Market Analysis
The sweet sauce market is forecasted to achieve a 4.1% CAGR by 2027, generating USD 3.2 billion in revenue, according to projections for 2020-2027.
The global sweet sauce market is projected to grow at a healthy CAGR over the assessment period (2018-2023). The demand for sweet sauce is on the rise as it is largely utilized in culinary process in the form of flavor enhancers as well as food accompaniments. Today it is largely used in confectionery, beverages and bakery. Different flavors of sweet sauce are used to marinate sweet products such as marination in barbeque. Hard sauces made from rum or brandy, sugar and butter are gaining immense recognition amid consumers as occasional alternatives.
There are many factors that is driving the growth of the Sweet Sauce Market Outlook. Some of these factors as per the Market Research Future (MRFR) report include increasing use as flavor enhancers, rapid urbanization, growing demand for sweet sauce across the globe, consumers developing a taste for foreign cuisines, diverse application in food accompaniments and culinary purpose, increasing use of sweet sauces in marinades and barbeques, increasing demand from the convenience beverage and food sector, fast pace lifestyle and growing awareness of sweet sauces accessible through product advertisements.
Market Segmentation
Market Research Future report offers an all-inclusive segmental analysis of the sweet sauce market on the basis of type, application and distribution channel.
Based on type, it is segmented into hard sauce, caramel sauce, crème anglaise, chocolate sauce, dessert sauce and others. Of these, the chocolate sauce segment is anticipated to have the largest share in the sweet sauce market over the assessment period. This will be followed by the caramel sauce segment due to the growing use of such sauce as flavor enhancers in snacks and dessert coffee drinks.
Based on application, the global sweet sauce market is segmented into beverages, dairy products, confectionery, bakery and others. Of these, the bakery segment is likely to have the largest share in the sweet sauce market over the assessment period. The factors that can be attributed to the growth of this segment include the growing application of sweet sauces both for topping and garnishing desserts along with other bakery products.
Based on distribution channel, it is segmented into non-store based and store based. The store-based segment is again segmented into convenience stores, supermarkets/hypermarkets and others. Of these, the store-based segment is predicted to rule the sweet sauce market over the assessment period due to product advertisements, consumer awareness programs and strong distribution network. The e-commerce sites offer an array of products that also includes convenient packaging and innovative flavors.
Regional Analysis
Based on region, the sweet sauce market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Rest of the World. Of these, North America Sweet Sauce Market will spearhead over the assessment period owing to increasing need for flavored sauces and food for garnishing as well as food accompaniments. Europe will grab the second largest share. In the APAC region, the sweet sauce market will be the fastest growing owing to shift in pattern in consumers food consumption coupled with rising per capita disposable income here. The use of sweet sauces especially in the developing countries is anticipated to expand over the assessment period owing to increasing inclination of the consumers for food products that are uniquely flavored along with growing consumption of dairy and confectionary products.
Competitive Analysis
The global sweet sauce market is highly competitive and fragmented owing to the presence of a good number of established players in this market. They are leaving no stone unturned to deliver consumers with top-notch quality products. The sweet sauce manufacturers are investing heavily on research and development sectors for creating product differentiation. For this sector the best growth opportunities for a long-term basis can be captured through product improvisations along with financial flexibility for investing in optimal strategies.
Key Players
Leading players profiled in the sweet sauce market include The Tracklement Company Ltd (UK), Atkins and Potts Ltd (UK), Felbro Food Products, Inc. (US),), Hermans Foods PTY Ltd. (Australia), BD Foods (Ireland), Mapro Foods Pvt Ltd (India), The Hershey Company (US), Gujarat Co-operative Milk Marketing Federation Ltd. (India), Macphie Ltd (UK), and others.
Feb 2019- Denver-based sauce company, Yai’s Thai has launched two new exciting flavors in its sweet sauce category- Pad Thai Sauce and Sweet Chili Sauce. The Sweet Chili Sauce has been made with fruit juices to add sweetness, including apple juice, pineapple juice and tamarind juice. In the Pad Thai Sauce, coconut aminos has been used instead of soy sauce thereby making it a soy-free and gluten-free option.
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