Owing to globalization, people across the world are becoming more and more open towards trying new things, especially when it comes to food items. The popularity of ethnic cuisines, majorly in the U.S., has been increasing rapidly. The younger generation primarily is not afraid to experiment with new experiences. Ethnic cuisines such as Mexican, Indian Chinese, Greek, Japanese, and Italian make wide usage of sauces, owing to which, the U.S. sauces market is predicted to advance at a considerable pace in the years to come.
The disposable income of people in the country is growing as well, ascribed to which, they are able to spend more money on ethnic food items. In addition to this, with the daily routine becoming increasingly stressful and hectic, a larger number of people prefer ready-to-eat food rather than cooking themselves. The growth of the corporate sector has resulted in longer working hours and a busier lifestyle, therefore, food that is easy to prepare in in high demand in the U.S. Sauces are an important part of such food items, as they aid in enhancing the taste of meals in a limited amount of time.
Read More: U.S. Sauces Market Analysis and Demand Forecast Report
Since the popularity of sauces has already been established in the country, the demand for natural and organic sauces is on the rise these days. In addition to wanting food items that can be easily prepared, consumers are also focusing on their health. Because of this, they are trying to avoid products that can have a negative impact on their health and are adopting organic diet. The companies in the industry are hence focusing upon coming up with sauces that are organic in nature for increasing their consumer base. This is predicted to drive the demand for sauces in the years to come.
The U.S. sauces market is projected to generate a revenue of $22.4 billion by 2024, increasing from $18.6 billion in 2018, and is predicted to advance at a 3.3% CAGR during the forecast period (2019–2024). On the basis of type, the market is divided into dips, table sauces, and cooking sauces. Out of these, the table sauce division dominated the market in 2018 due to the changing food preference. The division is further classified into oyster sauce, horseradish sauce, schezwan sauce, mustard sauce, chili sauce, barbecue sauce, soy sauce, tomato sauce, and mayonnaise.
Other than this, dips is expected to progress at the fastest pace during the forecast period, owing to the rising number of ethnic food chains. When distribution channel is taken into consideration, the U.S. sauces market is categorized into special stores, online, convenience stores, supermarkets/hypermarkets, and others, according to a P&S Intelligence report. The supermarkets/hypermarkets category accounted for the major share of the market in 2018, because of the fact that consumers prefer buying sauces from such stores. The online category is predicted to register the fastest CAGR during the forecast period, owing to the expanding e-commerce industry in the country.
In conclusion, the demand for sauces in the U.S. is growing because of the busier schedule of people, increasing disposable income, rising preference for ethnic foods, and increasing demand for organic and natural products.