Global Sweet Sauces Market - 2023-2030

Global Sweet Sauces Market - 2023-2030

Global Sweet Sauces Market reached US$ 2.60 billion in 2022 and is expected to reach US$ 3.56 billion by 2030, growing with a CAGR of 4.0% during the forecast period 2023-2030.

Sauces are used to improve the flavour and appeal of the food products. Sweet sauces are widely used in the consumption of confectionery, dairy and bakery products. Sweet sauces complement food product consumption by enhancing the flavour and appearance of various food products such as waffles, fruit slices, brownies, desserts and donuts.

The increase in the demand for food products that use sweet sauces and an increasing number of dessert parlors and franchises that adopt sweet sauce use has prompted a leading food manufacturer to make a significant increase in the new sweet sauces. The major market players are focussing on the new flavour and attractive and convenient packaging options. New and innovative product launches by the major players of the market improve the product reach to the consumers by increasing market sales.

North America dominated the global sweet sauce market. The new product launches from the major players in this region drive regional market growth. In July 2022, The Kraft Heinz Company, the third-largest food and beverage company in North America launched a premium line of sauces and spread into the market under the Heinz 57 banner. The new launches include Roasted Garlic Crunch and Mandarin Orange Miso Crunch varieties.

Dynamics

Availability of Various Range of Flavor Options

The availability of sweet sauces in various flavor ranges helps in wide market expansion. Manufacturers are introducing new favoured products to meet the rising demand for multiple flavor options. In June 2023, Bonchon, a Dallas-based international Korean fried chicken restaurant franchise announced the launch of New Sweet and Savory Korean BBQ Sauce that is featured with rice vinegar and brown sugar, with flavors of garlic and sake balanced with sweet pear.

The manufacturer focuses on the development of fruit-infused sauces to meet the demand for a premium range of products. For instance, in October 2022, Macphie Ltd introduced new fruit-based options as premium flavours. The newly launched Macphie’s new fru-ti o.t.t sauces feature mixed berry, mango and passionfruit variants which contain fewer calories than usual dessert toppings.

New and Innovative Product Introductions

Manufacturers focus on new and innovative product launches to help end-users with the convenience and easy product use and applications drive the market expansion. In May 2023, The Kraft Heinz Company, an American multinational food company unveiled HEINZ REMIX, the first customizable and IoT-enabled digital sauce dispenser for more than 200 possible combinations. The product allows consumers to personalize their flavour creations according to their preferences.

Manufacturers' focus on convenience and innovative packaging types also contribute to improving market size. For instance, in April 2023, Cadbury, a British multinational confectionery company introduced New Squeezy Chocolate Sauce into the market. The easy-to-use squeezy bottle is used for multiple product ranges including bakes, hot chocolate, and milkshakes.

High Calories of Sweet Sauces

The sweet sauces are made from dairy, chocolate and fruit-based ingredients that provide sweetness and calories to the body. Consuming high-calorie products may lead to various health risks like obesity and diabetes reducing consumers' preference towards these products. According to the World Health Organization 2022 statistics, more than 1 billion people globally are suffering from obesity, where 650 million people are adults and 340 million are adolescents.

The severity of obesity is increasing in children too, accounting for up to 39 million keeping children away from sweet-based products. According to IDF Diabetes Atlas 2021, 537 million adults are living with diabetes in the world. The organisation reports that the prevalence is increasing rapidly and is estimated to reach 643 million by 2030. With the increasing prevalence of obesity and diabetes globally, the demand for sweet products reduced negatively driving the market growth.

Segment Analysis

The global sweet sauces market is segmented based on ingredients, type, packaging type, distribution channel, application and region.

High Consumer Preference towards Chocolate Based Sweet Sauces

The global sweet sauces market is segmented based on type into fruit sauce, dairy sauce, brandy sauce, chocolate sauce, and others. The chocolate-based sauces from the sweet sauces segment accounted for the largest share of the global market due to consumer preference for chocolate over other flavors. Chocolate sauces are used in multiple applications and are widely accepted for their pairing with pancakes, waffles, fruit slices, brownies, and donuts.

Various companies are expanding their product offering with the launch of new chocolate-based sauces to attract more consumer base. For instance, in May 2022, Mars, an American multinational manufacturer announced its decision to take its Snickers brand into desserts with the launch of a new Snickers Dessert Sauce into the market. The product comprises the iconic Snickers flavor of chocolate, peanut and caramel.

Geographical Penetration

High Use of Sauces for Different Food Applications in North America

North America dominated the global sweet sauce market. Regional countries such as the U.S. and Canada leading the market growth with high sauce utilization in various applications. The region has a high demand for confectionery, bakery and dairy products. Most of the products of these categories are highly preferred to pair up with sweet sauces to increase their taste and flavour.

The region also has active trade participation in the export of sauces in the global market. According to U.S. Department of Agriculture, Canada accounted for one of the top condiments and sauces export markets in 2022 with up to 775.46 Million USD. The availability of various major players and active product developments from these companies positively drive the regional market growth.

In July 2022, The Kraft Heinz Company, a North American-based multinational food company launched a premium line of sauces and spread into the regional market under the Heinz 57 banner. The new launches include Roasted Garlic Crunch and Mandarin Orange Miso Crunch varieties. The fresh fruit flavor of the Mandarin Orange Miso Crunch sauce attracts consumers' attention.

Competitive Landscape

The major global players in the market include GCMMF, Lee Kum Kee, Veeba Foods, Macphie, MONIN, Ghirardelli Chocolate Company, Giraffe Foods Inc., Kerry Group, Umiya Milk Products Pvt. Ltd and Unilever.

COVID-19 Impact Analysis

The COVID-19 pandemic has had a moderate impact on the sweet sauces market. Just like all other industries in the food and beverage sector, the sweet sauces market also faced challenges during the pandemic situation. The pandemic disrupted global supply chains, affecting the raw material procurement and distribution of finished products.

Government restrictions on transportation and trade, as well as temporary closures of manufacturing facilities, led to supply chain disruptions. These disruptions affected the availability of the product to the end-user. The shutdown of multiple food services and franchises reduced the product demand from larger-scale end-users. In addition, the shutdown of supermarkets and hypermarkets reduced product reach to consumers.

The pandemic influenced consumer behavior and purchasing patterns. During the pandemic, consumers increased their time at home changing thier preference towards cooking and eating habits. Consumers started cooking more meals and snacks at home, which created opportunities for the utilization of various sweet sauces to complement their food products. The increased use of e-commerce platforms and the high availability of products in such platforms increased the product's sales.

By Ingredients
• Cocoa
• Milk
• Butter
• Sugar
• Fruit
• Brandy
• Others

By Type
• Fruit Sauce
• Dairy Sauce
• Brandy Sauce
• Chocolate Sauce
• Others

By Packaging
• Bottles & Jars
• Tubes
• Pouches & Sachets
• Others

By Distribution Channel
• Supermarkets & Hypermarket
• Convenience Stores
• Online Stores
• Others

By Application
• Confectionery
• Dairy Products
• Beverages
• Bakery
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Russia
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• In April 2023, Primal Kitchen, a brand of Kraft Heinz added five new innovative products such as Organic Korean BBQ Sauce, Organic Honey Teriyaki, Mild & Sweet Buffalo, A Tad Sweet Organic Ketchup, and Whip Dressing & Spread into the market.
• In April 2022, Kikkoman Corporation, the world's leading producer of naturally brewed soy sauce, announced the launch of a new product Kikkoman Oyster Flavoured Sauce. This sweet and salty-flavoured product is claimed to be 100% vegetarian and suitable for both vegetarian and non-vegetarian populations.
• In September 2021, Buffalo Wild Wings, an American casual dining restaurant and sports bar franchise introduced limited-edition Doritos Spicy Sweet Chili Flavored Sauce. The product features the flavors of soy sauce, brown sugar, onion, garlic, and paprika giving a new taste to the customers.
• In October 2020, Del Monte, the premium food brand introduced two new products into the market with the launch of Del Monte Sweet Chili Sauce and Momo Dip.

Why Purchase the Report?
• To visualize the global sweet sauces market segmentation based on ingredients, type, packaging type, distribution channel, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of sweet sauces market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global sweet sauces market report would provide approximately 78 tables, 82 figures and 191 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies