At-home dining gets saucy
Sales of sauces and marinades has been robust as consumers prepare more meals at home. A recent SymphonyIRI MarketPulse survey found that 63% of consumers eat out less frequently today than they did before the economic downturn began.
While the trend has sparked sales of prepared foods significantly, it also has propelled sales of ready-made sauces and marinades. Mintel projected that the cooking sauce and marinade segment will grow 19% (or 3% to 4% annually) during 2012 to 2015, with sales reaching $4.4 billion in 2015. The market research company expected dry sauces to top $1.2 billion in sales by 2015, with wet sauces reaching just more than $1 billion.
Barbecue sauces account for 18% of the sauce market, according to Mintel, but since Americans are eating less meat, sales growth in this segment is likely to decline in the next few years.
Ethnic sauces represent 19.4% of the category, and the share should increase as consumers look to replicate meals and flavors from Mexican and Asian restaurants in their own kitchens. Mintel predicted ethnic sauces will perform solidly for the next five years, topping $880 million in sales by 2015.
The article above is part of the DSN Category Review Series. For the complete Pantry Buy-In Report, including extensive charts, data and more analysis, click here.