U.S. Sauces Market Research Heating Up
The U.S. sauces market attained a value of $18.6 billion in 2018, and it is projected to advance at a CAGR of 3.3% during the forecast period (2019–2024). The market is witnessing growth due to the surging number of immigrants in the country, rising disposable income and busy lifestyle of the populace, and surging popularity of ethnic cuisines. Sauces are semi-liquid or liquid substances that are used while cooking in order to add flavor to the food, served with food, or both.
When type is taken into consideration, the united state sauces market is categorized into dips, cooking sauces, and table sauces. Out of these, the largest revenue was generated by table sauces. This is because these are required with food by the majority of the population. The shifting dietary preferences of people are also a key driving factor for this category. Dips are predicted to grow at the fastest pace during the forecast period, both in terms of value and volume, as they are an integral part of several regional as well as international cuisines.
The busy lifestyle and increasing disposable income of people are other major factors leading to the growth of the sauces market in US region. The requirement for ready-to-use food products, including sauces, is rising as working professionals have longer working hours and a busy lifestyle. For people, who like cooking but do not have ample time for it, sauces are a huge help. The preparation of meal is made easy and quick by the utilization of these ready-to-use condiments. These factors, along with the rising spending ability of people, are driving the demand for sauces.
The popularity of hot and spicy variants is among the major trends in the U.S. sauces market. The demand for hot sauces in the country is increasing due to the growing willingness of natives to try out new cuisines and the rising number of expatriates in the U.S. Cuisines which are known for their hot and spicy flavors are gaining popularity among people. Moreover, the key companies in the market are launching spicy and hot sauces to meet the changing consumer preferences.
Hence, the growing popularity of hot and spicy sauces, busy lifestyle and rising disposable income of the population, and increasing popularity of ethnic cuisines are leading to the growth of the market.
