Asia-Pacific Condiments Market Expected to Reach $71,862.43 Million by 2025, CAGR 5.8%
Asia-Pacific
Condiments Market garnered $45.76 billion in
2017 and is expected to reach $71.86 billion by
2025, registering a CAGR of 5.8% from 2017
to 2025.
Increase in
cross-cultural interaction owing to globalization and increased foreign travel
drives the Asia-Pacific condiments market. Moreover, rise in the number of
fast-food outlets and a surge in retail network supplements the growth of the
market. However, fluctuations in raw material prices impact the overall cost of
manufacturing, thereby restraining the market growth. On the contrary,
augmentation of products leading to the emergence of healthier options such as
gluten-free sauces, organic sauces, and sauces with no/less preservative
concentration is expected to create opportunities for the growth of
the Asia-Pacific condiments market in the years to come.
The sauces segment
generated more than half of the total market share in 2017 and would maintain
its lion’s share through 2025, due to their increased use as taste enhancers in
almost all kinds of meals, meat & seafood’s, and convenience food.
Moreover, higher consumption of soy sauces in South East Asian countries, along
with growing popularity of chili sauces, barbeque sauce, and other table sauces
in Asia-Pacific drives the market growth. However, the marinades
segment is expected to register the fastest CAGR of 6.6% from 2017 to 2025.
This is due to the increased use of marinades in foodstuffs such as chicken,
fish, and other forms of meat. Increasing disposable income of consumers,
particularly in China, India, and Indonesia, has led to the rise
in consumption of high value meat products, which in turn, boosts the
consumption of marinades. The report also analyzes ketchup, mayonnaise,
pickles, among others.
Among the
applications, meat & seafood products captured one-third of the market
share in 2017 and would maintain its lead through 2025. Growing disposable
income of consumers, increase in urbanization, and rise in health consciousness
in the Asia-Pacific region contribute to the higher consumption of
protein rich food such as meat & seafood, thereby driving the demand for
condiments in the market. However, the convenience foods & ready meals segment
would grow at the fastest CAGR of 6.6% from 2017 to 2025, due to busy
lifestyles of consumers. China and India are among the
largest consumers of condiment, owing to the presence of large population base
and surge in number of QSRs such as McDonalds, Burger King, Wendy’s, Subway,
and Dunkin’ Donuts, which contribute toward the market growth. The study also
discusses applications such as snacks, baked goods, among others.
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Among the forms, the
paste segment accounted for 60% of the market share in 2017 and would maintain
its dominance through 2025, as most of the condiments in paste form such as
mayonnaise, ketchup, mustard, pickles, pasta sauce are highly consumed with all
kinds of food products. However, the liquid segment would grow at the fastest
CAGR of 7.0% during the study period. This is because soya sauce is one of the
most consumed sauce in Asia-Pacificowing to its application in a lot of
dishes such as noodles, Sushi, marinated chicken, pad Thai, and more. The dry
segment would grow at a steady pace during the study period.
Among the countries
in Asia-Pacific, Japan held a major market share, contributing
more than one-third of the total revenue in 2017. This is due to the higher
consumption of condiments in meat & seafood products and higher affluent
population in the region. However, India would register the fastest
CAGR of 11.7% from 2017 to 2025, owing to rise in disposable income of
consumers, increase in popularity of fast-foods, and expanding retail network
in the region. The others regions analyzed in the study are China, Australia, Indonesia, Thailand, Singapore, Malaysia, Vietnam,
and the rest of Asia-Pacific.
The leading market
players analyzed in the report include Kraft-Heinz, Inc., Nestlé, Yeo Hiap Seng
Ltd, Three Threes Condiments Pty Limited, Hormel Foods Corporation, NutriAsia,
Unilever, Kikkoman Corporation, McCormick & Company, Inc., and Del Monte
Foods, Inc. Various strategies such as expansions, joint ventures, mergers
& acquisitions, collaborations, partnerships, and others have been
implemented by these players to gain a stronghold in the industry.
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