India Condiments Market Size, Share, growth & Forecast 2024

MARKET INTELLIGENCE . CONSULTING

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INDIA CONDIMENTS MARKET

FORECAST & OPPORTUNITIES

2014 – 2024

2© TechSci Research

Scope of ReportProduct of Interest (POI): Condiments

Review Period

2014 – 2017

Base Year

2018

Estimated Year

2019

Forecast Period

2020 – 2024

Year Range

India condiments market is expected to grow at a formidable rate during the forecast period. Anticipated growth inthe market can be attributed to increasing cross-cultural interaction, inclination towards consumption of westernfood & cuisines and growing number of modern retail outlets offering attractive prices and convenienceadvantages to the customers. Moreover, increased focus on R&D activities in food industry has brought variousdevelopments and innovations in food quality and offerings such as sugar-free and gluten free condiments, whichis stimulating the trend of healthy living among consumers. This factor is expected to provide ample opportunitiesto the condiments market in India until 2024.

CONDIMENTS MARKET

Market Segmentation

PRODUCT TYPE

• Sauce & Ketchup

• Pickle

• Mayonnaise & Dressing

• Others

DISTRIBUTION CHANNEL

• Hypermarket/Supermarket

• Convenience Store

• Traditional stores

• Online Channels

• East

• West

• North

• South

REGION


S. No. Contents Page No.

1. Product Overview

2. Research Methodology

3. Analyst View

4. Voice of Customer

5. India Condiments Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value & Volume

5.2. Market Share & Forecast

5.2.1.By Product Type (Sauce & Ketchup, Pickle, Mayonnaise & Dressing, Others (Spreads, Dips, etc.)

5.2.2.By Distribution Channel (Hypermarket/Supermarket, Convenience Store, Traditional stores, Online Channels)

5.2.3. By Region (East, West, North, South)

5.2.4. By Company (2018)

5.3. Market Attractiveness Index

6. India Sauce & Ketchup Market Outlook




6.2.1. By Distribution Channel

6.3. Price Analysis

Table of Contents


S. No. Contents Page No.

7. India Pickle Market Outlook





7.3. Price Analysis

8. India Mayonnaise & Dressing Market Outlook





8.3. Price Analysis

9. Import & Export Analysis

10. Market Dynamics

10.1. Drivers

10.2. Challenges

11. Market Trends & Developments

12. Policy & Regulatory Landscape

13. India Economic Profile

14. Competitive Landscape

15. Strategic Recommendations

16. About Us & Disclaimer

Table of Contents

RESEARCH METHODOLOGY

6

Research Methodology

✓ Identifying Key Opinion

Leaders

✓ Questionnaire Design

✓ In-depth Interviews

Data Collection

Developing List of Respondents

Formulating Questionnaire

Market Profiling

Data Validation

Data Analysis

In-depth secondary research was conducted to

determine top players in India condiments market,

overall market size and segmental market size.

In order to conduct industry experts’

interviews, TechSci formulated a detailed

discussion guide.

List of industry players and industry

specialists was developed.

TechSci conducted interviews with

industry experts and industry players for data collection and

verification.

Data obtained as a result of primary

and secondary research was

validated through rigorous

triangulation.

The data was scrutinized using MS-Excel, statistical

tools and internal proprietary database to obtain qualitative and

quantitative insights about India condiments market.

Data

Collection

Data Filter

& AnalysisResearch &

Intelligence

Actionable

InsightsBusiness

Solution

Primary Research Desk Research Company Analysis

✓ Recent Developments

✓ Market Changing

Aspects/Dynamics

✓ Government Policies

✓ Conclusion

✓ Market Participants

✓ Key Strengths

✓ LinkedIn✓ TechSci Internal

Database

✓ Factiva✓ Hoovers

Paid Sources

✓ Company Websites✓ Company Annual

Reports✓ White Paper Study✓ Financial Reports✓ Investor

Presentations✓ Regulatory Body✓ Associations, etc.

Secondary Research

Primary Research

7


Baseline Methodology

Our dedicated team of industry experts has monitored and analyzed various aspects of India condiments market. The team has analyzed the outlook of

various segments of this market, while considering the major influencing factors such as increasing cross-cultural interaction, inclination towards

consumption of western food & cuisines and growing number of modern retail outlets offering attractive prices and convenience advantages to the

customers. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve

sustainability in India condiments market.

Methodology Followed for Calculation of Market Size:

• Market Size by Value & Volume: Market size, in terms of value & volume, for the year 2018 was calculated based on information collected

through exhaustive secondary research and primary surveys with various key opinion leaders/stakeholders, such as condiments companies, channel

partners, major end users, industry experts, and other industry participants.

• The team interviewed 40–50 condiments companies, 180–200 major end users, and 15–20 Industry experts and other value chain stakeholders in

India condiments market to obtain the overall market size from 2014 to 2018, which was validated by using Delphi technique. Taking standard

deviation into consideration, the market size was averaged out, to arrive at the market size data during 2014-2018.

8


• Respondents were asked about the current and future market growth rates, market shares by product type, by distribution channel, by region and

by company. Removing the outlier responses, the geometric mean of growth estimates and provider wise revenue shares generated across various

segments were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were further triangulated from

other stakeholders.

Methodology Followed for Calculation of Market Shares:

Market shares by product type, by distribution channel, by region and by company were calculated based on the responses received through primary

surveys with industry experts, in which the respondents were asked about the market shares or revenue generated from various segments. The final

shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers.

Methodology Followed for Forecasting:

• TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey results in

SPSS/Tableau Software.

• Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast India condiments

market, TechSci Research used various forecast techniques such as:

✓ Moving Average

✓ Time Series Analysis

✓ Regression Analysis

✓ Econometric and Judgmental Analysis

9


TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used

the impact analysis during short, medium and long-term period to estimate and analyze market demand scenario. It should be noted that the figures

compiled are only for the organized market including market share data.

Partial List of Companies Interviewed Key Secondary Sources

▪ Nestle India Limited

▪ Field Fresh Foods Private Limited (Del Monte)

▪ Hindustan Unilever Limited

▪ Cremica Food Industries Limited

▪ Dr. Oetker India Pvt. Ltd

▪ World Bank

▪ TechSci Research Proprietary Database & Knowledge

Repository

▪ Company Annual Reports

▪ Industry Magazines

▪ Industry Reports

▪ News Dailies

▪ Credible Paid Databases

© TechSci Research


INDUSTRY BRIEF

According to a report released by TechSci Research, ‘India Condiments Market Forecast & Opportunities 2014-2024’, the India condiments market is

anticipated to register growth at a CAGR of over 13%, during 2019-2024. The market is anticipated to witness tremendous growth on account of

introduction of innovative products and their easy availability through online, traditional and modern trade. Moreover, rising awareness about

international cuisine coupled with increasing modern retail outlets offering price and convenience advantages, would further steer growth in the market

over the next five years.

Among regions, North and West region are the leading regions in the India condiments market. Both the regions are expected to experience expanding

demand for condiments during forecast period as well owing to changing lifestyles and adoption of various condiments and their varieties along with

rising population in these regions. On the basis of type, India condiments market is segmented into sauces and ketchup, pickle, mayonnaise &

dressings and others. Of all, sauces and ketchup segment dominates the market due to relatively new concepts and numerous variants available in the

segment. Nestle India Limited, Field Fresh Foods Private Limited (Del Monte), Hindustan Unilever Limited, Cremica Food Industries Limited and Dr.

Oetker India Pvt. Ltd. are some of the leading players in India condiments market.

“India condiments market is witnessing growth owing to consumers having interest in different tastes and multi-cuisines. Moreover, rapid urbanization,

development in economy with consumers having higher incomes at their disposal and growing working class population base in the country is shifting

focus of people towards innovative products such as sugar-free, gluten free and non-GMO condiments which is fueling the trend of healthy living as

consumers, nowadays, are becoming conscious about health and are searching for products that provide health benefits along with taste. Additionally,

increasing focus on R&D activities in food industry is resulting innovative product offerings with improved quality, which would further steer growth in the

market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.


SAMPLE DATA - SNAPSHOT

5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00

10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 90.00 100.00 110.00

2014 2018 2019E 2024F

By Value (USD Million)

By Volume (Thousand Tonnes)

CAGR BY VALUE & VOLUME

XX%CAGR BY VALUE & VOLUME

YY%

India Condiments Market Size, By Value (USD Million) & By Volume (Thousand Tonnes), 2014–2024F

25%25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

2014

2015

2016

2017

2018

2019E

2020F

2021F

2022F

2023F

2024F

Sauce & Ketchup Pickle Mayonnaise & Dressing Others

India Condiments Market Share, By Product Type, By Value, 2014–2024F

India Condiments Market Share, By Company, By Value, 2018

100% 15%

10%8%

5%4%

3% 3%

52%

Total Company 1 Company 2 Company 3 Company 4 Company 5 Company 6 Company 7 Others


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FORECAST & OPPORTUNITIES

2014 – 2024

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About Us & Disclaimer

TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in number of areas

to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality reports. The proprietary forecasting

models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’ model of a country, regional and

global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich evaluation of the opportunities available in the

market.

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The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely, accurate or

complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considers reliable and first hand.

However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors or omissions or for the results

obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of this report. The information herein, together

with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative market size and are strictly for client’s internal

consumption. Usage of the same for purpose other than internal will require prior approval of TechSci Research.

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