Future of Global Ketchup Market Along with Key Drivers, Major Manufactures, Business Insights, Trends and Forecast 2023
Ketchup is a sweet and tangy sauce, typically made from tomatoes, sugar, and vinegar, with assorted seasonings and spices. It is used as meal condiment and ingredients to enhance the flavor of any dish. It is becoming an important condiment in every household. Ketchup has several application in modern times. It is used for salad dressing, cocktail sauce, and several other fooding occasion to make food tasty and healthy. According to report the global ketchup market is expected to grow at a CAGR of 4.9% over the forecast period of 2017 - 2023.
Growing demand for fast and processed food across the world is facilitating to grow the demand for ketchup market. Ketchup market in these regions is set to grow rapidly owing to the increasing disposable income of consumers. These fast and processed foods are convenient to a consumer while working. Processed foods offer individuals with more choices and greater variety in their diet. Processed Foods are safe, nutritious, convenient and cost-effective and provide instant energy and this is essential for consumer’s satisfaction. The convenience of fast and processed food is mainly in young and middle-class consumers owing to their attraction towards it.
On the basis of applications, the global ketchup market segmented as Food Services and Household. In this, the food service sector refers to serving food products prepared outside the home. The Processed food and fast food are the most consumed food products in food service outlets. The consumption of ketchup is high in these places to enhance the taste and appearance. In addition, these are various applications of ketchup in household applications. Domiciliary it is used for or salad dressing, cocktail sauce and other applications.
The distribution channels plays important roles in the supply of products or the goods to the consumers. There are several routes of distribution channel that includes Hypermarkets/supermarkets, Convenience stores, Grocery stores, Discounters, and Others. Hypermarkets/supermarkets is the largest distribution channel in the ketchup market and it is expected to dominate the distribution channel segment over the forecast period. Easy visibility of product drives the growth of supermarkets and hypermarket segment in the global ketchup market.
Ketchup: Regional Analysis
Among the regions covered in the scope of report, America held the maximum market share in global ketchup market followed by Europe. High production and consumption of ketchup is the key driver that growth of ketchup market in this region. Shifting consumer’s preference towards the quick meals at restaurants or to readymade meals contributes on the growth of this market in America. In addition Asia Pacific is the fastest growing region in the ketchup market. Growing adoption of the western culture across the world is increasing the demand of fast and processed food in the Asia Pacific and Latin America region.
The key companies working in the global ketchup market includes ConAgra Foods, HUL, Del Monte Foods, Annie's Homegrown, Bolton Group, Nestle India, Kraft Heinz, Campbell Soup Company, Kagome, and General Mills. These companies are more focusing new flavored product launch. This strategy helps them to attract lots of new consumers every year.
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