In countries across the globe, especially Asia Pacific, ketchup is not the king of condiment sauces. Instead, a wide variety of condiment sauces are used almost on a daily basis across countries such as India, Japan, Australia, South Korea, China, Hong Kong, Singapore, Malaysia, Indonesia, New Zealand, the Philippines, and Thailand.
Each of these countries, and often even towns and cities within them, have their own ways of adding flavor to their food. In countries from North America, condiment sauces are not only minimally used but are also minimal in variety – ketchup, mayonnaise, steak, and mustard sauce are the most prominently-used sauces in this region. However, in Asia Pacific the condiment sauces market is not only plentiful but also considered central to the overall value of the meal.
Transparency Market Research, a US-based market research firm, states that the market for condiment sauces had a net worth of US$6,137.01 million in 2014. The market is projected to grow at a CAGR of 5.85% between 2014 and 2020 and reach US$8,629.7 million by 2020.
What is Driving the Market?
Condiment sauces are worthy of making any bland food item flavorful and spicy. These sauces can be used either in cooked food or as table dips or both. The increasing demand for condiment sauces in Asia Pacific can be largely attributed to the busy lifestyles and rising urbanization in the emerging countries of these regions. An increased preference for fast food, which has condiment sauces as an important ingredient, is also a key driving factor behind an increased demand for condiment spices in these regions.
The demand for different kinds of sauces observes diversified trends across various countries of Asia Pacific. Most countries in these regions have widely different eating patterns. While soy sauce is heavily used in the national cuisines of China, Korea, and Japan, national condiment sauces are in heavy demand in New Zealand. Tomato ketchup is the prime utility condiment sauce in India, Hong Kong, Australia, Indonesia, Malaysia, Philippines, Thailand, and Singapore.
Country-Wise Consumption Patterns
In Asia Pacific, China and Japan are considered mature markets, while countries such as Australia, India, New Zealand, South Korea, Hong Kong, and Indonesia present many untapped growth opportunities.Demand for condiment sauces in China and Japan is projected to increase further in the coming years due to the rising number of fast food restaurants in these countries. Demand for soy sauce will account for a major share of all the varieties of condiment sauces consumed by these countries.
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