iCrowdNewswire Jan 13, 2021 2:15 AM ET
According to a recent market study published by Growth Market Reports (GMR), titled, “Global Chili Sauce Market by Types, Sales Channels, and Regions: Size, Share, Trends and Opportunity Analysis, 2017-2027”, the market was valued at USD 4,232.7 Million in 2019 and is expected to grow at a healthy growth rate of 6.5% by the year 2027. In terms of volume, the market is estimated to grow at 5.7% during the forecast period. The expected growth of the global chili sauce market can be attributed to the rising use of chili sauce for cooking food at commercial places and homes. Further, the growing popularity of Chinese and Mexican spicy cuisine which is made using the chili sauces is boosting the consumption and hence driving the market growth.
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The Global Chili Sauce Market is segmented based on types, sales channels, and regions. Based on types, the chili sauce market is bifurcated into mild chili type, medium chili type, and very chili type. By sales channels, the chili sauce market is categorized into supermarkets/hypermarkets convenience stores, independent retailers, online sales, and others. Based on the regions, the global chili sauce market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). North America region is further bifurcated into countries such as the U.S. and Canada. Latin America region is further segmented into Brazil, Mexico, and the Rest of Latin America. Asia Pacific is further segmented into, India, China, South Korea, Australia, Japan, and the Rest of Asia Pacific. The European region is further categorized into the U.K., France, Germany, Italy, Spain, Russia, and the Rest of Europe, and the MEA region is further divided into Saudi Arabia, South Africa, UAE, and the Rest of Middle East & Africa (MEA).
In the year 2020, the chili sauce market is expected to witness considerable growth due to COVID 19 pandemic. The major economies including the U.S., China, India, Germany, and others are majorly affected due to the COVID-19 pandemic and many other countries are facing economic recession. Industries operating in non-essential businesses are facing a considerable decline in terms of demand as well as production. On the other hand, the food and beverage industry is standing out as an exception in this pandemic and Chili Sauce is one of them. The partial and complete lockdowns across the globe have resulted in the decline in the outings of a large population pool which is ultimately affecting the commercial consumption of chili sauces temporarily. However, the demand from household users spiked in the year 2020 as people are spending more money on cooking various dishes at home fueling demand for chili sauce. The overall impact of COVID-19 on the chili sauce market is expected to be positive and fuel market growth during this pandemic.
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As per GMR industry analyst Vidya Jadhav, “The global chili sauce market is anticipated to witness significant growth during the forecast period 2020-2027 driven by increasing consumption of Chili Sauce from the household consumers. In addition, rising inclination towards spicy food and the increasing popularity of Mexican and Chinese Cuisine in which chili sauce is one of the prime ingredients is boosting the demand for chili sauce at a global level. Moreover, the market is expected to witness significant growth due to the rising availability of international brands on e-commerce platforms.”
Key Takeaways from the Study:
- Asia Pacific region accounts for a major share of the market. The market in the region is projected to expand at a significant CAGR during the forecast period. The strong demand for chili sauce across China, India, and South East Asian countries is driving the growth of the market in this region.
- The mild chili type segment accounts for a dominant share of the market and is estimated to expand at a high CAGR during the forecast period. High preference for medium spicy food is anticipated to drive the segment growth.
- The Supermarkets/Hypermarkets sales channel is expected to dominate the market. This can be attributed to the fact that people can see and check the products themselves at supermarket/hypermarkets. Consumers can easily check for ingredients, multiple products are available for comparison. Hence, the sale of chili sauces at Supermarkets/Hypermarkets is prominent as compared to other sales channels. However, the online sales channel is expected to grow significantly during the forecast period.
|Market Value in 2019||USD 4,232.7 Million|
|Market Growth Rate (from 2021 to 2027)||6.5%|
|Historical Data||2017 & 2018|
|Forecast Period||2020 – 2027|
|Units Considered||Value (USD Million) & Volume (Tons)|
|Market Segments||Types, Sales Channel|
|Regional Scope||North America, Europe, Latin America, Asia Pacific, and Middle East & Africa (MEA)|
|Country Scope||U.S., Canada, Brazil, Mexico, Rest of Latin America, India, China, Japan, South Korea, Australia, Rest of Asia Pacific, U.K., France, Germany, Italy, Spain, Russia, Rest of Europe, Saudi Arabia, South Africa, UAE, and Rest of MEA.|
|Key Companies Profiled||LA COSTENA, Sriracha, Franks Redchilli, Cholula,
ABC Extra Pedas, Real Thai, AROY-D, Tabasco, Lao Gan Ma, and SHING KEE
|Customization Scope||Report customization available on request|
|Pricing and Purchase Options||Avail tailor-made purchase options to meet your research requirements.|
- Supply-side: Chili Sauce manufacturers, Hot Sauce Manufacturers, raw material suppliers, primary respondents, and distributors.
- Demand Side: Household consumers and Commercial Consumers.
- Regulatory Side: Concerned government authorities, commercial research & development (R&D) institutions, and other regulatory bodies
- Associations and Industry Bodies: Food and Drug Administration (FDA), Food Safety and Standards Authority of India (FSSAI), Food Standards Agency and Japan External Trade Organization, Canadian Food Inspection Agency, Centre for Food Safety (CFS), Ministry of Food Processing Industries (MOFPI), Ministry of Agriculture, Food and Rural Affairs, and Council of Agriculture (COA)
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