The global hot sauce market reached a value of US$ 4.1 Billion in 2018. Hot sauce or chili sauce is manufactured using chili peppers, vinegar and other ingredients. It is used as condiments, dressings and seasonings. Hence, it can be consumed along with cooked food or used as an ingredient in cooking to add complementary or contrasting flavours. It has become a significant part of the modern kitchen; however, the preparation styles and flavours are different across the globe.
The demand for hot sauce has been witnessing significant growth with increasing popularity of Pan Asian and Latin American cuisines across the globe. Introduction of innovative sauce flavours with health beneficial attributes have further augmented the demand for hot sauce. In addition, increasing consumption of fast and frozen foods among the busy city-dwellers, especially in the emerging countries, has also led to an increased usage of hot sauce, thereby creating a positive impact in the global hot sauce market. Apart from that, increasing urban population, modernization of storage and logistics, rising number of expatriates in countries and cultural exchanges are some of the other factors that catalyse the growth of the hot sauce market. Looking forward, the market is expected to reach a value of US$ 5.5 Billion by 2024, exhibiting a CAGR of 5.4% during 2019-2024.
Market Breakup by Product Type
Amongst these, mild hot sauce represents the biggest segment, accounting for the largest market share.
Market Breakup by Application
Amongst these, cooking sauce represents the biggest segment, accounting for majority of the market share.
Market Breakup by End-Use
Amongst these, commercial sector represents the biggest segment, accounting for majority of the market share.
Market Breakup by Packaging
Amongst these, jars represent the leading segment, accounting for the highest market share.
Market Breakup by Distribution Channel
Amongst these, supermarkets and hypermarkets represent the biggest distribution channel, accounting for the largest market share.
Market Breakup by Region
Amongst these, North America represents the leading market, accounting for the majority of the market share.
The report has also examined the competitive landscape of global hot sauce 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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