Snaxshot #04: Seasoned Greetings
What's in your pantry?
A newsletter on upcoming food and beverage trends that offers a curation of brands and aesthetics written by Andrea Hernández.
🔮 Peek into the future:
Millennials move on from seasoned sauces.
Snaxshot of market + who’s making moves.
An ode to the brilliance of Sir Kensington’s success.
Favorite brands in the space.
Market challenges + opportunities.
Don’t be shy, the water’s warm, don’t forget to hit the subscribe button below.
On Seasoned Sauces 🍂
Way back in 1997, Spice Girls preached the message— “Spice Up Your Life” and by the year 2000, Heinz gave us what no one had asked for, the EZ Squirt Purple Ketchup, marketed as an innovative approach to their over 100-year-old bottled product, only to be quickly retired.
Though some condiments have proven to be universal and unwavering, as millennials grew up, not only have they expanded their taste horizons, but this generation began to clean up the pantry, demanding cleaner products that posed a challenge for legacy brands whilst offering an opportunity to disrupt an entire industry.
In the US, the market for condiments can range from the familiar to the foreign to the fantastic (hello sliced Ketchup?!) Condiments have gone from being on the side (literally) to being aforethought as we plan our meals.
—In the US alone, the condiments market is estimated to surpass $37.7 billion by 2023 growing at a CAGR of more than 4.9% during 2018 to 2023.
—Around the world, the market size is projected to reach $55.31 billion by 2027 with a CAGR of 3.3%.
—Market size of the condiment industry in US has grown 1.8% per year on average between 2015 and 2020.
—From 2012 to 2016, 9,617 sauce, dressing and condiment products were launched in the United States, most of which were new product launches, variety and range extensions.
—Dips are the category expected to expand at the fastest CAGR of 5.3% from 2019 to 2025.