The market for sauces, condiments, and dressings in the region of Latin America is estimated to reach a CAGR of 5.49% during the forecast period of 2019-2027.The focus on having home-cooked meals, demand for hot sauces, gluten free products owing to gluten intolerance causing celiac disease, and introduction of new and innovative products creating value are the determining factors leading to the market growth.
The region of Latin America engulfs the region of Brazil, Mexico, Argentina, and the Rest of Latin America, which covers Peru, Cuba, Costa Rica, Columbia, and Venezuela, and others. There is a major shift in the region towards Asian-Latin American fusion food. This change in food culture is brought by a large number of Asian immigrants into Latin American countries. They blended the flavors and ingredients of their native land with their new settlement. Japanese immigrants introduced a faster way of cooking and seafood in the cuisine of Peru. Cuban cuisine blends together Spanish, African, and other Caribbean cuisines.
Chinese and Italian cuisine is particularly popular in Costa Rica, along with Spanish food. The increasing number of immigrants and curiosity towards new cuisine is making Chinese, Italian, French, Arabic cuisines also popular. Along with native spices, Guatemala produces several spices such as ginger, cinnamon, clove, nutmeg, cumin, and is the world’s largest producer of cardamom which is used in Indian, Middle Eastern, and other global cuisines. Turmeric and pepper are produced across Latin America. There is also a demand for organic herbs and spices due to the growing trend of healthy diet and lifestyle. Indian cardamom is of higher quality, but due to systematic, organized productivity, and low cost of production of Guatemala dominates the global market.
Some of the big producers of food and beverages in the market are McCormick & Company Incorporated, McDonald’s Corp, Nestle SA, and Campbell Soup Company.
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