Ketchup is sweet and tangy sauce and widely popular condiment typically made by using tomatoes, sweetener, vinegar, salt, assorted seasonings, spices, and other additives. Ketchup is a good source of antioxidant compounds which help in preventing colon and prostate cancers and various other diseases.
Key factors driving growth of the global ketchup market include changing eating habits, increasing adoption of western lifestyle & culture, and increased inclination towards exotic flavors of ketchup. In addition, ketchup is most common offering and an excellent accompaniment to various fast-foods, side dishes, and snacks which is further expected to fuel growth of the global ketchup market. However, few factors such as presence of various other condiments, threat of low-cost substitutes offered by local players, and rising number of health-conscious individuals avoiding foods containing sugar are factors challenging growth of the global ketchup market.
Ketchup market has good opportunities in food market owing to increasing popularity of quick-service restaurants (QSRs) and innovation of ketchup made with organic products. Some ketchup companies are introducing organic variants of ketchup made from organically grown tomatoes to target health-conscious consumers and thus increase their consumer base. These organic tomatoes are free of pesticides and harmful chemicals to a great extent. In addition, they are richer in antioxidant compounds, such as polyphenols which help in reducing risk of Alzheimer, heart diseases and delays aging. Strategies of strong business players include new product launches, constant innovation in ketchup flavors, and mergers and acquisitions with smaller level players.
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The global ketchup market report has been segmented on the basis of product ingredient type, application, and region. On the basis of region, the global ketchup market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America market holds major revenue share in the global ketchup market owing to prevalence of many fast-food joints and QSRs, coupled with preference of huge population base for variants of ketchup in countries of this region. Asia Pacific market is expected to witness high growth in terms of revenue owing to increasing consumption of fast-food, increasing westernization, coupled with inclination towards various types of ketchup.
Key players in the global ketchup market include ConAgra Foods, Del Monte Foods, Kraft Heinz, Annie’s Homegrown, Bolton Group, Campbell Soup Company, General Mills, Kagome, Kensington and Sons, Nestle India, Organicville, and Red Duck Foods.
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