Seasoning, Sauce and Condiment Production in the US - Industry Market Research Report - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-28 12:39:03
The United States condiment production market and Seasoning & Sauce industry benefited from increased demand for several of the industry´s products during the past five years. Even during the recession, when consumers had less disposable income, the industry experienced steady revenue growth as consumers purchased more industry products at the retail level to cook meals at home. Therefore, demand for seasonings, sauces and condiment products increased from downstream markets such as grocery wholesalers.
Downstream food manufacturers also increased demand for industry products as Americans turned to more prepared and processed foods that are quick and easy to eat. Combined, these trends are expected to boost industry revenue at an annualized rate of 1.7% during the five years to 2013 to $18.3 billion, including anticipated growth of 2.4% in 2013 alone.
Following the recession, disposable incomes gradually recovered and consumers increased purchases of industry products, lifting demand from downstream markets. In addition, more consumers began eating out at restaurants again. As a result, demand from food service establishments for products such as mayonnaise, mustard and salad dressing increased, bolstering revenue.
In light of these conditions, profit margins expanded from 5.4% of revenue in 2008 to an estimated 6.0% in 2013 due to rising vegetable prices that were passed off to consumers and the adoption of technology that automates the production process. As a result of rising profitability and demand for industry products, more seasoning, sauce and condiment production companies entered the industry. The number of enterprises is expected to rise slowly at an annualized rate of 0.2% to 596 during the five years to 2013.
The industry´s future prospects look positive, with continued revenue growth anticipated during the next five years.
Forecast increases in per capita disposable income will drive demand for industry products at the retail level, lifting demand from food manufacturers.
In addition, consumers are expected to eat out at restaurants more often as disposable incomes strengthen.
Furthermore, as more Americans become health conscious, producers will respond by introducing healthier versions of existing products that contain lower sodium. As a result of these trends, IBISWorld projects revenue to grow at an annualized rate of 1.2% during the five years to 2018 to total $19.4 billion.
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