Worcestershire Sauce Market, by Product Type (Certified Organic, Certified Gluten Free, and Certified Kosher), by End-use (Residential and Commercial), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028
The global Worcestershire sauce market is expected to exhibit a CAGR of 4.5% during the forecast period. Rising consumption of organic food products globally is supporting the growth of the certified organic segment. Moreover, due to the increasing demand for organic and vegan food products manufactures are launching organic and vegan products in the market.
Moreover, rising initiatives by key players is expected to booth the market growth. For instance, in 2017, McCormick acquired Reckitt Benckiser Group PLC’s Food Division. Through this acquisition the company aims to strengthen its product portfolio by including French’s and Franks’s RedHot brands to its product offerings
Among regions, Middle East and Africa is expected to grow at a significant rate during the forecast period (2021-2028), owing to the increasing meat consumption in the region which is expected to drive demand for the Worcestershire sauce over the forecast period. For instance, according to OECD (The Organization for Economic Co-operation and Development) – FAO (Food and Agriculture Organization of the United Nations) Agricultural Outlook 2020, meat consumption in Saudi Arabia was pegged at 1,293.8 thousand tons in 2017, which increased to 1,355.1 thousand tons in 2019. Moreover, according to same source, meat consumption in South Africa was pegged at 2,150.7 thousand tons in 2017, which increased to 2,257.9 thousand tons in 2019.
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