Philippine market for condiments to hit US$811.2m in 2024

The Philippines seasonings, dressings & sauces sector is expected to grow at a compound annual growth rate (CAGR) of 4.7% from PhP34.5 billion (USD661.8m) in 2019 to PhP43.6 billion (USD811.2m) in 2024, says GlobalData, a leading data and analytics company.

GlobalData’s report, ‘Philippines Seasonings, Dressings & Sauces - Market Assessment and Forecasts to 2024’, reveals that ‘condiment sauces’ was the largest category in terms of value and volume sales in 2019 while ‘bouillons & stocks’ category is forecast to record the fastest CAGR of 3.71% in volumetric terms for the period 2019–2024. The condiment sauces category is expected to gain maximum market share in terms of volume during 2019–2024. 

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Bobby Verghese, Consumer Analyst at GlobalData, says: “The per capita expenditure of Filipinos on seasonings, dressings & sauces stood at USD6.13 in 2019, which was significantly lower than both the global and the regional levels. High food-price inflation compelled Filipino consumers to opt for value for money products in the seasonings, dressings & sauces sector, thereby laying the onus on the manufacturers to roll out products at competitive prices.”

‘Convenience stores’ was the leading distribution channel with a value share of 65% in 2019, followed by the hypermarkets and supermarkets channel. The convenience stores channel is expected to witness the highest share gain over the forecast period of 2019–2024.