15 May 2020
Posted in Consumer
Japanese seasonings, dressings & sauces sector expected to reach US$21bn by 2024, says GlobalData
The Japanese seasonings, dressings and sauces sector is expected to grow from J¥1,755.5bn (US$16.2bn) in 2019 to J¥2,004.8bn (US$21bn) by 2024, at a compounded annual growth rate (CAGR) of 2.7%, says GlobalData, a leading data and analytics company.
GlobalData’s report, ‘Japan Seasonings, Dressings & Sauces – Market Assessment and Forecasts to 2024’ reveals that ‘condiment sauces’ was the largest category with value sales of J¥664.6bn (US$6,119.1m) in 2019. However, ‘tomato pastes and purées’ is forecast to register the fastest value growth at a CAGR of 3.8% during 2019–2024. It is followed by herbs, spices & seasonings and dry cooking sauces with CAGR of 3.2% each.
Karthik Varma Kakarlapudi, Consumer Analyst at GlobalData, says: “The demand for condiment sauces was driven largely by busy working population, who does not have time to prepare seasonings, dressings and sauces at home due to work pressure.”
The value share of Japan in
the global seasonings, dressings & sauces sector is expected to increase
from 12.1% in 2019 to 12.4% by 2024. However, the country’s share at regional
level is expected to decrease from 31.1% in 2019 to 29.9% by 2024.
Kewpie Corporation, Kikkoman Corporation and House Foods Group Inc. are the top three companies’ in value terms in the Japanese seasonings, dressings & sauces sector. Further, private labels, which account for a small share, are growing at a higher CAGR than brands in the sector.
Hypermarkets and supermarkets are the leading distribution channels in the Japanese seasonings, dressings & sauces sector, in value terms. Karthik concludes: “’Naturally healthy’ and ‘food-intolerance’ are forecast to remain the key health and wellness attributes in the next five years, as consumers demand for ‘all natural’ and ‘gluten-free’ seasonings, dressings and sauces products continue to grow in the Japanese dairy and soy food sector.”