Condiments Sauces Market - Asia Pacific Industry Analysis 2020

Condiments sauces can be added to food dishes to enhance flavor or compliment food. These sauces are used either in cooking, as table dips or both. The condiments sauces market has experienced diversified trends across various countries such as China, Japan, India, Australia, South Korea, New Zealand, Indonesia, Hong Kong, Philippines, Malaysia, Thailand, and Singapore. The Asia Pacific condiments sauces market is expected to witness rapid change due to fast changing eating patterns across the various countries. The condiments sauces market is expected to grow significantly in Asia Pacific region, mainly due to growing demand from emerging markets such as China, Japan, and India. The leading markets of Asia Pacific such as China and Japan are heading to maturity; however, emerging markets such as India, Australia, South Korea, New Zealand, Indonesia, and Hong Kong are expected to witness growth in demand for sauces. Preference for fast food is another key factor driving demand for condiment sauces.

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Rise in consumption of condiments sauces is supported by increasing busy lifestyle and growing urbanization in emerging markets of Asia Pacific such as China and among others. Moreover, growing preference for fast food, which includes condiments sauces as an important ingredient to enhance flavor, is expected to drive the market over the next six years.

Demand for condiments sauces is expected to grow in markets such as China and Japan due to increase in the number of fast food restaurants. Major developed markets such as China and Japan are expected to witness rising demand for soy sauce over the next six years. Condiments sauces are available in almost all distribution channels such as dollar stores, variety stores & general merchandise retailers, supermarkets/hypermarkets, department stores, food & drinks specialists, and convenience stores. However, improving lifestyles in developed countries are expected to support growth of supermarkets and hypermarkets over the next six years.

The Asia Pacific condiments sauces market is valued at USD 6137.01 million in 2014 and is expected to reach USD 8629.72 in 2020. The Asia Pacific condiments sauces market is expected to grow at a CAGR of 5.85% from 2014 to 2020. Growth in the market is mainly attributed to growing demand for condiments sauces in developed markets such as China, Japan, and South Korea for soy sauce, New Zealand for national condiments sauces, and Australia, Hong Kong, Indonesia, India, Malaysia, Philippines, Singapore, and Thailand for tomato ketchup.

Country wise, China held the largest market share followed by Japan in 2014. Demand for condiment sauces in these countries is driven by busy lifestyle of people and their dependence on fast food. Demand is supported by popularity of condiments sauces among consumers to make traditional and authentic multi-cuisine food at home. Consumption of sauces is expected to increase in countries such as India, Australia, South Korea, New Zealand, Indonesia, Hong Kong, Philippines, Malaysia, Thailand, and Singapore by 2020.

Market size of condiments sauces for China and Japan is expected to grow at a higher CAGR than that of other Asia Pacific countries. However, developed markets are expected to witness the growth trend for condiment sauce due to busy lifestyle and changing eating pattern.

Dollar stores, variety stores & general merchandise retailers, cash & carry, and warehouse clubs are the most preferred distribution channels. These are expected to dominate the distribution share of condiments sauces by 2020, followed by convenience stores and food & drinks specialists.

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