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Asia Pacific Condiments Sauces Market to Amount to US$8,629.7 Million by 2020: Demand for Fast Food Driving Market
The asia pacific condiments sauces market is valued at USD 6137.01 million in 2014 and is anticipated to reach USD 8629.7 million in 2020.
Published 30 September 2015
The Asia Pacific condiments sauces market is expected to grow at a 5.85% CAGR for a period between 2014 and 2020. The Asia Pacific condiments sauces market was valued at US$6,137.01 million in 2014 and is poised to be valued at US$8,629.7 million by 2020. The condiments sauces market in Asia Pacific is forecast to grow fast in the coming few years because of the increase in consumption of fast food and the fast-paced lifestyle of modern consumers.
Considering their fast-paced lifestyle, people have started giving preference to fast food, which saves cooking time. With increase in the variety of available fast food in Asia Pacific countries, a wide variety of condiments sauces has been introduced in the market over the past few years. Condiments sauces are not only used in recipes as an added ingredient, but also as table dips for fast foods. The Asia Pacific condiments sauces market, based on type, is segmented into tomato ketchup, soy sauce, brown sauce, national specialty sauces, chili sauce, and mustard sauce.
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A variety of condiment sauces are sold across all countries in the Asia Pacific region through various distribution channels such as supermarkets, food and drink stores, general merchandize, convenience stores, dollar stores, and retailers. In 2014, supermarkets and convenience stores led the distribution channel segmentation of the condiments sauces market.
Variety of Condiments Sauces to Drive Market in Asia Pacific
By geography, the Asia Pacific condiments sauces market is segmented into national markets such as India, Japan, Singapore, China, Australia, Hong Kong, Indonesia, Malaysia, New Zealand, Thailand, and others. A large variety of sauces are being introduced in countries in the Asia Pacific region to match the changing trends in fast food. Every country is known for its preferred type of condiments sauces.
Chili sauce is the most favored table dip for fast food in Indonesia. A new chili sauce, ‘sambal’, was recently introduced in Indonesia. Sambal is a bright red paste sauce made from red chilies and fish sauce, garlic, spring onions, ginger, shrimp paste, lime, rice vinegar, and sugar. Sambal is expected to be used as a table dip sauce for fast food and also as an ingredient for more than 300 recipes in Indonesia.
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Sambal is expected to attract millions of food lovers, not only in the Asia Pacific region but also in other regions across the globe. Mandy Yin, a popular Malaysian cook, offers many recipes with sambal chili sauce through her street food stall, ‘Sambal Shiok’, in the U.K. Sambal chili sauce has become a traditional sauce in Indonesia and is used to add flavor in many recipes. While Sambal is enjoyed by the people in U.K. with many street-food recipes, it is slowly entering the fast food markets in countries in Asia Pacific. This will propel the Asia Pacific condiments sauces market in the coming years, with chili sauce leading the charge.
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