According to a new report published by Allied Market Research, titled, Asia-Pacific Condiments Market by Type, Application, and Form: Opportunity Analysis and Industry Forecast, 20182025, the Asia-Pacific condiments market size was $45,762.75 million in 2017 and is projected to reach $71,862.43 million by 2025, registering a CAGR of 5.8% from 2018 to 2025. In 2017, the sauce segment accounted for more than half of the share in the Asia-Pacific market in terms of value.
Condiments are a part of the natural human diet and are added to enhance the taste and piquancy of the food. They are rich in vitamins and minerals and are served along with meals in some cultures. Moreover, they are used in a number of Asia dishes such as Shushi, Onigiri, Chili Chicken, Som Tum, Tom Yum Goong, and others. Some condiments such as marinades are used before the process of cooking, whereas some condiments such as soya sauce, purees, bullion, and pasta sauce are used as an ingredient while cooking. Condiments are processed items, but the ingredients used to manufacture condiments are rich in phytonutrients that are beneficial to the human body. The condiment mustard is considered very effective against tumor growth and DNA or cell mutation owing to the presence of mustard seeds as the main ingredient. Similarly, bullion is another condiment, which is rich in collagen, proline, glycine, and glutamine that are required for the functioning of the human body.
Increase in popularity of fast food restaurants, also known as the quick service restaurants (QSRs), majorly boosts the growth of the Asia-Pacific condiments market. China and Japan are the largest consumers of condiment owing to the presence of large population base and surge in number of QSRs such as McDonalds, Burger King, Wendys, Subway, and Dunkin Donuts. These outlets rely on the use of condiments such as sauce, puree, marinade, and more to improve taste and visual appeal of the served food items, which in turn contribute toward the market growth of condiments in that region. A surge in the growth of retail chains in India, China, Thailand, Vietnam, and others leads to huge availability of condiments as well as beef, pork, poultry, seafood, and other meat products. Condiment is an important ingredient used while cooking meat, which further increases its demand, thereby driving the Asia-Pacific condiments market growth.
In 2017, the sauce condiment type accounted for the highest market share in Asia-Pacific and is anticipated to grow at a significant CAGR of 6.2% during the forecast period. Sauces are served with certain meals such as pizza, noodles, and meat & sea foods as taste enhancers. Some of the most common cuisines in which sauces are added include Asian, British, French, and Italian cuisines. In 2017, the meat & seafood segment accounted for the highest market share in the Asia-Pacific condiments market. Meat and seafood products are rich in essential minerals, and micro and macronutrients especially vitamin B12, iron, zinc, selenium, and protein, and thus contributes a considerable portion of a typical human diet. These products can be cooked in a variety of ways in which condiments help enhance the taste, aroma, and visual appeal of the cooked meat and seafood products. Moreover, rise in the affluent population coupled with the emergence of fast-paced life supplements the growth of the condiments market. However, fluctuations in raw material as well as cost of transportation increase the overall cost of a product and decreases the margin of profit in an already hypercompetitive market, which in turn hampers the Asia-Pacific condiments market growth.
Key Findings of the Asia-Pacific Condiments Market :
- In 2017, Japan was the highest contributor to the Asia-Pacific condiments market in terms of value and volume, growing at a CAGR of 3.7% and 2.6%, respectively from 2018 to 2025.
- In 2017, the sauce segment was the highest contributor to the Asia-Pacific condiments market in terms of value and is estimated to grow at a CAGR of 6.2% from 2018 to 2025.
- In 2017, the marinade segment is expected to growth at the highest CAGR of 6.6%.
- In 2017, meat & seafood segment accounted for the highest market share in condiments market and is estimated to grow at CAGRs of 5.7%.
- In 2017, India accounted for a prominent market share and is anticipated to grow at the highest CAGRs of 11.7%.
In terms of value, China and Japan collectively contributed more than two-thirds of the market share in the Asia-Pacific condiments market in 2017.
The leading players in the Asia-Pacific condiments market have focused on product launch as their key strategy to gain a significant share in the market. The key players profiled in the report include Kraft-Heinz, Inc., Nestl, Yeo Hiap Seng Ltd, Three Threes Condiments Pty Limited, Hormel Foods Corporation, NutriAsia, Unilever, Kikkoman Corporation, McCormick & Company, Inc., and Del Monte Foods, Inc.