Cooking Sauces, Pasta Sauces and Stocks Market - Global Annual Review - 2016
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As has been the trend in the last few years, the fastest growing markets continue to be those in emerging economies, particularly in Asia. Vietnam, Malaysia and India are forecast to be the three fastest growing markets in volume terms in 2015, with many of the more established European and North American markets largely static or in slight decline.
However, though cooking sauce growth is highest in Asia, the majority of new product activity remains firmly in the more established European and/or North American markets. This suggests that the higher prices possible in Europe and North America still mean that fighting for share delivers greater return than developing an emerging market. However, it is likely in the next three to five years, as emerging markets continue to offer greater growth prospects; we will start to see a switch of focus for innovation activity to markets such as India and Malaysia for sauces and Africa for stocks.
The issue for cooking sauces, and indeed stocks, is that the consumer diet, particularly in western markets, is changing. For instance, according to Mintel’s Cooking and Pasta Sauces, Marinades - US, December 2015 report, when looking at the reasons consumers use less sauce, the main two factors are both related to a decline in pasta or meat consumption.
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