Condiments, Sauces, Dressings and Seasonings: A Global Strategic Business Report
San Jose, CA (Vocus/PRWEB) January 10, 2011
A pinch of salt, a dash of pepper, a sprinkling of herbs or a tinge of seasoning, transforms an ordinary meal into a gastronomical delight. Condiments, sauces, dressings and seasonings have been an integral part of cooking for a long time. These can be as exotic as bleu cheese or as humble as honey-mustard, and still perk up the flavor of foods while simultaneously providing a contrasting taste. There is a recession-induced change in the eating habits of people world over, which resulted in a radical shift away from eating out at restaurants, towards cheaper option of eating home-cooked food. This played a major role in propelling demand for food enhancers such as sauces, dressings, condiments and seasonings. Apart from changing eating habits, the global financial crisis resulted in demand for the more economically priced private label products, vis-à-vis, heavily priced branded products. Consumer spending on the whole, is gravitating towards supermarket and packaged food purchases. Today, end-users are more cautious and are looking for value for the money they spend on these products. This has resulted in well-known companies severely limiting their product launches in the past two years.
The steadily growing popularity of convenience foods, rising demand for exotic cuisines, and the trend towards innovative and attractive packaging, continue to drive demand for condiments, sauces and other food accompaniments. Specialty condiments, ethnic, regional, and gourmet, continue to drive major growth in the condiments market. Since the late 1980s, the categories experiencing strongest value growth have been Mexican, Oriental, and hot sauces. These apart, broadening food horizons with an ever-increasing number of people journeying abroad and consumers world over seeking local flavors in the products, provide opportunities for companies to experiment with new flavors and bring out innovative products. Increasing trend towards healthy eating accompanied with busy lifestyles significantly contribute towards growing preference for semi-prepared and packaged products. Furthermore, the globalization of brands and increasing disposable income of consumers is pushing demand for the products in developing nations. Products free from transfats and low-sodium salad dressings have also grown in popularity over the last 1-2 years. Major packaged food companies including Campbell Soup, Sara Lee and ConAgra Foods voiced intentions to cut down on the salt content in their salad dressings, while several others have already rolled out products with lesser sodium content.
The global recession impacted the number of product launches during the 2008-09 period, with new rollouts both in the US and Canada witnessing a decline of 26% in 2009 as compared to 2008. Shrinking number of new introductions during the recession years was quite obvious with manufacturers focusing on a full and complete recovery in the global economy. While the overall market for dressings and sauces apparently did not experience any adverse recession impact, there was a stiff competition between private labels and established brands during the period. More economically priced private label products emerged as tough competitors for the costlier branded products. In order to save money during times of scarce finances, consumers’ switched preference to store led, private label brands. In the year 2009, there was a significant decline in the launches of organic products. Organic salad dressing introductions for the year were down by about 10%, as compared to 2008. Picking up from the slack were the natural products, accounting for over 30% of overall salad dressing launches during 2009. With organic product shortages, ‘natural’ was the new buzzword in the market for salad dressings during the year. Packaged food, unlike several other markets that have been adversely affected by the global recession, managed to post impressive growth rates during 2009. There was a shift away from spending in restaurants towards purchasing semi-prepared and packaged food for use in cooking meals at home.
Europe and Asia-Pacific constitute two of the largest and most influential markets for condiments, sauces, dressings and seasonings, as stated by the new market research report on Condiments, Sauces, Dressings & Seasonings. In terms of growth, Latin America is projected to take the lead, expanding at the overall fastest CAGR of 3.2% through 2015. The market is broadly categorized into Condiments and Salad Dressings. In terms of size, Sauces (Wet Condiments) product segment, part of the Condiments group comprising of ketchup, mustard, Mexican sauce and others clearly dominates the market. However, in terms of most promising market potential, Seasonings (Dry Condiments) product segment, under the Condiments category is forecast to grow at the highest compounded rate for the period 2007-2015.
Major market participants in the report include Ajinomoto Co., Inc, Ariake Japan Co., Ltd, Campbell Soup Company, Clorox Company, ConAgra Foods Inc., Del Monte Foods, Frito-Lay Inc., H.J. Heinz Company, Kikkoman Corporation, Kraft Foods Inc., Lee Kum Kee, McCormick & Company Inc, Nestle SA, Nestle USA Inc and Unilever.
The research report titled “Condiments, Sauces, Dressings and Seasonings: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market highlights, trends & issues, competitive landscape, product overview, recent industry activity, and profiles of market players worldwide. Analysis and overview is presented for major geographic markets such as US, Canada, Japan, Europe, Asia-Pacific, Middle East and Latin America. Market analytics are provided in terms of terms of Value (US$) for product groups/segments including Condiments (Sauces/Wet Condiments [Ketchup, Mustard, Mexican Sauce, Italian Sauce, Barbecue Sauce, Meat & Poultry Sauce, Oriental Sauce, Seafood Sauce, Hot Pepper Sauce, Chili Sauce, Dry Gravy & Sauce Mixes and Miscellaneous Sauces] and Seasonings/Dry Condiments [Seasonings Spices & Extracts, Salt and Pepper]) and Salad Dressings (Pourables, Dry Mix, Mayonnaise and Spoonables). The study also presents historic data for an insight into market evolution over the period 2000 through 2006.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Condiments_Sauces_Dressings_And_Seasonings_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
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