Top 10 Hot Sauce Companies Offering Variety of Sauces in 2023 and How Rising Consumption of Hot Sauce in in 2023 Is Propelling Sales in the Market

The need for sauces, spices, and condiments from various parts of the world is one of the main drivers along with the increasing rate of globalization. Savory food is rapidly gaining popularity among consumers worldwide due to its distinct umami properties. Hot sauce is a savory food condiment that is becoming more and more well-liked.

According to the report by Fortune Business Insights™, the market for hot sauce was valued at USD 2.89 billion in 2022. The market is projected to grow from USD 3.09 billion in 2023 to USD 5.09 billion by 2030, exhibiting a CAGR of 7.42% during the forecast period.

Fortune Business Insights™ Profiles Top 10 Hot Sauce Companies in the Market

1. The Kraft Heinz Company

One of the biggest food and beverage corporations in the world is the Kraft Heinz Company. With its brand portfolio having 200 renowned brands, it produces and exports sauces, cheese and dairy goods, meat, coffee, infant and nutrition products, and other supermarket items.

The business is concentrating on geographic expansion to broaden its product offerings across various nations and boost its market dominance. For instance, Kraft Heinz announced that its hot sauce would be available in the U.K. market starting in September 2021. Similar to this, in April 2018, Momofuku Group and Kraft Heinz teamed up to boost the retail sales of Ssäm Sauce, a hot and sour Korean chili sauce. This allowed the company to cash in on hot new trends and flavors.

2. McIlhenny Company

McIlhenny company is a manufacturer and distributor of hot sauces. It has divided its products into food service and industrial ingredients. Its food service products include all bottled sauces while industrial ingredients include liquid, intermediate, and solid formulations of sauces. The firm manufactures eight varieties of pepper sauces. For instance, in August 2021, the hot sauce brand of the company ‘Tabasco’ launched a new scorpion pepper sauce. It is nearly 10 times as hot as the original variety and is available in 60 ml bottles.

3. McCormick & Company Inc

McCormick & Company is a manufacturer and retailer of condiments, spices, seasoning blends, and other flavoring goods. The business sells its goods to grocery shops, restaurants, and food makers. In order to increase its customer base and solidify its position in the industry, McCormick & Company is actively developing strategies in collaboration with key players.

4. Unilever Plc.

As a multinational corporation, Unilever PLC, offers a wide range of consumer goods, including food, home care, and personal care items. Supermarkets, hypermarkets, small shops, and pharmacies make up the majority of Unilever's consumer base. The business that owns the Hellman name produces its hot sauce. It offers a variety of global flavors and ingredients such as Japanese Sticky Grill and Jamaican Habanero.

5. Hormel Foods Corporation

Hormel Foods Corporation manufactures and markets consumer-branded meat and food products. The company originally focused on packaging and selling meat products. Currently, Hormel markets its products around the world under a variety of brand names such as Austin Blues, Hormel Bacon 1, Buffalo 70s, and others.

The goal of Hormel Foods Corporation is to increase income creation by investing in creative projects that help it build a solid clientele of food manufacturers and the food service industry. For instance, the business specializes in creating customized sauces that may be produced in both small and large volumes.

6. Conagra Brands Inc.

Conagra Brands, Inc. produces and sells packaged foods under a number of brand names. In the U.S., the corporation primarily sells its goods to supermarkets, restaurants, and food services. Hunt's, Frontera, Open Pit, and other brands are a few of the names that Conagra Foods' hot sauces are offered under.

For the purpose of bolstering its product line and gaining market share, the corporation is investing in the creation of cutting-edge items. For instance, the business published a list of all the new grocery products that will be available in stores in future. These include P.F. Chang's Home Menu for its mango sweet & sour sauce and Hunt's San Marzano style whole peeled tomatoes for the sauces.

7. Southeastern Mills Inc.

As a food business in the U.S., Southeastern Mills produces and sells items such as gravy, baking mixes, sauces, food bases, and soups. The business sells its goods to food processors, retail chains, and places that serve food.

By recruiting a larger customer base, the company's base growth will enable it to increase its business capabilities. For instance, Southeastern Mills unveiled a new 140,000-square-foot warehousing and distribution facility in October 2019. With over 300 shipments per month going to consumers all over the world, the company's strategic expansion will assist it to grow its customer base. Similar to this, Southeastern Mills launched a new culinary innovation center in August 2019 to experiment with and develop new items, allowing the business to take the lead in the food service industry.

8. Campbell Soup Company

Campbell Soup Company is a convenience food manufacturer and distributor. Soups and sauces are the company's main offerings. The business sells Hot Pinacate Sauce under its product portfolio. The company's retail and food service operations are situated in Canada and the U.S. The company has a strong focus on the development of the wholesale market for oriental foods through the improvement and expansion of its global network as well as the provision of high-quality goods and services.

9. Baumer Foods Inc.

Sauces and condiments are distributed by Baumer Foods, Inc. The business sells wings, pork, and steak sauces. It focuses on making different kinds of sauces. With the 190,000-square-foot Globalplex Intermodal Terminal of South Louisiana and Baumer, the company made Crystal spicy sauce and initially entered into a lease agreement in 2006. However, Baumer Food Inc. extended the leasing arrangement for seven years with the option to renew in March 2022. The company's ability to continue and profit from the production of its spicy sauces may be aided by the agreement's renewal, which may also present prospects for other producers to work together.

10. T.W. Garner Food Company

The T.W. Garner Food Company produces a range of food items. It caters to customers throughout North Carolina. The TW Garner Food Company started making a range of sauces, including Texas Pete, a well-known hot sauce. The business favors environment-friendly and simple packaging options such as revamping sauce bottles with flip-top lids. All of the company's products are non-GMO confirmed and gluten-free as it also wants to provide sustainable and free products to accommodate changing eating patterns.

Shifting Consumer Preference toward Premium Products to be a Megatrend in the Near Future

To capitalize on the rising demand for top-quality products, several hot sauce companies are producing a range of premium chili sauces for the market. For instance, Gringo Bandito introduced a premium cayenne pepper sauce variant by combining a number of premium components. Scotch bonnet peppers, habaneros, water, distilled vinegar, Mexican onions, garlic, salt, spices, and xanthan gum make up this list of ingredients.

The price trend for seasonings, spices, sauces, and condiments has increased by 10.89% over the past few years, according to the U.S. Bureau of Labor Statistics. This rise is related to the expansion of new and high-end product options, which draw buyers in with their greater functionality.

In the upcoming years, larger profit margins are anticipated for premium product offers on the market. With changing consumer demand trends and increasing consumer expectations, hot sauce makers are likely to introduce new premium products in the market. The intensifying competition as a result would propel this industry over the forthcoming years.