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In the forecast period, the Asia Pacific region is expected to be one of the fastest-growing regions in the global sauces market owing to the presence of a large consumer population in countries like China and India. The market growth in the region can be attributed to the growing consumption of processed foods, globalisation of tastes, and the inclusion of sauces in various traditional dishes. Along with the Asia Pacific, markets in North America and Europe are also anticipated to witness a healthy growth in the forecast period owing to the growing demand for quick and ethnic recipes.
The growing demand for fusion foods and ethnic recipes among the multicultural consumer base has been the major driving factor for the global sauces market. The growing use of sauces to prepare quick and unique flavoured food recipes has led to the growth of the market. In the coming years, the market growth is expected to be defined by the product diversifications by the key players and the introduction of innovative packaging. In May 2020, Campbell Soup Co. (NYSE: CPB), a key player in the market, announced its future goals of using sustainable packaging materials for their products, to reduce waste and make packaging recyclable and environmentally friendly. The company has also been using steel cans for its products, which has served as the most recycled packaging in the United States. Such steps are expected to fuel the growth of the market as the world is moving towards adopting eco-friendly products.
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The major players in the global sauces market are Campbell Soup Co., Hormel Foods Corp., McCormick & Co. Inc., The Kraft Heinz Co., and Unilever PLC, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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