Sweet Sauces Market size is anticipated to reach USD 3.2 Billion by 2027, registering a CAGR of 4.1% during 2019-2027
Sweet sauces are widely used as condiments and used as food accompaniments in day-to-day diet. The global sweet sauces market is primarily driven by its usage in bakery & confectionery and dairy and frozen desserts as toppings and fillings.
The growing use of sweet sauces as spreads is one of the major drivers for the development of this segment. The global sweet sauces market is expected to garner a revenue of USD 3.2 billion by 2027, registering a CAGR of 4.1% over the forecast period of 2020-2027.
Sweet sauces are gaining acceptance globally owing to the increasing demand for convenience food among consumers. Also, the increasing awareness among consumers about different international cuisines across the globe has led to the inclination of consumers toward trying sweet sauces and their different varieties. Continuous innovations and the addition of various new flavours in this market are boosting the growth of the sweet sauces industry. Attractive and convenient packaging is another factor contributing to the growth of the market. Moreover, due to the growing demand for lactose-intolerance, sugar-free, and gluten-free food products among consumers thus, manufacturers in the markets are focusing on offering such products, which, in turn, is expected to enhance the growth of the sweet sauces market.
Marker Research Future segments the global sweet sauces market based on type, packaging type, distribution channel, and region.
By type, the global market has been classified as fruit-based, dairy-based, chocolate-based, and others. The chocolate-based segment holds the major market share in the global market, and it is also anticipated to be the fastest-growing segment during the forecast period.
Based on packaging type, the global sweet sauces market has been segregated into bottles and jars, tubes, pouches & sachets, and others. The bottles and jars segment holds the largest market share in the global sweet sauces industry. However, the tubes segment is expected to register the highest CAGR during the review period.
The global sweet sauces market has been categorized, based on distribution channel, as store-based and non-store-based. The store-based segment has further been divided into supermarkets and hypermarkets, convenience stores, and others. The store-based segment is projected to hold a larger share of the market during the forecast period, whereas the non-store-based segment is expected to exhibit a higher growth rate during the forecast period from 2019 to 2024.
The global sweet sauces market has been studied regarding four key regions—North America, Europe, Asia-Pacific, and the rest of the world. The North American sweet sauces market has further been divided into the US, Canada, and Mexico. The European sweet sauces market has been classified as the UK, Germany, France, Italy, Spain, and the rest of Europe. The sweet sauces market in Asia-Pacific has been divided into China, India, Japan, Australia and New Zealand, and the rest of Asia-Pacific. The sweet sauces market in the rest of the world has been segmented into South America, the Middle East, and Africa.
Macphie Of Glenbervie Ltd (UK), Hiltfields Ltd. (UK), The Hershey Company (US), Mapro Foods Pvt. Ltd. (UK), Bd Foods Limited (India), Hermans Foods Pty Ltd. (Australia), Felbro Food Products, Inc.(US), Atkins and Potts Ltd. (UK), The Tracklement Company Ltd (UK), Quattro Foods (UK), Ghirardelli Chocolate Company (US), Georges Monin SAS (France), The J. M. Smucker Company (US), The Kraft Heinz Company (US), and R. Torre & Company, Inc. (US) are some of the key players in the global sweet sauces market.
Regional Market Summary
The North American market held the largest market share in 2018. The dominance and growth of the regional market can be attributed to the increasing demand for convenience food with more variety and enhanced taste. Asia-Pacific is expected to be the fastest-growing region in the sweet sauces market. Growth of food & beverages industry and increasing inclination of consumers towards dairy desserts and bakery products is majorly driving the growth of sweet sauces market in this region. Also, the growing e-commerce sector, providing a variety of products including innovative flavours and convenient packaging is expected to drive the market growth.
Global Market, by Type
Global Market, by Packaging Type
Global Market, by Distribution Channel
Global Market, by region
Sweet sauces market valuation can touch USD 3.2 billion by 2027.
Sweet sauces market can exhibit a CAGR of 4.1% from 2020-2027.
High consumption rate of convenience foods is the major driver of the global sweet sauces market.
By ‘type’, the chocolate segment is touted to generate maximum revenue for the global sweet sauces market.
North America can dominate the global sweet sauces market till 2027.
The Kraft Heinz Company, Hiltfields Ltd., Quattro Foods, The Hershey Company, Georges Monin SAS, Felbro Food Products, Inc., Atkins and Potts Ltd., The Tracklement Company Ltd, The J. M. Smucker Company, Ghirardelli Chocolate Company, Hermans Foods Pty Ltd., Bd Foods Limited, Mapro Foods Pvt. Ltd., R. Torre & Company, Inc., and Macphie Of Glenbervie Ltd are notable players of the global sweet sauces market.