Cooking Sauces Market: Summary
The global cooking sauces market had a valuation of USD 33.2 Billion in 2022, with expectations to reach USD 56.4 Billion by 2032. During the forecast period, it is projected to experience a rapid compound annual growth rate (CAGR) of 5.4% in terms of revenue. The driving forces behind this market growth include an increasing demand for convenient and flavorful meal solutions, a growing affinity for ethnic cuisines, and the prevailing trend of home cooking.
Cooking sauces, which encompass a wide variety of options like tomato-based sauces, curry sauces, pasta sauces, barbecue sauces, and others, serve as condiments that enhance the taste, aroma, and richness of culinary preparations. The need for cooking sauces is on the rise as consumers actively seek out convenient and delectable meal solutions that can be swiftly prepared at home.
Furthermore, the surge in demand for convenient and flavorful meal solutions plays a pivotal role in boosting market revenue. Modern lifestyles marked by busy schedules and time constraints have reshaped consumer preferences towards convenient and readily available food choices. Cooking sauces offer a swift and effortless means to elevate the flavors of dishes, enabling consumers to craft delicious meals without investing an excessive amount of time in the kitchen.
Read full report: https://www.reportsanddata.com/report-detail/cooking-sauces-market
Cooking Sauces Market: Strategic Developments
- In 2021, Nestle S.A. unveiled a collaboration with Corbion NV to create a sustainable and natural plant-based meat alternative, reinforcing Nestle’s presence in the plant-based protein market.
- In 2021, The Kraft Heinz Company made headlines by acquiring Primal Nutrition LLC, a producer of plant-based condiments and sauces, as part of its strategy to diversify its plant-based food offerings.
- In 2020, Conagra Brands Inc. expanded its portfolio by acquiring the packaged foods business of Lakeview Farms LLC, with a particular focus on bolstering its offerings in refrigerated side dishes and sauces.
- In the same year, McCormick & Company, Inc. acquired Cholula Hot Sauce, a premium brand in the hot sauce segment, enhancing its presence and product range in this category.
- Also in 2020, General Mills, Inc. delved into the pet food industry with the acquisition of Tyson Foods’ pet treats business, aiming to broaden its offerings in the pet food and treat market.
- In another move in 2020, The Unilever Group bolstered its portfolio by acquiring Liquid I.V., a wellness and hydration company, to strengthen its presence in the hydration segment.
- In 2019, The Hershey Company expanded its product range in the healthy snack sector by acquiring ONE Brands LLC, known for its low-sugar, high-protein snack bars.
- In the same year, Barilla G. e R. Fratelli S.p.A. acquired Pasta Evangelists Ltd, a UK-based company specializing in fresh pasta and sauces, as part of its plan to diversify in the fresh pasta and sauce market.
- Back in 2018, Campbell Soup Company broadened its offerings by acquiring Snyder’s-Lance Inc., a manufacturer of snack foods and confectionery.
- And in 2017, Annie’s, Inc. augmented its product portfolio with the acquisition of Tasty Bite Eatables Limited, a company specializing in Indian and Asian ready-to-eat foods, as part of its strategy to expand in the ready-to-eat food market.
Cooking Sauces Market: Key Players
The global market for cooking sauces is characterized by intense competition and fragmentation, with a majority of market revenue attributed to several prominent large and medium-sized players. These key players employ various strategies to gain a competitive edge in the market, including engaging in mergers and acquisitions, forming strategic agreements and contracts, and actively developing, testing, and introducing more effective products. Among the noteworthy companies featured in the global cooking sauces market report are:
- Nestle S.A.
- The Kraft Heinz Company
- Conagra Brands Inc.
- McCormick & Company, Inc.
- General Mills, Inc.
- The Unilever Group
- The Hershey Company
- Barilla G. e R. Fratelli S.p.A.
- Campbell Soup Company
- Annie’s, Inc.
- B&G Foods, Inc.
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