Sauce and Seasoning Market

The article provides a comprehensive analysis of the global market for sauces and seasonings, forecasting an upward consumption trend with anticipated growth rates in volume and value from 2022 to 2030. The analysis includes insights on consumption patterns, production trends, import and export statistics, as well as the performance of key countries in the market. Notable data points include the top consuming and producing countries, growth rates, and fluctuations in market prices. Overall, the article offers valuable information for stakeholders looking to understand and navigate the sauces and seasonings market.

Market Forecast

Driven by increasing demand for sauces and seasonings worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.8% for the period from 2022 to 2030, which is projected to bring the market volume to 58M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.9% for the period from 2022 to 2030, which is projected to bring the market value to $154.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Sauces and Seasonings

In 2022, the amount of sauces and seasonings consumed worldwide reduced slightly to 50M tons, approximately equating the year before. The total consumption volume increased at an average annual rate of +1.0% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2019 with an increase of 4.9% against the previous year. Global consumption peaked at 51M tons in 2021, and then dropped in the following year.

The global sauce and seasoning market value shrank slightly to $113.8B in 2022, declining by -1.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 6.5%. As a result, consumption reached the peak level of $115.7B, and then shrank in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (7.4M tons), the United States (4.9M tons) and India (3M tons), together comprising 30% of global consumption. Pakistan, Nigeria, Brazil, Indonesia, Russia, the UK, Bangladesh, Germany, Mexico and Japan lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +6.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($15.4B), the United States ($9.6B) and India ($6.6B) were the countries with the highest levels of market value in 2022, together accounting for 28% of the global market. Nigeria, Indonesia, the UK, Japan, Germany, Pakistan, Mexico, Bangladesh, Brazil and Russia lagged somewhat behind, together accounting for a further 26%.

Nigeria, with a CAGR of +5.8%, saw the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of sauce and seasoning per capita consumption in 2022 were the UK (20 kg per person), the United States (15 kg per person) and Germany (12 kg per person).

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +3.3%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Sauces and Seasonings

In 2022, global sauce and seasoning production shrank slightly to 51M tons, approximately reflecting 2021. The total output volume increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of 5.5%. Global production peaked at 51M tons in 2021, and then reduced in the following year.

In value terms, sauce and seasoning production shrank to $110.9B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2019 when the production volume increased by 10% against the previous year. As a result, production attained the peak level of $121.9B. From 2020 to 2022, global production growth remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (8.1M tons), the United States (4.9M tons) and India (3M tons), with a combined 32% share of global production. Pakistan, Nigeria, Brazil, Indonesia, Russia, Italy, Bangladesh, Mexico, the UK and Germany lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Italy (with a CAGR of +17.5%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Sauces and Seasonings

For the eleventh year in a row, the global market recorded growth in purchases abroad of sauces and seasonings, which increased by 2.1% to 7.2M tons in 2022. The total import volume increased at an average annual rate of +4.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 9.1%. Over the period under review, global imports attained the maximum in 2022 and are expected to retain growth in the near future.

In value terms, sauce and seasoning imports expanded significantly to $17B in 2022. In general, total imports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +57.1% against 2015 indices. The pace of growth appeared the most rapid in 2021 with an increase of 14% against the previous year. Over the period under review, global imports attained the peak figure in 2022 and are expected to retain growth in years to come.

Imports By Country

In 2022, the United States (966K tons), followed by the UK (563K tons), France (403K tons), Germany (394K tons) and Canada (358K tons) were the key importers of sauces and seasonings, together creating 37% of total imports. The Netherlands (256K tons), Australia (166K tons), Hong Kong SAR (163K tons), South Korea (149K tons), Mexico (149K tons), Belgium (127K tons), Japan (124K tons) and Italy (117K tons) took a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by the United States (with a CAGR of +7.0%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest sauce and seasoning importing markets worldwide were the United States ($2B), the UK ($1.2B) and France ($939M), with a combined 24% share of global imports. Canada, Germany, the Netherlands, Australia, Hong Kong SAR, Mexico, Japan, Belgium, South Korea and Italy lagged somewhat behind, together accounting for a further 31%.

Hong Kong SAR, with a CAGR of +8.3%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average sauce and seasoning import price stood at $2,355 per ton in 2022, with an increase of 4.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. The pace of growth appeared the most rapid in 2021 an increase of 6.5%. Over the period under review, average import prices reached the peak figure in 2022 and is likely to continue growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Hong Kong SAR ($3,201 per ton), while South Korea ($2,023 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+6.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Sauces and Seasonings

In 2022, the amount of sauces and seasonings exported worldwide totaled 7.5M tons, with an increase of 1.7% compared with the previous year. The total export volume increased at an average annual rate of +4.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 11%. Over the period under review, the global exports reached the maximum in 2022 and are expected to retain growth in the near future.

In value terms, sauce and seasoning exports rose significantly to $18.1B in 2022. Overall, total exports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +57.0% against 2014 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 16% against the previous year. Over the period under review, the global exports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Exports By Country

The shipments of the twelve major exporters of sauces and seasonings, namely the United States, China, the Netherlands, Italy, Thailand, Germany, Belgium, Spain, Poland, Mexico, the UK and Canada, represented more than two-thirds of total export. Japan (152K tons) took a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Italy (with a CAGR of +11.4%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest sauce and seasoning supplying countries worldwide were China ($2.3B), the United States ($2.1B) and Italy ($1.5B), together accounting for 33% of global exports.

China, with a CAGR of +12.6%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average sauce and seasoning export price stood at $2,406 per ton in 2022, picking up by 3.9% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The growth pace was the most rapid in 2021 when the average export price increased by 4.6% against the previous year. The global export price peaked in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Canada ($3,236 per ton), while Spain ($1,874 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+6.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform