Hot sauce market set to increase 61 percent over next seven years
A new report shows the Asian market’s craving for hot sauce is on the rise and is expected to push international hot sauce sales from 2.3 billion dollars this year to 3.7 billion in 2026.
The report by Fortune Business Insights says that’ll be a real boon to Louisiana products like Tabasco which Chef Kevin Belton says has a unique flavor profile in a crowded field.
“Most Louisiana hot sauces are vinegar-based hot sauces. Tabasco is probably one of the most well known all around the world, and they probably have more vinegar than all of the other hot sauces.”
Belton adds that other Bayou State hot sauces like Crystal and Louisiana also share that distinctive vinegar profile.
Tabasco Pepper sauces control the largest share of the market at 22.6 percent, which is good news for Louisiana produced Tabasco. Belton says the Louisiana product broke open the worldwide hot sauce market.
“Tabasco is a brand name. Tabasco is one of the first hot sauces that I can recall that really got worldwide attention in different countries.”
The Louisiana hot sauce market continues to expand exports year to year, and Belton says people outside the state are starting to catch on to the idea that hot sauce isn’t just about heat. “It’s becoming a part of their recipes to flavor their food instead of just making it hot.”
The report pegs the hot sauce market’s compound annual growth rate at 6.5 percent over the next seven years.