The U. S. sauces market is predicted to attain a size of $22. 4 billion by 2024, progressing at a 3. 3% CAGR during the forecast period. The growing popularity of ethnic cuisines, busy lifestyle, changing consumer preferences to healthier products with a unique flavor, and increasing disposable income are some of the factors contributing to the growth of the market.
New York, Nov. 06, 2019 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "U.S. Sauces Market" - https://www.reportlinker.com/p05796703/?utm_source=GNW
On the basis of table sauces, the market is classified into tomato, mayonnaise, soya, barbecue, chili, Schezwan, horseradish, oyster, mustard, and other sauces.
Out of these, the mayonnaise classification held the largest share in the U.S. sauces market. The surging popularity of salads and fast food as well as the rising consumption of snacks by the young population are resulting in the increasing use of mayonnaise across the nation. However, the chili and soy sauce classifications are expected to witness the fastest growth in the market during the forecast period. When segmented by distribution channel, the market is categorized into convenience stores, supermarkets/hypermarkets, online, specialist stores, and others.
Among these, in 2018, the supermarkets/hypermarkets category held the dominating share of more than 70.0% in the U.S. sauces market. Due to the changing preferences and surging number of supermarkets/hypermarkets, consumers, nowadays, are heavily buying sauces via such stores. However, during the forecast period, the online channel classification is predicted to exhibit the fastest growth in the market, which can be ascribed to the rising retail e-commerce sales in the nation.
In 2018, e-commerce platforms held a 14.3% share of the overall retail sales, a surge from 12.9% in 2017. Thus, the expanding e-commerce industry is projected to help the U.S. sauces market advance during the forecast period. This market is highly competitive for existing and potential players, and it is projected to create huge opportunities for them during the forecast period. Companies such as The Kraft Heinz Company, C.H. Guenther & Son Inc., and Conagra Brands Inc. are actively participating in the mergers and acquisitions to increase their market share across the globe.
Further, The Kraft Heinz Company and McCormick & Company Incorporated are continuously aiming on partnerships to serve consumers better with advanced technologies and new products. The growing popularity of ethnic cuisines is one of the major factors contributing to the growth of the sauces market in the U.S. Due to the rapid globalization and culinary culture exchange, the consumption of ethnic cuisines is increasing. The younger population in the nation is now becoming experimental; they like to explore new flavors and different cuisines. The surging popularity of ethnic cuisines, such as Mexican, Chinese, Italian, Greek, Japanese, and Indian, is generating good revenue in the sauces market.
Read the full report: https://www.reportlinker.com/p05796703/?utm_source=GNW
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