Condiment Market

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Condiment Market

The current market size of the global condiments market is $118.9 billion. The details of the calculation of the market size, as well as other details, can be found below.

Market Size Estimates/Data

  • As per Statista, the global condiments market is valued at $132.6 billion in 2020.
  • Market Research Future, a market research company, estimates the global condiments market size to be valued at $98.3 billion by 2024 growing at a CAGR of 5.4%.
  • Grandview Research reports the global condiments market to be valued at $130.4 billion in 2018. The same report reveals that dips will be the fastest-growing segment at a CAGR of 5.3%.
Using the three different estimates of market sizes above, the average value of the global condiments market is $118.9 billion.

Key Players

  • As per Technavio, the leading condiments companies around the globe include Conagra Brands, Inc., Kewpie Corp., McCormick & Co., Inc., The Kraft Heinz Co., and Unilever Plc.
  • The report from Market Research Future identifies a number of key players from different parts of the world, including McCormick & Company, ConAgra Food, Kraft Foods, General Mills, Hormel Foods Corporation, The Kroger Company, Mars Inc., Midas Foods International, and Del Monte Foods from the US; Unilever from the UK; Nestle from Switzerland; Sing Cheung Company from India; Kikkoman Corporation from Japan; Nutri-Asia from Philippines; and Three Threes Condiments from Australia.
  • Grand View Research recognizes The Kraft Heinz Company, McCormick & Company, Inc., Campbell Soup Company, Del Monte Foods Inc., and General Mills Inc. as the leading companies in the global condiments market.

Research Strategy

In order to provide the market size of the global condiments market, we started by defining the market precisely. In our research, we found that industry reports refer to condiments, sauces, and dressings collectively as condiments, whereas some reports address each of them separately while still analyzing these markets in the same report. We have therefore considered condiments to include sauces, dressings, and condiments. A precise definition can be found below.
  • A definition of condiment from Dictionary.com describes it as "something used to give a special flavor to food, as mustard, ketchup, salt, or spices."
  • YourDictionary adds to the definition and describes it as "anything added to a prepared food, often, specif., to a sandwich, to add flavor, as ketchup, mustard, mayonnaise, onions, pickles, etc."
After having defined the market, we started our research to determine the market size and found a number of different estimates from a number of market research reports. To arrive at a consensus, we used three different estimates of market sizes and averaged them to land at a single value and considered that to be the closest to the actual value since it takes the aspects from all three reports under consideration. The details of our calculation can be found below.

Calculation

  • As per Statista, the global condiments market is valued at $132.6 billion in 2020.
  • Market Research Future, a market research company, estimates the global condiments market size to be valued at $98.3 billion by 2024 growing at a CAGR of 5.4%.
These values can be used to calculate the current (2020) value as follows:
Future value = $98.3 billion
CAGR = 5.4%
Current value = Future value / [(1 + CAGR)^(No. of periods)] = 98.3 / [(1 + 0.054)^(4)] = $79.6 billion
  • Grandview Research reports the global condiments market to be valued at $130.4 billion in 2018. The same report reveals that dips will be the fastest growing segment at a CAGR of 5.3%.
Considering that the entire market grows at the same rate as the fastest growing rate, i.e. 5.3%, we can use the above values to determine the current (2020) value as follows:
Past value = $130.4 billion
CAGR = 5.3%
Current value = Past value * [(1 + CAGR)^(No. of periods)] = 130.4 * [(1 + 0.053)^(2)] = $144.6 billion

Using the above values, we can average them to arrive at a consensus as follows:
Average value = (132.6 + 79.6 + 144.6) / 3 = $118.9 billion
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