23 Feb 12 The market for soups, sauces and dressings
Growing consumer desire for convenience and new taste experiences are driving the global market for soups, sauces and dressings, opening significant opportunities for ingredient suppliers. Total global consumer expenditure on soups, sauces and dressings has increased by an additional $83bn over the past five years to reach $299bn, representing a growth rate of 6.7% per year, according to the latest research from RTS.
Dressings is the largest market, currently worth $203bn globally. Total consumption of dressings – which includes salad dressings, culinary fats and oils and herbs and spices – currently amounts to 43,245m tonnes.
The sauces segment, which includes ketchup and other fermented sauces, pasta and cooking sauces, is worth $73bn with volume consumption growing steadily to reach 12,225m tonnes. Finally, the global market for soups and bouillon, including fresh soups and instant soups, is valued at $22bn.
‘We know from our research that convenience and a growing consumer desire for new taste experiences are key trends driving the market,’ says Jamie Rice, Director of RTS. ‘Now we are seeing these trends opening significant opportunities for suppliers of ingredients in dynamic product categories within the market, such as chilled soups and salad dressings.’
The Americas and Western Europe are among the largest markets, although growth is beginning to slow here. However, emerging markets – such as Middle East and Africa and Eastern Europe – will see their recent rapid growth continuing to 2015.
OPPORTUNITIES FOR INGREDIENTS
For the future the market is forecast to grow at rate of 2.1% per year to reach $331bn by 2015, with expenditure on fresh soups and pasta sauces expected to grow rapidly.
CLICK HERE to download RTS’s free Soups, Sauces and Dressings market overview.