Report Details:
15 Companies Covered
110 Pages
Barbecue Sauce Market Outlook
Rising consumer demand for uniquely flavored food products prepared with flavor enhancers are influencing the growth of barbecue sauce market positively on the global stage. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on Global Barbecue Sauce Market Research Report- Forecast to 2023 that the market will demonstrate a high CAGR % while achieving million dollar growth during the forecast period.
Barbecue sauces are intended to be used as dressing, basting, condiment, or marinating grilled, smoked, or barbecued meat, vegetable, and other food products as it enhances the flavor of the foods. The growing demand for healthy and roasted meat and vegetables by health conscious consumers have a direct impact on the sale of the barbecue sauce as it is popular among masses for its smoky flavor. It is basically caramelized tomato-based sauce which replicates smoky flavors of barbeque grilling and also helps to tenderize the meat. Barbecue sauce is often referred to as ketchups in several countries of Europe and Asia Pacific. It is available throughout the regions in various flavors and forms which has also added value to the product.
Additionally, changing consumers food consumption pattern coupled with rising disposable income is accelerating the growth of this market. Low production cost and high returns based on the demands are encouraging the players to enter the barbecue sauce market. Furthermore, increasing investment on research and development has a positive influence on the market and is helping the manufacturers in introducing novel flavors in the market. Also, due to consumer’s inclination towards clean label and natural food products, the demand for organic barbecue sauces are gaining impetus and the global market is expected to increase at a significant rate. Furthermore, alcohol-infused barbecue sauces have increased in popularity in recent years which could spike revenue generation possibility for the manufacturers.
Browse Full Report @ https://www.marketresearchfuture.com/reports/barbecue-sauce-market-4360
Latest Industry Updates
Jul 2017 McCormick & Company Inc. announced that it has signed a definitive agreement to acquire Reckitt Benckiser’s Food Division (“RB Foods”) from Reckitt Benckiser Group plc. RB Foods’ brands have attractive positions across Hot Sauce, Mustard, Crispy Vegetable and BBQ Sauce. Through this acquisition, the company aims to strengthen its product portfolio as well as capitalize on the increasing consumer interest in healthy, flavorful eating.
Mar 2017 Schultz announced the launch of new products including BBQ sauces and three hot sauce flavors. The products are made with real food ingredients which are free of preservatives, MSG, high fructose syrup, and trans fat. Through this launch, along with strengthening its product portfolio, the company aims to cater the health conscious consumers.
Dec 2016 B&G Foods announced that it has acquired Victoria Fine Foods Holding Company Victoria Fine Foods, LLC from Huron Capital Partners and other sellers. The acquisition is in line with company’s business strategy to expand its product portfolio.
May 2016 Cargill signed an agreement to sell its dressings, sauces, and mayonnaise (DSM) business to Ventura Foods. Through this acquisition, Ventura Foods has been able to strengthen and diversify its product portfolio.
Apr 2016 Heinz launched five new flavors of BBQ sauces after collaborating with America’s top pitmasters. The products were made from 100% natural ingredients and customized to suit local tastes and preferences.
Global Barbecue Sauce Market - Competitive Analysis
The barbeque sauce market is highly fragmented with many large scale and small scale industry players competing in the market. The key players are following both organic and inorganic strategy to increase market penetration. For instance, Ventura Foods acquired entire DSM business from Cargill to expand its product portfolio. In addition, companies such as Heinz and Schultz launched novel BBQ flavors made from natural ingredients to capitalize on the growing popularity of natural food products among the masses. The customization of the product as per local taste and preference is set to play a key role in the coming years as the demand for BBQ sauce is picking up developing economies of Asia and Africa.
The key players profiled in Barbecue Sauce are Kraft Foods Inc. (U.S.), ConAgra Foods, Inc. (U.S.), Sweet Baby Ray’s (U.S.), KC Masterpiece (U.S.), J Lee's Gourmet BBQ Sauce Inc. (U.S.), Memphis Barbecue Co (U.S.) and Killer Hogs (U.S.) among many others.
Global Barbecue Sauce Market – Segments
The global Barbecue Sauce market has been divided into form, flavor, specialty attributes, distribution channel and region.
On The Basis Of Form: Liquid, Paste, and others
On The Basis Of Flavor: Sweet, Sour, Spicy and others
On The Basis Of Specialty Attributes: Organic, Gluten-Free, Non-GMO and others
On The Basis Of Distribution Channel: Store based (Supermarkets/Hypermarkets, Specialty Retailers, Convenience Stores and others), Non-Store based (E-Commerce)
On The Basis Of Region: North America, Europe, Asia Pacific and ROW.
Global Barbecue Sauce Market -
Regional Analysis
The global Barbecue sauce market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). North America accounts for the major market share followed by Europe. High consumption of barbecued/roasted food in the countries of these regions is influencing the high production volume of barbecue sauce. Owing to changing food consumption pattern, Barbecue sauce market is projected to generate high revenue during the given forecast period. Furthermore, rising demand for cross culture cuisines will support the sale of barbecue sauce across the regions during the assessment period. The major importers of barbecue sauce include the U.S., the U.K., France, Canada and Germany.