Global Sauces and Dips Market

Global Sauces and Dips Market

The global sauces and dips market is projected to soar at a CAGR of 6.89% from a market size of US$138.195 billion in 2019 to a market size of US$220.279 billion by the end of 2026. The sauces and dips market is estimated to propel in the forecast period due to the escalating use of sauces, dips, dressings, and condiments on a large scale. In addition, these are integral to the global food culture. The traditional way of lifestyle included the use of homemade sauces and dips made from fresh and natural herbs as ingredients. The switch from the traditional way of living to the adoption of a modern lifestyle gave rise to the acceptance of processed and packed sauces and dips, fueling the market demand with this increment in the endorsement of convenience foods. The burgeoning multi-cuisine culture around the globe is further augmenting the market demand in the forecast period. The growing demand for natural and organic sauces and dips is gaining popularity with the emerging demand from the customers worldwide for organic ingredients along with the growing health awareness, further providing an opportunity for the market to proliferate in the forecast period. Additionally, with the growing health awareness, people are moving towards the adoption of fresh and natural sauces and dips, hence, small-startups are coming up offering innovative sauces and dips products stating “from grandmother’s kitchen” through an online or offline mode of sales channel, fueling the growth of the global sauces and dips market in the forecast period.

The retail sale expansion globally is promoting the sales of different sauces and dips, further propagating the market growth in the forecast period.

Offline retail holds the highest share in terms of distribution channel

Rapid urbanization, increasing disposable income, and growing internet penetration are blooming the online and offline modes of purchase for innovative sauces and dips at the international level. However, offline retail sales hold dominance at present compared to the online mode of purchase which includes hypermarkets, supermarkets, and shopping malls, where consumers find it quite convenient to find all their sauces and dip commodities under one roof. Slowly, with the advent of urbanization and a busy lifestyle, the younger generation/millennials, especially in the developing economies of the world are gaining expertise in the online mode of purchasing behavior, hence this will contribute to fueling the market growth through online sales channels as well. That coupled with the advent of the COVID-19 pandemic has forced consumers to stay home and stock their kitchens with these convenience foods through e-commerce platforms.

The growing population of working women

Furthermore, the growing population of working women, now an important earning member of the family, prefer to choose their convenience and well-being in addition to the well-being of their children and other family members. Thus, these women prefer to spend more on premium food products, and also love to try new cuisines contributing to the promotion of the sales of the global sauces and dips.

Online presence of retailers

Additionally, most of the retailers are moving on to the creation of their online mode of sales as well as the offline sales of consumer goods keeping in mind the guidelines issued by the governments across the nations to contain the spread of the virus. This is further providing an opportunity for the market to thrive in the forecast period.

The growing e-commerce industry, a consequence of the emergence of the pandemic, is also expected to strengthen market growth over the coming years. Growing multi-cuisine culture is further driving the market growth during the forecast period.

Impact of COVID-19 pandemic on the sauces and dips market

The advent of the COVID-19 pandemic has had a positive impact on the growth of the sauces and dips market. Consumers, due to the lockdowns imposed in several countries, changed their buying behaviors. They started using online retail platforms a lot more than before to follow the social distancing protocols. Additionally, consumers started frenzy buying processed food products to stock their households given the unpredictability of the situation. Work from home and online education further prompted people to cook delicacies at home increasing the demand for sauces and dips, both by the people who wanted to try different cuisines and the ones who were forced to cook for themselves but were not well equipped with those skills.

The restaurants and food services across countries were shut down as per the government guidelines. Also, the supply chains were disrupted. However, despite the low commercial demand, the household demand by the consumers led to the growth of the market. People preferred both the offline and online modes of buying but the latter is expected to grow at a higher rate than the former.

The presence of companies offering a variety of sauces and dips products are fueling the growth of the global sauces and dips market in the forecast period.

Veeba Foods is among the leading companies in India dealing in innovative sauces and condiments. Their focus lies in quality, innovation, and “Better for You” products to provide the best to their customers. The company offers its customers the freshest and authentic flavors and a major focus is put on the procurement of the finest and authentic ingredients around the globe and then these are manufactured in a world-class ISO 22000 certified manufacturing facility.

The company’s retail products include mayonnaise, Italian sauces, sauces, dips, mustard, peanut butter, and ketchup. The company also provides online food services, the major clients include Domino’s Pizza, Burger King, Social, Café Coffee Day, Dunkin Donuts, Johnny Rockets, Costa, Taco Bell, Theobroma, Fatburger, Chaayos, PVR Cinemas, mocha, hog dog, Cinepolis, PitaPit, Chai point, and Taj Hotels Palaces Resorts Safaris.

In August 2020, Veeba Foods launched a range of Ready-to-cook, restaurant-style go alongside gravies and curries consisting of 10 unique flavors.

Based on geography, Europe holds the highest market share in the global market, followed by the Asia Pacific. South America is expected to grow at the highest CAGR owing to the rapid industrialization, increasing western influence, and development of e-commerce platforms. In the emerging economies, the escalating social media presence and growing population of working women are playing a key role in the growth of the sauces and dips market. Additionally, the increasing reach and penetration of multinational processed foods companies such as Kraft and Heinz, Conagra Brands, and Nestle are contributing further to the rising market size of the sauces and dips market.

Segmentation:


By Type

Sauces
Soy Sauce
Chili Sauce
Tomato Sauce
White Sauce
Cooking Sauces
Others
Dips

By Distribution Channel

Online
Offline
Hypermarkets/Supermarkets
Convenience Stores
Grocery Stores
Others

By End-User

Household
Commercial

By Geography

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
UK
Germany
France
Others
Middle East and Africa
UAE
Israel
Saudi Arabia
Others
Asia Pacific
Japan
China
India
Australia
Others