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Global Condiments Market 2019-2023 | 4% CAGR Projection over the Next Five Years | Technavio

The Associated Press

LONDON--(BUSINESS WIRE)--Jun 13, 2019--

The global condiments market is expected to post a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio.

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Technavio has published a new market research report on the global condiments market from 2019-2023. (Graphic: Business Wire)

A key factor driving the growth of the global condiments market is the health benefits associated with the consumption of condiments. Major sub-categories of condiments including sauces, dressings, mustards, and pickles are frequently being infused with healthy ingredients. The consumption of these condiments also lowers the risk of cardiovascular diseases as they are rich sources of lycopene containing powerful antioxidants. Similarly, the regular intake of buckwheat honey also protects the cells from the damaging effects of free radicals and reduces the risk of cancer and muscular degeneration. The consumption of other condiments such as various herbs and spices also helps in detoxifying the body by removing carcinogens and suppressing the growth of the existing tumors. Thus, growing awareness of the several health benefits offered by condiments will eventually drive their adoption among the end-users during the forecast period.

As per Technavio, the rise in popularity of specialty, clean-labeled, organic, and gluten-free condiments will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global condiments market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

Global condiments market: Rise in popularity of specialty, clean-labeled, organic, and gluten-free condiments

Clean-labeled, organic, gluten-free condiments are gaining popularity owing to the growing shift in preferences among the consumers owing to growing health-consciousness. Vendors are increasingly striving toward manufacturing condiments from natural, organic, and high-quality ingredients for providing better-quality options to the consumers. In addition, there has been a growing prominence of specialty condiments in the recent years. Innovations in the specialty condiments category including the demand for plant-based spreads, low sugar cooking sauces, and an array of authentic and ethnic offerings such as harissa. As a result, with the launch of new products, the growth of organic and shelf-stable condiments is likely to foster the market growth during the next few years.

“The emergence of various vendors offering private-label condiments is likely to proliferate the market growth in the forthcoming years. Many organized retail outlets and online shopping stores are focusing on offering their own labels of condiments used in the food and beverage industry. This will further foster the growth of the market in the next few years,” says a senior research analyst at Technavio.

Global condiments market: Segmentation analysis

This market research report segments the global condiments market by product (table sauces, cooking ingredients, mustard, and others) and geographic regions (APAC, Europe, North America, South America, and MEA).

APAC led the market in 2018, followed by Europe, North America, South America, and MEA respectively. The market growth in APAC can be attributed to the increasing adoption of health and wellness-based condiments among the consumers in the emerging as well as advanced economies of the region.

Looking for more information on this market? Request a free sample report

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE: Technavio Research

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PUB: 06/13/2019 08:30 AM/DISC: 06/13/2019 08:31 AM