Global Red Sauce Market Is Expected to Reach $5.6 Billion by 2031: Says AMR
Growing inclination toward trying different cuisines and high texture & flavor intensity of tomato paste drive the growth of the global red sauce market. By nature, the conventional segment held the major share in 2021. By region, however, Asia-Pacific would cite the fastest CAGR by 2031.
Portland, OR, Feb. 09, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global red sauce market was estimated at $3.1 billion in 2021 and is expected to hit $5.6 billion by 2031, registering a CAGR of 6.1% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report coverage & details:
|Market Size in 2021||$3.1 Billion|
|Market Size in 2031||$5.6 Billion|
|No. of Pages in Report||450|
|Segments Covered||Packaging Type, Nature, Distribution Channel, and Region.|
|Drivers||Growing inclination toward trying different cuisines|
|High texture and flavor intensity of tomato paste|
|Restraints||Certain issues associated with consuming tomatoes such as acid reflux, intolerance-related effects, and muscle aches|
|The fact that it might not be suitable for use during pregnancy|
|Opportunities||Rise in the number of product launches|
- The disrupted supply chain across the world, during the pandemic, had a negative impact on the global red sauce market. Changes in the buying pattern of consumers affected the market too.
- However, as the global situation started ameliorating at a slow and steady pace, the market for red sauce recovered gradually.
The global red sauce market is analyzed across packaging type, nature, distribution channel, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
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By packaging type, the bottles segment held the largest share in 2021, garnering more than two-fifths of the global red sauce market revenue, and is projected to maintain its dominance by 2031. The pouches segment, on the other hand, would showcase the fastest CAGR of 6.6% during the forecast period.
By nature, the conventional segment contributed to more than four-fifths of the global red sauce market share in 2021, and is projected to rule the roost by 2031. The organic segment, on the other hand, would display the fastest CAGR of 6.5% throughout the forecast period.
By distribution channel, the indirect sales segment accounted for the highest share in 2021, generating more than three-fifths of the global red sauce market revenue. The same segment would also portray the fastest CAGR of 6.2% during the forecast period. The direct sales segment is also analyzed in the report.
By region, North America held the major share in 2021, garnering nearly one-third of the global red sauce market revenue. Asia-Pacific, simultaneously, would showcase the fastest CAGR of 6.7% from 2022 to 2031. The other provinces studied through the report include Europe and LAMEA.
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The key market players analyzed in the global red sauce market report include General Mills, Victoria, Campbell Soup Company, Organicville, Newman’s Own, ConAgra Foods, The Kraft Heinz Company, Chilzo, Mezzetta Family Co., Barilla, Ragu, Cento Fine Foods, Goya Foods, Mutti, and Rao’s Homemade. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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