Hot sauce is a multicultural, and globally influenced category and one of the fastest growing industries.
Hot sauce is one of the ten hottest growing industries, according to a new report from IBIS World. Hot sauce ranks in at number eight just below social network game development, and that’s not such a huge surprise to the Lempert Report as this coming year will mark the 25th annual National Fiery Foods & BBQ Show. The show is the largest and most visited show featuring spicy foods and barbecue in the world. Held in Albuquerque, New Mexico, it features 200+ exhibitors filled with more than 1,000 different products - attracting over 17,000 attendees from around the world.
Looking back about 10 years ago, hot sauces experienced tremendous growth as the demographics of the country started to shift. Today, America is even more of a melting pot, and we’re experiencing more than ever, spicy additions to our multicultural, globally influenced diet. The aging population also has an effect on hot sauce consumption; as we age our taste diminishes, and we need to pump up the flavors of our food, including the spiciness. The Lempert Report predicts, because of the aforementioned reasons, the hot sauce segment will continue to grow.
According to IBIS, hot sauce production revenue is growing 9.3 percent per year; this year it is expected to grow 4.5 percent. Furthermore, over the next five years, industry revenue is projected to grow an average 4.1 percent per year.