Market Overview
The global culinary sauces market size is projected to reach USD 55.31 billion by 2027, exhibiting a CAGR of 3.3% during the forecast period. Rapid expansion of urban areas across the globe will open new opportunities in this market, observes Fortune Business Insights™ in its report, titled “Culinary Sauces Market Size, Share & COVID-19 Impact Analysis, By Type (Dry and Wet), Application (Households, Food Processors, and HoReCa), End-use (B2C and B2B), and Regional Forecast, 2020 – 2027”. According to the UN, by 2050, almost 70% of world’s population will be residing in urban agglomerations, with majority of this shift expected to emerge from Asia and Africa. The food and nutrition demands in urban regions, where large proportion of populations are young and working, are speedily evolving. In order to cater to these changing food preferences, supermarkets and departmental stores are stocking their shelves with diverse ingredients and products, with culinary sauces being one of the most widely purchased items. Furthermore, the hectic lifestyles that typically characterize the lives of working people force them to opt for quick-fix meal solutions, which are providing an additional boost to the sales of cooking sauces and creating new opportunities for market players.
The report states that the global market value stood at USD 43.53 billion in 2019 and shares the following:
- Accurate depiction of the market in terms of size, share, and revenue;
- Actionable insights into the various market drivers, trends, and restraints;
- In-depth assessment of all market segments; and
- Comprehensive analysis of the regional dynamics and competitive landscape of the market.
Market Restraint
Sharp Drop in Restaurant Revenues Triggered by COVID to Stall Growth
The outbreak of the COVID-19 pandemic forced governments worldwide to impose stringent lockdown and social distancing measures to contain the spread of the virus. As a consequence, restaurants and cafes witnessed a sudden drop in footfalls and revenues started declining. For example, according to a report by Crisil Research, dine-in restaurants across India are likely to see their revenues shrink by 40-50% owing to the coronavirus. Moreover, fears surrounding contracting the infection has kept consumers away from stores and shops where crowding has a high likelihood. Together, these developments have stymied the culinary sauces market growth as the demand and consumption of premium, gourmet foods has slumped massively. However, a silver lining for the hotel/restaurant/catering (HoReCa) sector has emerged in the form of online ordering, which is also expected to support this market throughout 2020.
Regional Insights
Europe to Command Market Share Backed by Growing Popularity of Ethnic Foods
Among regions, Europe is anticipated to lead the culinary sauces market share during the forecast period on account of widespread popularity of ethnic food preparations. In addition to this, cultural diversity in the continent is growing steadily, which is further propelling the demand for cooking sauces and other ingredients in the region.
The market size in North America stood at USD 8.36 billion in 2019 and the region is expected to offer lucrative opportunities to market players in the coming years. This will be primarily a result of rising integration of exotic condiments and spices in their traditional meals. Asia Pacific is expected to showcase the most impressive CAGR of 3.65% between 2020 and 2027 owing to increasing uptake of western culinary items and evolution staple diets.
Competitive Landscape
Launch of Exciting New Products to Intensify Market Competition
Key market players are aggressively introducing novel food products such as exotic condiment sauces to cement their position in the market. To achieve this, these companies are injecting large amounts of monies in R&D activities to match their products with the changing consumer demands.
Industry Developments:
- January 2020: Tesco launched a unique plant-based condiment range in the UK, the first of its kind in the country, to meet the surging the demand for vegan sauces. The new sauces are part of the Wicked Kitchen product line and include offerings such as ‘Dreamy Beetroot Dressing’, ‘Sriracha Sauce’, and ‘Sticky Teriyaki Sauce’.
- April 2019: The US-based barbecue sauce specialist, Rufus Teague, released its first-ever line of sugar-free BBQ sauces, with the new flavors named as “Smoke ‘N Chipotle” and “Slim N’ Sweet”. The innovative flavors are aimed at expanding the company’s existing portfolio of natural, gluten-free, and premium quality barbecue sauces.
Gain More Insights into the Culinary Sauces Market Research Report:
https://www.fortunebusinessinsights.com/culinary-sauces-market-103365
Limited land and adverse weather conditions have confined the global cultivation of crops to such an extent that food manufacturers are conniving strange ways to put forth new edible products.
And, consuming insects is one such peculiar mode of meeting the world’s rising food consumption levels.
Regardless of how hungry one is, the concept of ‘edible insects’ as food is most likely to hold back every other person from consuming them.
Outlook of Global Edible Insects Market Owing to such growing desires of eating more bugs, the growth of the global market for edible insects is already gaining pace, accounting for US$ 772.9 Mn at a CAGR of 6.1% over the forecast period 2016-2024.
Rising investments in companies that manufacture food products derived from edible insects are influencing a probable paradigm shift in food production sector.
While some regions show reluctance in consuming food products from edible insects, the consumption of mealworms and other worm-like insects is becoming a staple food and good source of protein for people living in the Republic of Ghana.
Feeding the world’s overflowing human population will continue to exert burden on the planet’s food production capacity. Limited land and adverse weather conditions have confined the global cultivation of crops to such an extent that food manufacturers are conniving strange ways to put forth new edible products. And, consuming insects is one such peculiar mode of meeting the world’s rising food consumption levels. Regardless of how hungry one is, the concept of ‘edible insects’ as food is most likely to hold back every other person from consuming them. Although, after eating them, the person is more likely to find that juicy bug larvae quite tasty!
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Outlook of Global Edible Insects Market
Owing to such growing desires of eating more bugs, the growth of the global market for edible insects is already gaining pace, accounting for US$ 772.9 Mn at a CAGR of 6.1% over the forecast period 2016-2024. Global F&B leaders and venture capitalists are paying heed to the emergence of edible insects market. Rising investments in companies that manufacture food products derived from edible insects are influencing a probable paradigm shift in food production sector. While some regions show reluctance in consuming food products from edible insects, the consumption of mealworms and other worm-like insects is becoming a staple food and good source of protein for people living in the Republic of Ghana.
Key Trends Influencing Consumption of Edible Insects
While consumption of edible insects as food, also known as entomophagy, is commonly practiced in China and other Southeast Asian countries, other parts of the world are now developing interests in consuming edible bugs owing to some key influential trends such as,
- Nutritional quotient of edible insect products: Compared to milk, 100 grams of cricket is rich in fat, and proteins and supply higher calories to our daily diet.
- Novelty: Once consumers ready themselves for consuming bugs, the demand for tasty mealworms almost never curtails.
- Buying insect food online: Sale of cricket protein bars and chocolate chip cookies is observing rise on leading e-commerce websites such as Amazon.
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Viable alternative for pet food and easy preparation methods are also recognised as the key trends influencing the consumption of edible insects around the world. Several startups are developing their product portfolio by fashioning some innovative food products containing edible insects as well as existing food delicacies.
Edible Insects: Food of the Future
Over two billion people in the world are estimated to eat insects on a regular basis. Insects, in general, are the most populous species on the planet, which means that there will never be shortage of supply. Considering this two aspects, the eating habits in every part of the world are more likely to adopt edible insects in their diet, sooner or later.
Cultural diversity, food processing methods, farming systems, and varying consumption regulations will continue to augment the global edible insects market in the future as well. Nevertheless, there is no denying that consuming insects as food has a huge potential of benefiting the human health globally. A relief to the stressed farming and conventional food production system will also positively impact the adoption of insect food. People following mineral diet might be interested in consuming healthier grubs, while the global non-vegan population may embrace insect consumption; considering how it will curb the excessive meat slaughter and yet provide surplus protein intake. Looking beyond the idea of eating icky insects will be the most important prospect for shaping up the future of edible insects as a practical option for food.
Key Companies in the Global Market for Edible Insects
Thailand Unique, Kreca, Nordic Insect Economy Ltd., EntomoFarms, Enviro Flight LLC, Proti-Farm, ExoInc, Entotech, Deli Bugs Ltd., and Eat Grub Ltd., are some of the leading companies in the global edible insects market
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