus fuelling revenues in the global hotsauce market. Further rising consumption of fast food among busy citydwellers can be considered as another factor for the increasing demand for hotsauces, particularly in the developing countries of Asia. Moreover, improvinglife style has led people across the globe try different cuisines, which can beconsidered as another prominent factor driving the demand for hot sauces. Apartfrom this, increasing trends for food travelling across the globe is alsoescalating the demand for hot sauces.
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Global HotSauce: Region wise Outlook
The global Hot Sauce market isdivided into seven regions, namely North America, Latin America, Asia Pacificexcluding Japan (APEJ), Western Europe, Eastern Europe, Japan and Middle Eastand Africa (MEA). Asia Pacific Exc. Japan is the global leader in terms ofconsumption of hot sauces, amid cuisine in the China, Indonesia, Malaysia,Singapore and Thailand favouring spices as a major ingredients. Moreover, interms of growth in the hot sauces market, North America, is anticipated to bethe fastest growing market for the demand of hot sauces, as the youth in the USshowing high preference for spicy foods, and restaurants in the regionsignificantly incorporating more and more recipes incorporating hot sauces.Western Europe accounts for a small share of the global hot sauce market anddue to increasing preference towards healthy food in the region, demand in theregion is anticipated to expand sluggishly over the forecast period. MiddleEast and Asia is another prominent region for the continuous demand for hotsauces. In Latin America is anticipated to remain as a prominent market for thedemand of hot sauces, with a majority of demand coming from Mexico and Brazil.As recent studies have shown high preference towards hot sauce among 65+population, demand from Japan is anticipated to expand significantly over theforecast period.
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Global HotSauce: Key Players
Some of the key players identified inthe global Hot Sauce Market includes:
· Huy Fong Foods
· B&G Foods
· Frito-Lay, Inc
· Sunrise Foods LLC
· Fresh Foods International LLc
· KCT Food Inc.
· Socodal Conserves
· Obelisk International Foodstuff Inc.
· Yu Lin Chilli Sauce Company
· Sinaloa Food Co.
· Salsas Tierra Brava
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