Rising Demand for International Cuisines Propels Growth
Posted by Gunjan on January 16th, 2020
The rising demand for various international cuisines that includes authentic dishes from all around the world is boosting the global hot sauce market, says Fortune Business Insights in their new report. The report is titled,” Hot Sauce Market: Global Market Analysis, Insights, and Forecasts, 2018-2026” and it has prognosticated to grow remarkably with rising demand for spicy, bold, and exotic international cuisines among consumers.
According to the report, the market is anticipated to reach a value of US$ 3.77 Bn by the end of 2026. The forecast period is set from 2019 to 2026 and the market is expected to grow at 6.5% CAGR.
Rise in Demand for Meat-based Food Items to Augment Growth
Increasing population and the need to feed the growing population with diversified food products are key factors boosting the global hot sauce market. The change in lifestyle and eating habits of people have impelled them to try new cuisines most of the time. This makes way for international cuisines to be tried, tested, and then start falling into the trending food category. Such factors contribute to the growth of the global market for hot sauce.
Additionally, the rising popularity of various Asian cuisines, which includes spicy, tangy, and unique taste such as Thai, Chinese, and Indian food items, is also propelling the hot sauce market growth. Besides this, there is a rising demand for exotic cuisines and fast-food, which is fueling the demand for hot sauce globally.
Asia Pacific to Register Faster Growth on Account of High Demand for Diverse Regional Cuisines
Fortune Business Insights foresees Europe and North America will hold the largest share in the global hot sauce market. This is owing to the increasing number of meat-based food product consumption that includes spicier versions of spices and condiments. However, the hot sauce market in Asia Pacific is anticipated to register faster growth on account of heavy reliance on spices and availability of diverse regional cuisines.
The global hot sauce market is fragmented in nature. This gives lucrative growth opportunity for small producers to make their mark in the market. The introduction of unique sauces by private label brands are running smoothly with their unique craft positioning. Major players of the global hot sauce market are adopting various strategies in order to establish a strong presence in the market during the forecast period.
Such strategies include merger and acquisitions, and new product launches. Besides this, players are also investing huge sums into research and development for creating innovative flavors of hot sauce that will attract more revenue to the market in the coming years.
However, the rising price of ingredients used for making sauce such as high price of spices, condiments, seasonings, and others is anticipated to cause hindrance to the growth of the market globally. Nevertheless, the growth of hospitality and tourism sector on a global basis has further helped to intensify various international cuisines. This, is anticipated to augment the growth of the global hot sauce market in the coming years.
To Gain More Insights into the Market with Detailed Table of Content and Figures, Click Here:Sauce Market, Hot Sauce, Global Hot, International Cuisines, Sauce, Market, Hot
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