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The mustard market size is projected to increase by USD 2.38 billion and is estimated to grow at a CAGR of 6.16% between 2022 and 2027.
The growing awareness among consumers about the various health benefits of consuming mustard is one of the major factors expected to drive the global market during the forecast period. Some of the most common forms of mustard that are used include mustard sauce, paste, oil, and powder. These forms are usually filled with garlic, honey, and other healthy ingredients to enhance the taste of food. Mustard is a rich source of lycopene, a powerful antioxidant. Lycopene helps lower the chances of atherosclerosis, a condition that increases the risk of cardiovascular diseases. It also reduces the risk of cancer and heart diseases by reducing the negative impacts of free radicals in the body and removes carcinogens which helps suppress the growth of existing tumors. It also helps in alleviating stomach distension, flatulence, and weight loss due to the presence of capsaicin which helps curb the appetite. Hence, the various health benefits associated with consuming mustard are likely to result in the growth of the market during the forecast period.
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Our researchers analyzed the data with 2022 as the base year, along with the key trends, and challenges. This market forecasting report covers a holistic analysis of drivers, trends, and challenges that will help stakeholders in the value chain refine their marketing strategies to gain a competitive advantage.
The growing adoption of mustard sauces as a key ingredient in different dishes is one of the significant trends in the market. In recent times, mustard sauce has become a sought-after condiment that is used as an accompaniment to multiple delicacies. It has evolved from being a frequent condiment to dishes to become a key ingredient in multiple recipes. The increasing demand for mustard sauce is due to the influence of cooking shows and food programs on YouTube and the Internet and the rising prevalence of snacking culture. This has resulted in the increased shift towards savory snacks and mustard sauce is highly preferred as a dip for enhancing these snacks.
Additionally, the hectic daily schedule, lack of culinary skills, and time constraints have resulted in growing demand for packaged mustard sauces. Some mustard sauce dips include Honey Mustard Sauce by McDonalds and Honey Mustard by KFC. Hence, the increasing shift towards mustard-based forms, particularly mustard sauce as a key part of various dishes, is likely to result in the market growth and trends during the forecast period.
The market is highly fragmented due to the presence of many regional as well as global companies in the market. This has resulted in unhealthy competition with regional Companies compromising on the quality of mustard products they sell, and hence opting to sell and distribute these products at lower prices.
As a result of such companies, the market is getting a bad reputation for being of low quality. Hence, the significantly fragmented structure of the market is causing unhealthy price competition which is likely to hinder the growth of the market during the forecast period.
The offline distribution channel segment generates revenue from the sales of products through hypermarkets, supermarkets, and clubhouse stores; department stores; and independent retailers. This section of the market has been witnessing a gradual decline due to the increasing preference for online shopping. However, market Companies are managing sales by expanding their stores in hypermarkets, supermarkets, convenience stores, clubhouse stores, and department stores in regional and local markets. Walmart and Target Corp are two of the largest US hypermarkets that offer a variety of mustard products. Retail players are introducing better pricing strategies and wider assortments of products and deploying attractive displays to generate strong sales and compete against online Companies. Innovative marketing schemes and a wide variety of brands to choose from are some of the benefits of the offline segment. Hence, such factors are likely to result in market growth during the forecast period.
The market share growth by the seed segment will be significant during the forecast period. Most mustard products such as sauces and pastes are derived from seeds by mixing them with lemon juice, vinegar, wine, or water, as well as flavors and spices. It is mostly used as a condiment for corn dogs, hot dogs, hamburgers, and sandwiches and as an ingredient in dressings, glazes, soups, mayonnaise, marinades, and barbecue sauces. Some of the largest global market players in the market include Heinz, McCormick, Conagra Brands Inc. (Conagra Brands), and Unilever.
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The seed segment was valued at USD 2.19 billion in 2017 and continued to grow until 2021. The most popular seeds globally are Dijon seeds, made with brown or black seeds, salt, and white wine or vinegar. Several existing market players have been focusing on incorporating hybrid products, including mustard, to offer innovative products. For example, McCormick is trying to expand its US mustard products market share by offering Honey Mustard Dipping Sauce and Stone Ground Dijon. Hence, the above factors are likely to result in this segment contributing to the growth of the market during the forecast period.
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APAC is estimated to contribute 48% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The presence of various regional and global companies has made the APAC market highly fragmented with Japan, China, India, Vietnam, Australia, and Indonesia being the largest markets in the region. China is the largest market, with an increase in demand for sauce observed in the past few years. The rising popularity of sandwiches, pasta, salads, and frozen yogurts among youth has resulted in the demand for sauce and mayonnaise also increasing. Additionally, the expanding catering industry in China supports the consumption and sales of mustard in China as several food items use significant amounts of condiments. Additionally, in Japan and a few other countries, there is a shift towards more healthy condiments such as sauces and dressings with reduced fat and sauces and dressings with reduced salt. Hence the above factors are likely to propel the growth of the regional market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The report also includes detailed analyses of the competitive landscape of the market and information about 20 market Companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies dominant, leading, strong, tentative, and weak.
The market growth and forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
The market showcases diverse dynamics, driven by the National Commodity & Derivatives Exchange Limited (NCDEX) and the global demand for edible oils. Mustard oil, a staple in Asian cuisine, anchors the industry, alongside by-products like mustard cake, used in animal feed and fertilizer. Beyond traditional applications, mustard finds a place in the food and beverage, pharmaceutical, personal care, and cosmetic industries due to its rich composition of protein, fiber, erucic acid, and tocopherols. It offers antioxidants, minerals, and vitamins, promoting a healthier lifestyle and potential therapeutic benefits.
With varieties like white, black, and brown mustard, the market caters to diverse culinary preferences, influencing products from meatballs to Yellow Mustard sauce. NCDEX plays a role in mustard production, while innovations in nitrate-free alternatives address health concerns. The industry's global outreach includes the Asia-Pacific region, collaborating with the Central Organization for Oil Industry and Trade (COOIT). Mustard's adaptability in smoothies, stews, and roasted leaves, as well as its high-fat content, contribute to its multifaceted market presence.
The market growth analysis report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Market Scope |
|
Market Report Coverage |
Details |
Page number |
150 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.16% |
Market growth 2023-2027 |
USD 2.38 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.83 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 48% |
Key countries |
Canada, US, China, Nepal, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
DD Dev Spices Pvt Ltd, ITC Ltd., Jalaram Agriexports Ltd., Known You Seed Co. Ltd., Lhasa Karnak Herb Co., M and L FOOD Co, Manishankar Oils Private Ltd., Mansa Gold Agri Genetics Pvt. Ltd., McCormick and Co. Inc., Minn Dak Growers Ltd., Organic Products India, Roland Foods LLC, Seasons International Pvt. Ltd., Shalimar Chemical Works Pvt. Ltd, Sunnovate Worldtrade Pvt. Ltd., The Great American Spice Co., The Kraft Heinz Co., Unjha Agro Co., Vasant Masala Pvt. Ltd., and Virdhara International |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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