Sauces & Spices - G20

G20

Highlights

Revenue in the Sauces & Condiments market amounts to US$200.90bn in 2024. The market is expected to grow annually by 5.54% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$46bn in 2024).
In relation to total population figures, per person revenues of US$40.39 are generated in 2024.
In the Sauces & Condiments market, volume is expected to amount to 53.86bn kg by 2029. The Sauces & Condiments market is expected to show a volume growth of 3.3% in 2025.0.
The average volume per person in the Sauces & Condiments market is expected to amount to 9.5kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Food market in G20, specifically the Sauces & Spices Market, has been experiencing minimal growth. This could be due to factors such as market saturation, lack of innovation, and shifting consumer preferences towards healthier options. However, the sub-markets of Tomato Ketchup, Other Sauces and Spices & Culinary Herbs may still see some growth due to their respective target markets and unique offerings. Overall, the slow growth rate in the Sauces & Spices Market could also be influenced by economic factors and changing trade policies within the G20 countries.

Customer preferences: As consumers become more health-conscious, there is a growing demand for clean-label and natural sauces and spices. This trend is attributed to a preference for wholesome and nutritious options, as well as a desire to avoid artificial additives and preservatives. In addition, the rise of plant-based diets and awareness of sustainability issues has led to an increased interest in ethically-sourced and organic sauces and spices. As a result, manufacturers are now offering a wider range of healthier and environmentally-friendly options to cater to this evolving consumer preference.

Trends in the market: In the G20, the Sauces & Spices Market within The Food market is experiencing a trend towards healthier and more natural options. This shift is driven by consumer demand for clean label products and a growing awareness of the health benefits of using herbs and spices. This trend is expected to continue as consumers become more health-conscious and seek out alternative flavor options. Additionally, there is a rise in the use of global flavors, as consumers are becoming more adventurous in their cooking and seeking out authentic ethnic cuisine. These trends have significant implications for industry stakeholders, as they must adapt their product offerings and marketing strategies to meet the changing demands of consumers. There is also potential for increased competition in the market, as more companies enter the space to capitalize on these trends.

Local special circumstances: In countries such as India and China, the Sauces & Spices Market within The Food market is heavily influenced by the demand for traditional and authentic flavors, as well as the availability of locally-grown spices and herbs. In contrast, in Western countries such as the United States and Canada, the market is driven by the popularity of fusion cuisine and the growing interest in plant-based and organic ingredients. Additionally, regulatory factors such as import restrictions and labeling requirements also play a significant role in shaping the competitive landscape of the Sauces & Spices Market.

Underlying macroeconomic factors: The Sauces & Spices Market within The Food market is strongly influenced by macroeconomic factors such as changing consumer preferences, rising disposable incomes, and increasing demand for convenience foods. Countries with a growing middle class and a strong economy are experiencing higher demand for sauces and spices, as consumers have more disposable income to spend on premium food products. Additionally, favorable government policies promoting trade and investment in the food sector are also contributing to the growth of the Sauces & Spices Market. The increasing trend of international cuisines and the rise of the foodservice industry are also driving the demand for sauces and spices, particularly in countries with a strong tourism sector.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.