Chinese & Hot Sauces Market Demand & Swot Analysis
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The Chinese & hot sauces market is emerging as one of the rapidly growing dynamic category in the food services industry of India. Due to increasing standard of living and changing lifestyle, the demand for sophisticated taste in meal is becoming a growing trend in the food industry that is making a positive impact on this market. Various chinese & hot sauces like red chili sauce, green chili sauce, soya sauce, schezwan sauce, pepper sauce, chili garlic sauce, hot & sweet tomato chili sauce and salsa sauce are providing high impetus to the Indian Chinese & hot sauce category. The elite class demands quality, tasty and ready to eat meals which are turning out to be a greatest driver for the usage of these sauces in chinese and spicy food recipes. The penetration of chinese & hot sauce is still very low in India as compared to other nations.
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According to “India Chinese & Hot Sauces Market Outlook, 2021”, chinese sauce market is estimated to reach a market size of INR 100 crore in 2015. Ching’s, Fun Foods, Del Monte, Sil and Tops are the major players operating in the chinese sauce market. The category is projected to grow by 2021 due to growing trend of chinese food, different food awareness, increasing disposable income, growing demand in middle class people and rising number of restaurants serving chinese food in the country. Unorganized players in this industry are lagging behind as compared to organized players as institutional food players and restaurants focus more on quality rather than prices. Hence, they consume only branded sauces. However, the unorganized market for chinese sauces is also likely to grow in coming years as there is a rise in number of roadside restaurants and street food stalls in India.
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Chinese sauces like red chili sauce, green chili sauce, soya sauce, etc have become an integral ingredient in all the chinese cuisines as well as Indian chinese cuisines. For many urban Indian households, preparing chinese food at home is nothing new now. Urban consumers have been stocking up these sauces in their kitchens for preparing ready to eat meals and snacks. Thus, metro cities account for a considerable share in the sales of chinese & hot sauces market. Red chili sauce dominates the chinese sauce market, followed by soya sauce. According to most retailers, Ching’s Secret leads the market in Chinese soy and chili sauce that results into Ching’s holding maximum market share in chinese sauce category. Chinese & hot sauce category has become a marketplace for new product developments and manufacturers are continuously trying to make innovations with new variants.
The information contained in this report is based upon both primary and secondary research. Primary research included interviews with various channel partners of chinese & hot sauces in India. Secondary research included an exhaustive search of relevant publications like company annual reports, financial reports and proprietary databases.
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