Hot Sauce Market To Reach USD 5.3 Billion By 2032 Report By DataHorizzon Research

Continuous research is carried out to complement the rapid advancement in the hot sauce industry and create growth opportunities.

Fort Collins, Colorado, Dec. 14, 2023 (GLOBE NEWSWIRE) — According to DataHorizzon Research, The Hot Sauce Market size was valued at USD 2.8 Billion in 2022 and is anticipated to reach USD 5.3 Billion by 2032 at a CAGR of 6.8% during the forecast period 2023-2032.

The market for hot sauces is growing due to the increasing demand for cross-cultural foods and consumers’ preference for spicy meals. Chili peppers containing capsaicin offer several health benefits. In Asian countries, spicy foods are famous for their taste and elegance, while Mexican foods are widely available in the US. China and India consume chili-based hot sauces on a large scale due to the wider availability of food products. The growing demand for functional foods is further expected to propel the market growth.

Social media has helped popularize various hot sauce brands, gaining a high fan following and positive branding through reviews. The snack food market is competitive, with big players like McDonald’s, Subway, Domino’s, and KFC. Companies are targeting semi-rural areas where food outlets are popular among the youth, creating more opportunities for market growth.

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Segmentation Overview:

The global hot sauce market has been segmented by type, distribution channel, and region. The tabasco pepper sauce segment will comprise about 23% of the global market. Consumers’ increasing preference for bold and spicy flavors supports the segment’s growth. Mass merchandisers dominate the market, as consumers prefer buying condiments and food ingredients such as chili sauce from supermarkets and hypermarkets.

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Hot Sauce Market Report Highlights:

  • The global hot sauce market growth is anticipated to have a CAGR of 6.8% by 2032.
  • Globalization is driving sales of condiments, spices, and sauces worldwide. The popularity of savory foods is increasing due to their unique flavors. Hot sauce is becoming a favored accompaniment. Players in the market are expanding globally, positively impacting hot sauce market growth.
  • Consumers’ high spending power and the diversification of food flavors have made chili sauce a potential staple in the North American kitchen. The popularity of chili sauce in the US and Canada has positively impacted its trade, making them top importers globally.
  • Some prominent players in the hot sauce market report include The Kraft Heinz Company, McCormick & Company, Inc., Campbell Soup Company, Unilever PLC, Conagra Brands Inc., McIlhenny Company, Southeastern Mills, Inc., Hormel Foods Corporation, Baumer Foods, Inc. and T.W. Garner Food Company.

Industry Trends and Insights:

–          Unilever partners with UEFA EURO 2024, naming brands from its Nutrition and Personal Care Business Groups as official sponsors.

–          Kraft Heinz Not Company LLC launches KRAFT NotMac&Cheese, the first-ever plant-based KRAFT Mac & Cheese in the US, as part of its joint venture with TheNotCompany, Inc. 

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Hot Sauce Market Segmentation:

By Type: Jalapeno sauce, Sweet and spicy, Tabasco pepper sauce, Habanero pepper sauce and Others

By Distribution Channel: Mass merchandisers, Specialist retailers, Online retail and Convenience stores

By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa. 

About DataHorizzon Research:

DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.

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Mail: sales@datahorizzonresearch.com

Ph: +1-970-672-0390

Website: https://datahorizzonresearch.com/

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CONTACT: Mail: sales@datahorizzonresearch.com Ph: +1-970-672-0390 Website: https://www.datahorizzonresearch.com 

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