Rise in Consumption of Fast Food Expected to Drive Global Dipping Sauce Market: Ken Research
Dips are used to add flavor & texture to a food such as pizza, sandwich, potato chips, seafood etc. which makes the food more delicious & tasty. The dipping sauce acts as a flavoring ingredient that enhances the taste of particular food product. It comes in a variety of flavors depending on the regional demands. Different flavors are made from the combination of yogurt, mayonnaise, ginger, pepper, cheese, onion, garlic, and others. The demand for dipping sauces is very high in the food industry as they act as a crucial element in regional as well as international cuisines. Dipping sauces are extensively used in every type of cuisine all over the world. It is highly nutritious and also contains low fat as it is made from natural ingredients.
According to study, “Global Dipping Sauce Market to reach USD XXX billion by 2026” the key companies operating in the global dipping sauce market are Panama Foods, Dr. Oetker India Pvt. Ltd., FunFoods Pvt. Ltd., Giraffe Foods Inc., Chris’ Food Culture, YiHai International Holdings Limited, Specialty Food Association, Inc., Jewel fine foods, Sweet Baby Ray’s Inc., Renfro Foods. The key companies are started competing by mergers & acquisitions (M&A) among themselves to accomplish the competitive advantage over the market. The key strategies adopted by key players have led to augment the market share is development of the innovative products.
The dipping sauce market is driven by rise in consumption of fast food among people, followed by growth of fast food restaurants, increase in disposable income and surge in expenditure power. However, improvement utility of dip for flavor may adversely affect the nutrition value of food that impacts the market. Moreover, rise in trend for fast food and food chain outlets is a key opportunity for market.
Based on product type, dipping sauce market is segmented as organic dipping sauce and conventional dipping sauce. Organic dipping sauce segment dominates the market owing to rise in use of natural food ingredients in their food coupled with increase in demand for chemical free products among the people. Based on flavor type, market is segmented as garlic parmesan dipping sauce, blue cheese dipping sauce, onion dipping sauce, and others. In addition, based on distribution channel, market is segmented as direct sales and indirect sales. The indirect sales segment is further sub-segmented as specialty stores, hypermarket, supermarket, wholesalers, convenience stores, online retailers and others.
Based on geography, the North-American region holds major share in global dipping sauce market owing to rise in demand of fast food and growth in health awareness people in the region. Whereas, the Asian-Pacific and European regions are expected to depict higher CAGR due to significant growth in the disposable income of the population coupled with rapid urbanization over the forecast period. In near future, it is projected that the global dipping sauce market will be reached at rapid pace as a result of increase in busy lifestyle that made people rely on ready made food products like sauces and can be easily obtained from supermarkets, retail stores, online stores and others during the forecast period.
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Ankur Gupta, Head Marketing & Communications