The global condiments market is expected to exhibit a strong 5.4% CAGR over the forecast period from 2019 to 2024, according to the newest market report compiled by Market Research Future (MRFR). The global condiments market is mainly driven by the growing demand for condiments for their flavor and health benefits. The growing food and beverage industry is likely to be a major driver for the global condiments market over the forecast period. The report projects the global condiments market to grow to an impressive valuation of USD 98.3 billion by 2024. The steady growth trajectory of the condiments market over the historical review period is also studied in detail in the report, providing pointers as to the leading drivers and restraints propelling the market.

Condiments are mainly used alongside dishes such as burgers, salads, and sandwiches to enhance the flavor of the latter. These include widely used examples such as tomato ketchup and mustard sauce, to rare spices and dressings used in certain cuisines. Condiments can add various flavors to the food, making it more palatable and popular.

The growing food and beverage industry is likely to be a major driver for the global condiments market over the forecast period. The rapid growth of the fast-food industry, in particular, has been a major driver for the condiments market, as condiments such as various sauces are widely used alongside foods such as burgers, hot dogs, and sandwiches. The fast-food industry has propelled itself at a rapid growth rate over the last few years, with the cheap, quickly prepared foods becoming a hit all over the world, leading to a growing demand for condiments and other supplementary products. This is likely to remain a major driver for the global condiments market over the forecast period.

Competitive Analysis:

Leading players in the global condiments market include Three Threes Condiments Pty Limited, Del Monte Foods Inc., Nutri-Asia Inc., Kikkoman Corporation, Sing Cheung Co., Midas Foods International, Mars Inc., Nestle, The Kroger Co., Hormel Foods Corporation, Unilever, General Mills Inc., Kraft Foods Inc., ConAgra Foods Inc., and McCormick Company. Leading players in the global condiments market are likely to focus on product expansion in the coming years, as the demand for a wide range of condiments is growing around the world. Leading international players are also likely to target emerging markets in Asia Pacific, the Middle East, and Africa, in the coming years, with local players also emerging from the aforementioned regions to supply the region’s growing need. Local players’ understanding of the local palette and preferences is likely to be vital in the global condiments market, with several local players carving out a solid stake in the global condiments market.

In October 2019, Heinz announced a collaboration with Hummingbird Bakery in order to produce ketchup and beans flavored cakes. The development of condiment-flavored cakes represents a new demographic for the condiments market, as cakes are among the few products that are hardly ever consumed with condiments.

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Segmentation:

The global condiments market is segmented on the basis of type, packaging type, distribution channel, and region.

By type, the global condiments market is segmented into spices, sauces and ketchup, dressings, and others.

By packaging type, the global condiments market is segmented into bottles, pouches and sachets, and others.

By distribution channel, the global condiments market is segmented into store-based and non-store based distribution. The store-based distribution segment is further sub-segmented into supermarkets and hypermarkets, convenience stores, and others.

Regional Analysis:

Asia Pacific is expected to be the dominant consumer within the global condiments market, followed by Europe and North America. The growing fast-food industry in and the increasing awareness about western condiments are likely to be the major drivers for the condiments market in Asia Pacific. The region is also expected to exhibit the fastest growth rate over the forecast period, due to the high volume of unmet needs in countries such as China, India, Japan, and South Korea.