Global Hot Sauce Market is Anticipated to Reach Around US$ 5.5 Billion by 2024

According to the latest report by IMARC Group, titled “Hot Sauce Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global hot sauce market size reached US$ 4.1 Billion in 2018. Hot sauce, also known as chili sauce, is a type of condiment made from vinegar, chili peppers, garlic and salt. Many commercial varieties of mass-produced chili sauce exist, out of which some are canned with red tomato while others are fermented to add a distinct flavor element. They are widely used in the preparation of Asian, African and Latin American dishes. However, cross-cultural interaction has led to a rise in the consumption of hot sauces across the globe.

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Global Hot Sauce Market Trends:

Hot sauce consists of a chemical called capsaicin that provides a distinctive spicy flavor to it. The sauce also contains vitamins, carbohydrates, minerals and antioxidants, which help in improving metabolism and eye health, and reducing the risk of cancer and congestion. Apart from this, with the rising number of fast-food chains and restaurants, the demand for hot sauce has increased as it is extensively used as a flavor enhancer in these establishments. Further, the easy availability of raw materials and longer shelf-life have resulted in the rising adoption of hot sauce. Looking forward, the market value is projected to reach US$ 5.5 Billion by 2024, exhibiting a CAGR of 5.4% during 2019-2024.

Market Summary:

Market Breakup by Product Type

Mild Hot Sauce
Medium Hot Sauce
Very Hot Sauce
Amongst these, mild hot sauce represents the biggest segment, accounting for the largest market share.

Market Breakup by Application

Cooking Sauce
Table sauce
Amongst these, cooking sauce represents the biggest segment, accounting for majority of the market share.

Market Breakup by End-Use
Commercial
Household
Amongst these, commercial sector represents the biggest segment, accounting for majority of the market share.

Market Breakup by Packaging

Jars
Bottles
Others
Amongst these, jars represent the leading segment, accounting for the highest market share.

Market Breakup by Distribution Channel

Supermarkets and Hypermarkets
Traditional Grocery Retailers
Online Stores
Others
Amongst these, supermarkets and hypermarkets represent the biggest distribution channel, accounting for the largest market share.

Market Breakup by Region

North America
Asia Pacific
Europe
Latin America
Middle East and Africa
Amongst these, North America represents the leading market, accounting for the majority of the hot sauce market share.

Competitive Landscape:

The report has also examined the competitive landscape of the market. Some of the major players include McIlhenny Company, McCormick and Co., Huy Fong Food, Baumer Foods, Garner Foods, B&G Foods, Kraft Heinz, Salsa Tamazula, Bruce Foods, Schwartz, etc.

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