MarketLine Industry Profile

Seasonings, Dressings & Sauces in India

August 2024

Reference Code: 0102-2916

Publication Date: August 2024

Primary NAICS: 311942

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 Seasonings, Dressings & Sauces in India

Industry Profiles

1. Executive Summary

1.1. Market value

The Indian seasonings, dressings & sauces market grew by 3.5% in 2023 to reach a value of $4,115.7
million.

1.2. Market value forecast

In 2028, the Indian seasonings, dressings & sauces market is forecast to have a value of $6,196.2 million, an
increase of 50.5% since 2023.

1.3. Market volume

The Indian seasonings, dressings & sauces market grew by 4.7% in 2023 to reach a volume of 4,435.2
million kilograms.

1.4. Market volume forecast

In 2028, the Indian seasonings, dressings & sauces market is forecast to have a volume of 5,204.3 million
kilograms, an increase of 17.3% since 2023.

1.5. Category segmentation

Herbs, spices & seasonings is the largest segment of the seasonings, dressings & sauces market in India,
accounting for 36.4% of the market's total value in 2023.

1.6. Geography segmentation

India accounts for 6.1% of the Asia-Pacific seasonings, dressings & sauces market value in 2023.

1.7. Market share

Unilever is the leading player in the Indian seasonings, dressings & sauces market, generating a 8.4% share
of the market's value in 2023.

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1.8. Market rivalry

Rivalry in the market is intensified by high fixed costs and exit barriers. Additionally, the market remains
fragmented, with no dominance of a single retailer, which further increases the competition.

1.9. Competitive landscape

The Indian seasonings, dressings & sauces market has experienced strong value growth and moderate
volume growth in recent years. Unilever is the leading player in the sector in value terms, while Nestle and
Tata Sons Private Limited accounted for second and third largest value shares, respectively, in 2023.
Moreover, Orkla Group gained maximum value share during 2018-23.

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 Seasonings, Dressings & Sauces in India

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TABLE OF CONTENTS
1. Executive Summary 2

1.1. Market value ................................................................................................................................................2

1.2. Market value forecast ..................................................................................................................................2

1.3. Market volume.............................................................................................................................................2

1.4. Market volume forecast...............................................................................................................................2

1.5. Category segmentation................................................................................................................................2

1.6. Geography segmentation.............................................................................................................................2

1.7. Market share................................................................................................................................................2

1.8. Market rivalry...............................................................................................................................................3

1.9. Competitive landscape.................................................................................................................................3

2. Market Overview 8

2.1. Market definition .........................................................................................................................................8

2.2. Market analysis ............................................................................................................................................8

3. Market Data 10

3.1. Market value ..............................................................................................................................................10

3.2. Market volume...........................................................................................................................................11

4. Market Segmentation 12

4.1. Category segmentation..............................................................................................................................12

4.2. Geography segmentation...........................................................................................................................14

4.3. Market distribution ....................................................................................................................................15

5. Market Outlook 16

5.1. Market value forecast ................................................................................................................................16

5.2. Market volume forecast.............................................................................................................................17

6. Five Forces Analysis 18

6.1. Summary ....................................................................................................................................................18

6.2. Buyer power...............................................................................................................................................19

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6.3. Supplier power ...........................................................................................................................................20

6.4. New entrants .............................................................................................................................................21

6.5. Threat of substitutes ..................................................................................................................................22

6.6. Degree of rivalry.........................................................................................................................................23

7. Competitive Landscape 24

7.1. Market share..............................................................................................................................................24

7.2. Who are the leading players in the Indian seasonings, dressings & sauces market? ................................24

7.3. Which companies have been most successful in increasing their market shares in the last 5 years (2018-
23)? 25

7.4. Which companies market shares have suffered in the last 5 years (2018-23)?.........................................25

7.5. What are the most popular brands in the Indian seasonings, dressings & sauces market? ......................25

8. Company Profiles 26

8.1. Unilever Plc. ...............................................................................................................................................26

8.2. Nestle SA ....................................................................................................................................................30

8.3. Tata Sons Pvt Ltd........................................................................................................................................34

8.4. VRB Consumer Products Pvt Ltd ................................................................................................................36

9. Macroeconomic Indicators 38

9.1. Country data ..............................................................................................................................................38

10. Appendix 40

10.1. Methodology..............................................................................................................................................40

10.2. Industry associations..................................................................................................................................41

10.3. Related MarketLine research .....................................................................................................................41

About MarketLine....................................................................................................................................................42

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LIST OF TABLES
Table 1: India seasonings, dressings & sauces market value: $ million, 2018–23 10

Table 2: India seasonings, dressings & sauces market volume: million kilograms, 2018–23 11

Table 3: India seasonings, dressings & sauces market category segmentation: % share, by value, 2018–2023 12

Table 4: India seasonings, dressings & sauces market category segmentation: $ million, 2018-2023 12

Table 5: India seasonings, dressings & sauces market geography segmentation: $ million, 2023 14

Table 6: India seasonings, dressings & sauces market distribution: % share, by value, 2023 15

Table 7: India seasonings, dressings & sauces market value forecast: $ million, 2023–28 16

Table 8: India seasonings, dressings & sauces market volume forecast: million kilograms, 2023–28 17

Table 9: India seasonings, dressings & sauces market share: % share, by value, 2023 24

Table 10: Unilever Plc.: key facts 26

Table 11: Unilever Plc.: Annual Financial Ratios 28

Table 12: Unilever Plc.: Key Employees 29

Table 13: Nestle SA: key facts 30

Table 14: Nestle SA: Annual Financial Ratios 31

Table 15: Nestle SA: Key Employees 32

Table 16: Nestle SA: Key Employees Continued 33

Table 17: Tata Sons Pvt Ltd: key facts 34

Table 18: Tata Sons Pvt Ltd: Key Employees 35

Table 19: VRB Consumer Products Pvt Ltd: key facts 36

Table 20: VRB Consumer Products Pvt Ltd: Key Employees 37

Table 21: India size of population (million), 2019–23 38

Table 22: India real gdp (constant 2010 prices, $ billion), 2019–23 38

Table 23: India gdp (current prices, $ billion), 2019–23 38

Table 24: India inflation, 2019–23 38

Table 25: India consumer price index (absolute), 2019–23 39

Table 26: India exchange rate, 2018–23 39

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LIST OF FIGURES
Figure 1: India seasonings, dressings & sauces market value: $ million, 2018–23 10

Figure 2: India seasonings, dressings & sauces market volume: million kilograms, 2018–23 11

Figure 3: India seasonings, dressings & sauces market category segmentation: $ million, 2018-2023 13

Figure 4: India seasonings, dressings & sauces market geography segmentation: % share, by value, 2023 14

Figure 5: India seasonings, dressings & sauces market distribution: % share, by value, 2023 15

Figure 6: India seasonings, dressings & sauces market value forecast: $ million, 2023–28 16

Figure 7: India seasonings, dressings & sauces market volume forecast: million kilograms, 2023–28 17

Figure 8: Forces driving competition in the seasonings, dressings & sauces market in India, 2023 18

Figure 9: Drivers of buyer power in the seasonings, dressings & sauces market in India, 2023 19

Figure 10: Drivers of supplier power in the seasonings, dressings & sauces market in India, 2023 20

Figure 11: Factors influencing the likelihood of new entrants in the seasonings, dressings & sauces market in India,
2023 21

Figure 12: Factors influencing the threat of substitutes in the seasonings, dressings & sauces market in India, 202322

Figure 13: Drivers of degree of rivalry in the seasonings, dressings & sauces market in India, 2023 23

Figure 14: India seasonings, dressings & sauces market share: % share, by value, 2023 24

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2. Market Overview

2.1. Market definition

The Seasonings, Dressings & Sauces market includes the sale of any additives/mixtures added to the food to
enhance the flavor such as, wet cooking sauces, dressings, condiment sauces, dips, herbs, spices & seasonings and
chutneys & relishes. The market is valued according to retail selling price (RSP) and includes any applicable taxes.
All currency conversions used in the creation of this report have been calculated using constant annual average
2023 exchange rates.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific,
the Middle East, Ghana, Morocco, Nigeria, and South Africa.
North America consists of Canada, Mexico, and the United States.
South America consists of Argentina, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Panama,
Peru, Puerto Rico, and Uruguay.
Europe consists of Austria, Belgium, Bulgaria, Croatia, the Czech Republic, Denmark, Estonia, Finland, France,
Germany, Greece, Hungary, Ireland, Italy, Luxembourg, Malta, the Netherlands, Norway, Poland, Portugal,
Romania, Russia, Slovak Republic, Spain, Sweden, Switzerland, Turkey, Ukraine, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines,
Singapore, South Korea and Thailand.
The Middle East comprises Bahrain, Egypt, Iran, Israel, Kuwait, Oman, Saudi Arabia, and the United Arab Emirates.

2.2. Market analysis

The Indian seasonings, dressings & sauces market registered a strong growth during the review period (2018-23).
The growth of the market is expected to accelerate over the forecast period (2023-28).
The Indian market for seasonings, dressings, and sauces experienced robust growth during the review period,
driven by rapid urbanization and increased consumer purchasing power. The market's expansion was further
supported by changing consumer preferences, particularly as busy lifestyles have led to greater consumption of
convenience foods like seasonings, dressings, and sauces. Looking ahead, the market is poised for continued
growth, largely due to the rising trend of health consciousness among consumers. This shift has spurred demand
for products with natural and organic ingredients, creating significant opportunities for market expansion.
Manufacturers are well-positioned to benefit from this trend and should focus on meeting the growing demand
for healthier options to sustain growth and attract health-conscious consumers.
The Indian Seasonings, Dressings & Sauces market had total revenues of $4,115.7 million in 2023, representing a
compound annual growth rate (CAGR) of 7.2% between 2018 and 2023. In comparison, the South Korean and
Chinese markets grew with CAGRs of 2.9% and 10.5% respectively, over the same period, to reach respective
values of $1,680.7 million and $30,768.6 million in 2023.
Market consumption volume increased with a CAGR of 3.4% between 2018 and 2023, to reach a total of 4,435.2
million kilograms in 2023. The market's volume is expected to rise to 5,204.3 million kilograms by the end of 2028,
representing a CAGR of 3.2% for the 2023-28 period.
The Herbs, Spices & Seasonings segment was the market's most lucrative in 2023, with total revenues of $1.5
billion, equivalent to 36.4% of the market's overall value. The Condiment Sauces segment contributed revenues of
$765.5 million in 2023, equating to 18.6% of the market's aggregate value.

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The performance of the market is forecast to accelerate, with an anticipated CAGR of 9.2% for the five-year period
2023-2028, which is expected to drive the market to a value of $6,395.3 million by the end of 2028.
Comparatively, the South Korean and Chinese markets will grow with CAGRs of 2.6% and 8.2% respectively, over
the same period, to reach respective values of $1,907.6 million and $45,542.4 million in 2028.

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3. Market Data

3.1. Market value

The Indian seasonings, dressings & sauces market grew by 3.5% in 2023 to reach a value of $4,115.7 million.
The compound annual growth rate of the market in the period 2018–23 was 3.3%.

Table 1: India seasonings, dressings & sauces market value: $ million, 2018–23

Year $ million Rs. million € million % Growth

2018 3,505.3 239,724.4 2,968.2
2019 3,625.4 255,299.2 3,238.4 3.4%
2020 3,661.9 271,343.5 3,206.0 1.0%
2021 3,916.4 289,495.6 3,311.3 7.0%
2022 3,975.3 312,478.5 3,772.1 1.5%
2023 4,115.7 339,959.3 3,806.4 3.5%

CAGR: 2018–23 3.3%

Source: MARKETLINE MARKETLINE

Figure 1: India seasonings, dressings & sauces market value: $ million, 2018–23

Source: MARKETLINE MARKETLINE

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3.2. Market volume

The Indian seasonings, dressings & sauces market grew by 4.7% in 2023 to reach a volume of 4,435.2 million kilograms.
The compound annual growth rate of the market in the period 2018-23 was 3.4%.

Table 2: India seasonings, dressings & sauces market volume: million kilograms, 2018–23

Year million kilograms % Growth

2018 3,746.7
2019 3,874.8 3.4%
2020 4,003.4 3.3%
2021 4,111.8 2.7%
2022 4,236.4 3.0%
2023 4,435.2 4.7%

CAGR: 2018–23 3.4%

Source: MARKETLINE MARKETLINE

Figure 2: India seasonings, dressings & sauces market volume: million kilograms, 2018–23

Source: MARKETLINE MARKETLINE

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4. Market Segmentation

4.1. Category segmentation

Herbs, spices & seasonings is the largest segment of the seasonings, dressings & sauces market in India,
accounting for 36.4% of the market's total value in 2023.
The Condiment sauces segment accounts for a further 18.6% of the market.

Table 3: India seasonings, dressings & sauces market category segmentation: % share, by value, 2018–2023

Category 2018 2019 2020 2021 2022 2023

Herbs, Spices &
40.2% 39.4% 38.6% 37.9% 37.0% 36.4%
Seasonings
Condiment Sauces 16.4% 16.6% 16.7% 17.2% 17.8% 18.6%
Chutneys & Relishes 14.4% 15.0% 15.6% 16.0% 16.5% 16.5%
Dips 9.4% 9.2% 9.2% 9.1% 8.8% 8.5%
Bouillons & Stocks 6.5% 6.7% 6.7% 6.6% 6.6% 6.6%
Broth 4.8% 4.7% 4.7% 4.7% 4.6% 4.6%
Other 8.2% 8.3% 8.5% 8.6% 8.7% 8.8%

Total 100% 100% 100% 100% 100% 100%

Source: MARKETLINE MARKETLINE

Table 4: India seasonings, dressings & sauces market category segmentation: $ million, 2018-2023

Category 2018 2019 2020 2021 2022 2023 2018-23

CAGR(%)
Herbs, Spices &
1,408.4 1,428.9 1,413.7 1,483.4 1,472.2 1,499.6 1.3%
Seasonings
Condiment Sauces 574.9 602.7 611.3 673.7 706.7 765.5 5.9%
Chutneys & Relishes 505.5 545.0 570.3 626.6 655.6 678.3 6.1%
Dips 330.9 333.2 336.2 354.8 351.6 349.7 1.1%
Bouillons & Stocks 227.7 243.2 245.4 258.9 261.4 270.2 3.5%
Broth 169.9 171.1 172.7 182.2 181.2 189.1 2.2%
Other 288.1 301.3 312.3 336.9 346.7 363.3 4.7%

Total 3,505.4 3,625.4 3,661.9 3,916.5 3,975.4 4,115.7 3.3%

Source: MARKETLINE MARKETLINE

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Figure 3: India seasonings, dressings & sauces market category segmentation: $ million, 2018-2023

Source: MARKETLINE MARKETLINE

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4.2. Geography segmentation

India accounts for 6.1% of the Asia-Pacific seasonings, dressings & sauces market value in 2023.
China accounts for a further 45.4% of the Asia-Pacific market.

Table 5: India seasonings, dressings & sauces market geography segmentation: $ million, 2023

Geography 2023 %
China 30,768.6 45.4
Japan 18,407.8 27.2
India 4,115.7 6.1
South Korea 1,680.7 2.5
Singapore 129.4 0.2
Rest of Asia-Pacific 12,597.5 18.6

Total 67,699.7 100%

Source: MARKETLINE MARKETLINE

Figure 4: India seasonings, dressings & sauces market geography segmentation: % share, by value, 2023

Source: MARKETLINE MARKETLINE

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4.3. Market distribution

Hypermarkets & Supermarkets form the leading distribution channel in the Indian seasonings, dressings & sauces
market, accounting for a 68.2% share of the total market's value.
Convenience Stores accounts for a further 23.7% of the market.

Table 6: India seasonings, dressings & sauces market distribution: % share, by value, 2023

Channel % Share
Hypermarkets & Supermarkets 68.2%
Convenience Stores 23.7%
Food & drinks specialists 7.1%
eRetailers 0.7%
Other 0.3%

Total 100%
Source: MARKETLINE MARKETLINE

Figure 5: India seasonings, dressings & sauces market distribution: % share, by value, 2023

Source: MARKETLINE MARKETLINE

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5. Market Outlook

5.1. Market value forecast

In 2028, the Indian seasonings, dressings & sauces market is forecast to have a value of $6,196.2 million, an
increase of 50.5% since 2023.
The compound annual growth rate of the market in the period 2023–28 is predicted to be 8.5%.

Table 7: India seasonings, dressings & sauces market value forecast: $ million, 2023–28

Year $ million Rs. million € million % Growth

2023 4,115.7 339,959.3 3,806.4 3.5%
2024 4,589.3 381,434.2 4,329.5 11.5%
2025 4,968.7 415,908.5 4,672.2 8.3%
2026 5,401.3 455,897.4 5,070.1 8.7%
2027 5,805.6 492,496.9 5,442.8 7.5%
2028 6,196.2 528,253.2 5,802.9 6.7%

CAGR: 2023–28 8.5%

Source: MARKETLINE MARKETLINE

Figure 6: India seasonings, dressings & sauces market value forecast: $ million, 2023–28

Source: MARKETLINE MARKETLINE

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5.2. Market volume forecast

In 2028, the Indian seasonings, dressings & sauces market is forecast to have a volume of 5,204.3 million kilograms, an
increase of 17.3% since 2023.
The compound annual growth rate of the market in the period 2023–28 is predicted to be 3.2%.

Table 8: India seasonings, dressings & sauces market volume forecast: million kilograms, 2023–28

Year million kilograms % Growth

2023 4,435.2 4.7%
2024 4,609.6 3.9%
2025 4,781.8 3.7%
2026 4,917.5 2.8%
2027 5,063.0 3.0%
2028 5,204.3 2.8%

CAGR: 2023–28 3.2%

Source: MARKETLINE MARKETLINE

Figure 7: India seasonings, dressings & sauces market volume forecast: million kilograms, 2023–28

Source: MARKETLINE MARKETLINE

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6. Five Forces Analysis

The seasonings, dressings & sauces market will be analyzed taking manufacturers of seasonings, dressings &
sauces as players. The key buyers will be taken as distributors and retailers of seasonings, dressings & sauces, and
producers of packaging, seasonings, dressings & sauces ingredients and other raw materials as the key suppliers.

6.1. Summary

Figure 8: Forces driving competition in the seasonings, dressings & sauces market in India, 2023

Source: MARKETLINE MARKETLINE

Rivalry in the market is intensified by high fixed costs and exit barriers. Additionally, the market remains fragmented,
with no dominance of a single retailer, which further increases the competition.
Larger retailers, such as hypermarkets and supermarkets, can make large purchases and negotiate on price with
manufacturers, boosting buyer power. The retailers have to stock brands preferred by consumers to cater the demand
from brand loyal consumers.
Suppliers in this market range from agricultural producers to machinery manufacturers, and vary in size accordingly.
Where growers operate in a fragmented upstream landscape, large food processing firms will have a strong negotiating
position. However, a lack of differentiation in commodity inputs weakens supplier power.
The threat of new entrants is moderate due to fair capital investments necessary and the presence of well-established
brands. The market experienced strong growth during the review period (2018-2023), which will encourage
newcomers.
Substitutes of seasonings, dressings and sauces, which include olive oil, fruits such as lemon, vegetables such as ginger,
sweet honey and others, pose a moderate threat.

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6.2. Buyer power

Figure 9: Drivers of buyer power in the seasonings, dressings & sauces market in India, 2023

Source: MARKETLINE MARKETLINE

The main distribution channels for the Indian seasonings, dressings and sauces market are hypermarkets and
supermarkets, which accounts for 68.18% of the total market value in 2023. Convenience stores are also significant,
accounted for 23.74% of the total market value in the same year. Therefore, the size of the average buyer is large,
which enhances their negotiating position, and increases buyer power. Large retailers, such as supermarkets, can make
large purchases and negotiate on prices with the manufacturers, boosting buyer power.
Most raw materials are readily sourced from multiple suppliers, although their prices can fluctuate in response to
supply and demand balance from other product manufacturers.
Market entry is relatively easy in principle, although the presence of strong brands, along with established distribution
systems of the market leaders, will be difficult for a new entrant to compete with efficiently.
There are many potential substitutes, which pose a moderate level of indirect competition for seasonings, dressings
and sauces; as such, leading manufacturers often offer substitutive products as well, limiting this threat.
Overall, buyer power is assessed as strong.

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6.3. Supplier power

Figure 10: Drivers of supplier power in the seasonings, dressings & sauces market in India, 2023

Source: MARKETLINE MARKETLINE

The primary inputs for seasonings, dressings and sauces manufacturing include spices, herbs (fresh/dry), cooking oil,
vinegar, salt, yogurt, cream, eggs, and mushrooms, among others. Some of these commodities, although available from
several sources, are subject to price fluctuations. Therefore, companies often use techniques such as hedging to
mitigate the risk of price fluctuations. Alternatively, manufacturers of seasonings, dressings and sauces negotiate supply
contracts with growers and farmers, wherein fixed-term contracts with periodically negotiated prices are common.
Where growers operate in a fragmented upstream landscape, large food processing firms will have a strong negotiating
position.
Leading players must assure product quality in order to maintain the brand equity in the long term. Moreover, the need
to source raw materials of appropriate quality tends to strengthen those suppliers who are able to provide the
necessary products. However, a lack of differentiation in commodity inputs weakens supplier power.
The power of packaging manufacturers is growing since there is a growing demand for more consumer and
environmentally friendly packaging.
Overall, supplier power is moderate in this market.

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6.4. New entrants

Figure 11: Factors influencing the likelihood of new entrants in the seasonings, dressings & sauces market in India, 2023

Source: MARKETLINE MARKETLINE

The Indian seasonings, dressings and sauces market recorded strong growth during the review period (2018-2023),
which is anticipated to encourage newcomers. Large players, such as Unilever and Nestle, dominate the market. The
top players wield significant power and benefit from scale economies, strong brands, and a diverse range of products.
Private labels also greatly influence the environment.
Players in the seasonings, dressings and sauces market are able to distinguish the products to some extent, by adding
health and nutritional benefits, applying an artisanal production method, or offering a new taste. Although it would be
difficult for a new entrant to compete with the brand strength and reach of existing players, it is possible to achieve
small-scale success.
Government regulation of food production is generally strict, affects several aspects of seasonings, dressings, and
sauces manufacturing. This is evident, as in most countries; there are requirements for food and drinks manufacturers
to meet high hygiene conditions. Moreover, food regulators are focused on increasing health consciousness, which is
leading to changes in the food processing methods and ingredients used. Regulation of the food market in India is the
responsibility of the Food Safety and Standards Authority of India (FSSAI), and is concerned with ensuring that products
should be safe to eat, produced under sanitary conditions, contain no harmful substances and to be truthfully labelled.
The necessity to comply with these makes it harder for newcomers to enter the market.
Overall, the likelihood of new entrants is moderate.

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6.5. Threat of substitutes

Figure 12: Factors influencing the threat of substitutes in the seasonings, dressings & sauces market in India, 2023

Source: MARKETLINE MARKETLINE

The substitutes for seasonings, dressings and sauces primarily include olive oil, sweet honey, fruits such as lemons, and
vegetables such as ginger, among others.
Leading players tend to have diverse product ranges, which include substitutive products. This reduces the threat posed
by substitutes. For instance, Heinz is one of the major players in the seasonings, dressings and sauces market, also
manufactures honey.
As health awareness rises, homemade dressings pose a growing threat as a substitutive. However, ready to use
seasonings, dressing and sources are faster to use and allow to the consumer to save time necessary to prepare a meal.
Overall, there is a moderate threat from substitutes.

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6.6. Degree of rivalry

Figure 13: Drivers of degree of rivalry in the seasonings, dressings & sauces market in India, 2023

Source: MARKETLINE MARKETLINE

The Indian seasonings, dressings and sauces market is fragmented, with the top four leading players, Unilever, Nestle,
Tata Sons Private Limited, and Veeba Foods, accounting for 23.66% of the market’s value in 2023, indicating a
moderate number of competitors. Notably, Unilever, secured 8.36% of the total market value in 2023.
The players in this market are similar, with most operating primarily in the food and drink industry. This increases
rivalry, and means that market fluctuations are expected to affect the revenues more. Switching costs are low, which
boosts the competition further.
The ease of exit depends to some extent on the business model of the company. Fixed costs are high due to the
expense of establishing production facilities with specialized equipment. As a result, exit barriers are also high since
leaving the market would require divestment of these substantial and often quite specialized assets. Both of these
factors serve to increase rivalry.
The strong growth of the market during the review period (2018-2023) helps to decrease the intensity of rivalry.
Overall, there is a moderate degree of rivalry in the Indian seasonings, dressings and sauces market.

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7. Competitive Landscape
The Indian seasonings, dressings & sauces market has experienced strong value growth and moderate volume
growth in recent years. Unilever is the leading player in the sector in value terms, while Nestle and Tata Sons
Private Limited accounted for second and third largest value shares, respectively, in 2023. Moreover, Orkla Group
gained maximum value share during 2018-23.

7.1. Market share

Table 9: India seasonings, dressings & sauces market share: % share, by value, 2023

Company % Share
Unilever 8.4%
Nestle 6.6%
Tata Sons Private Limited 6.0%
Veeba Foods 2.7%
Other 76.3%

Total 100%
Source: MARKETLINE MARKETLINE

Figure 14: India seasonings, dressings & sauces market share: % share, by value, 2023

Source: MARKETLINE MARKETLINE

7.2. Who are the leading players in the Indian seasonings, dressings &
sauces market?

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UK based multinational Unilever is the leading player in the Indian seasonings, dressings & sauces market, accounting
for 8.36% of the market value in 2023 and is expected to retain its lead position in the coming years. The company has a
strong foothold in condiment sauces, herbs, spices & seasonings, broth, dry cooking sauces and wet cooking sauces
through brands such as Kissan, Knorr, Annapurna, Colman`s and Raguletto.
Switzerland based multinational Nestle is the second leading player in the Indian seasonings, dressings & sauces
market, accounting for 6.57% of the market value in 2023 . The company has a strong foothold in condiment sauces,
herbs, spices & seasonings and bouillons & Stocks through brand such as Maggi.
Indian based multinational Tata Sons Private Limited is the third leading player in the Indian seasonings, dressings &
sauces market, accounting for 6.00% of the market value in 2023. The company has a strong foothold in herbs, spices &
seasonings through brands such as Tata.

7.3. Which companies have been most successful in increasing their

market shares in the last 5 years (2018-23)?
Between 2018 and 2023, Orkla Group registered the highest rise in its market share with a 0.94 percentage points in
value terms in the Indian seasonings, dressings & sauces sector, increasing from 0.18% in 2018 to 1.12% in 2023. Over
the same period, value market share of Nestle increased with a 0.47 percentage points, growing from 6.10% in 2018 to
6.57% in 2023, while The Kraft Heinz Company witnessed increase in value market share by 0.23 percentage points,
growing from 1.34% in 2018 to 1.57% in 2023.

7.4. Which companies market shares have suffered in the last 5 years
(2018-23)?
In the Indian seasonings, dressings & sauces market, Tata Sons Private Limited witnessed loss of value market share by
0.93 percentage points, down from 6.93% in 2018 to 6.00% in 2023. Wingreens also witnessed loss of value market
share by 0.18 percentage points, down from 1.92% in 2018 to 1.74% in 2023, while Everest Spices witnessed loss of
value market share by 0.17 percentage points, down from 2.36% in 2018 to 2.19% in 2023.

7.5. What are the most popular brands in the Indian seasonings,
dressings & sauces market?
Maggi owned by Nestle is the most popular brand in the Indian seasonings, dressings & sauces market, accounting for a
value share of 6.57% in 2023. Furthermore, Tata (owned by Tata Sons Private Limited) and Kissan (owned by Unilever)
are also top brands of the sector, which held brand value shares of 6.00% and 3.75%, respectively, in the same year.

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8. Company Profiles

8.1. Unilever Plc.

8.1.1. Company Overview

Unilever Plc. (Unilever or ‘the company’) manufactures and markets fast moving consumer goods, including
food products, home care products, beverages, personal care, and health products. It offers these products
under several brands, including Knorr, Lipton, Hellmann’s, Wall’s, Dove, Omo, Lux, Rexona, Comfort, Surf Excel,
Sunsilk, Lifebuoy, Pond’s, TRESemme, Rin, Ben & Jerry’s, Breyers, Brooke Bond, Magnum, Suave, Vaseline and
Axe. The company sells its products to small family-owned shops, bricks and mortar store partners, value
retailers, and online retailers. It primarily operates across Asia-Pacific, the Americas, Africa, Europe and the
Middle East. The company is headquartered in London, Greater London, the UK.
The company reported revenues of (Euro) EUR59,604 million for the fiscal year ended December 2023
(FY2023), a decrease of 0.8% over FY2022. In FY2023, the company’s operating margin was 16.1%, compared to
an operating margin of 17.6% in FY2022. In FY2023, the company recorded a net margin of 10.9%, compared to
a net margin of 12.7% in FY2022.

8.1.2. Key Facts

Table 10: Unilever Plc.: key facts

Head office: Unilever House Blackfriars, , London, England, United Kingdom

Telephone: 442018942790
Fax: 442078225951
Number of Employees: 128000
Website: [Link]
Financial year-end: December
Ticker: ULVR
Stock exchange: London Stock Exchange (LON)
Source: COMPANY WEBSITE MARKETLINE

8.1.3. Business Description

Unilever Plc. (Unilever or ‘the company’) is a manufacturer and distributor of personal care, household and food
products.
The company offers products under more than 400 brands and serves around 25 million retail stores globally,
including approximately 3.4 billion customers in 190 countries. The company manages approximately 500 logistics
warehouses, 270 offices, and 280 factories.
The company operates its business through five reportable segments: Beauty & Wellbeing, Personal Care, Home
Care, Nutrition, and Ice Cream.
Under the Beauty and Wellbeing segment, Unilever offers haircare, skincare, deodorants, and skin cleansing
products. The company's major brands in this segment include Dove, Equilibra, Liquid I.V, Olly, Onnit, Smarty
Pants, Sunsilk, and Vaseline. In FY2022, the Beauty and Wellbeing segment reported revenue of EUR12,250.0
million, which accounted for 20.4% of the company’s revenue.

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The company’ s Personal Care segment offers skin cleansing, deodorants, and oral care products. Unilever’s major
brands under this segment are, such as Axe, Lux, Dove, Lifebuoy, and Rexona. In FY2022, the Personal Care
segment reported revenue of EUR13,636.0 million, which accounted for 22.7% of the company’s revenue.
Under Home Care, the company offers fabric care products like washing powders, liquids, and rinse conditioners,
along with an extensive range of cleaning products. Among its major brands are CIF, Comfort, Domestos, OMO,
and Seventh Generation. In FY2022, the Home Care segment reported revenue of EUR12,401.0 million, which
accounted for 20.6% of the company’s revenue.
Through Nutrition segment, the company focusing on providing scratch cooking aids like soups, bouillons, and
seasonings, along with dressings such as mayonnaise, ketchup, and tea products. Among its major brands are
Bango, Hellmann’s, Knorr, and the Vegetarian Butcher. In FY2022, the Nutrition segment reported revenue of
EUR13,898.0 million, which accounted for 23.1% of the company’s revenue.
Under Ice Cream segment the company offers various ice cream products. The company's prominent brands
encompass Ben & Jerry’s, Magnum, and Wall’s.
In FY2022, the Ice Cream segment reported revenue of EUR7,888.0 million, which accounted for 13.1% of the
company’s revenue.
Geographically, the company operates in three regions, including Asia Pacific Africa, The Americas, and Europe. In
FY2022, the company generated 45.8% of its revenue from Asia Pacific Africa, followed by the Americas (34.8%)
and Europe (19.4%).

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Table 11: Unilever Plc.: Annual Financial Ratios

Key Ratios 2019 2020 2021 2022 2023
Growth Ratios
Sales Growth % 1.96 -2.42 3.39 14.55 -0.78
Operating Income Growth % -31.66 -4.80 3.78 22.61 -9.21
EBITDA Growth % -28.54 -3.58 0.58 20.54 -10.70
Net Income Growth % -39.96 -0.78 8.39 26.33 -15.11
EPS Growth % 26.06 -5.53 7.85 -2.84 -1.24
Working Capital Growth % -2.65 -2.48 66.34 -15.01 -10.61
Equity Ratios
EPS (Earnings per Share) EUR 2.72 2.57 2.77 2.69 2.66
Dividend per Share EUR 1.69 1.66 1.74 1.67 1.71
Dividend Cover Absolute 1.61 1.55 1.59 1.61 1.55
Book Value per Share EUR 5.04 5.81 6.68 7.51 7.24
Profitability Ratios
Gross Margin % 44.01 43.45 42.30 40.23 42.24
Operating Margin % 16.82 16.41 16.47 17.63 16.13
Net Profit Margin % 10.82 11.00 11.53 12.72 10.88
Profit Markup % 78.61 76.84 73.32 67.31 73.12
PBT Margin (Profit Before Tax) % 15.95 15.76 16.31 17.21 15.67
Return on Equity % 42.64 36.56 35.36 40.18 35.84
Return on Capital Employed % 19.95 17.68 17.17 20.21 18.58
Return on Assets % 8.93 8.43 8.47 10.00 8.47
Return on Working Capital % -192.24 -187.67 -117.09 -168.92 -171.56
Operating Costs (% of Sales) % 83.18 83.59 83.53 82.37 83.87
Administration Costs (% of Sales) % 23.26 23.41 22.31 22.60 23.98
Liquidity Ratios
Current Ratio Absolute 0.78 0.78 0.70 0.75 0.76
Quick Ratio Absolute 0.58 0.57 0.51 0.52 0.54
Cash Ratio Absolute 0.20 0.27 0.14 0.17 0.18
Leverage Ratios
Debt to Equity Ratio Absolute 2.11 1.75 1.73 1.50 1.58
Net Debt to Equity Absolute 1.72 1.34 1.47 1.20 1.26
Debt to Capital Ratio Absolute 0.68 0.64 0.63 0.60 0.61
Efficiency Ratios
Asset Turnover Absolute 0.83 0.77 0.73 0.79 0.78
Fixed Asset Turnover Absolute 4.30 4.48 5.01 5.69 5.55
Inventory Turnover Absolute 6.88 6.65 6.62 6.77 6.23
Current Asset Turnover Absolute 3.26 3.11 3.13 3.29 3.22
Capital Employed Turnover Absolute 1.19 1.08 1.04 1.15 1.15
Working Capital Turnover Absolute -11.43 -11.44 -7.11 -9.58 -10.63
Source: COMPANY FILINGS MARKETLINE

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Table 12: Unilever Plc.: Key Employees

Name Job Title Board

Adrian Hennah Director Non Executive Board
Andrea Jung Vice Chairman Executive Board
Eduardo Campanella President Home Care Senior Management
Esi Eggleston Bracey Chief Growth and Marketing Officer Senior Management
Fabian Garcia President Personal Care Senior Management
Fernando Fernandez Chief Financial Officer Executive Board
Fernando Fernandez Director Executive Board
Hanneke Faber President Nutrition Senior Management
Hein Schumacher Chief Executive Officer Executive Board
Hein Schumacher Director Executive Board
Ian Meakins Chairman Non Executive Board
Judith Hartmann Director Non Executive Board
Maria Rosaria Varsellona Chief Legal Officer Senior Management
Maria Rosaria Varsellona Secretary Senior Management
Nelson Peltz Director Non Executive Board
Nils Smedegaard Andersen Director Non Executive Board
Nitin Paranjpe Chief Operating Officer Senior Management
Nitin Paranjpe Chief People and Transformation Officer Senior Management
Peter Ter Kulve President Ice Cream Senior Management
Priya Nair President Beauty and Wellbeing Senior Management
Chief Business Operations and Supply Chain
Reginaldo Ecclissato Senior Management
Officer
Richard Slater Chief Research and Development Officer Senior Management
Rohit Jawa Chief Executive Officer Hindustan Unilever Senior Management
Rohit Jawa Managing Director Hindustan Unilever Senior Management
Rohit Jawa President Unilever, South Asia Senior Management
Ruby Lu Director Non Executive Board
Strive Masiyiwa Director Non Executive Board
Susan Kilsby Director Non Executive Board
Youngme Moon Director Non Executive Board
Source: COMPANY FILINGS MARKETLINE

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8.2. Nestle SA

8.2.1. Company Overview

Nestle SA (Nestle) is a manufacturer and marketer of food products and beverages. The company's product
portfolio comprises baby food, bottled water, cereals, chocolates and confectionery, coffee, and culinary
products. It also provides plant-based foods, chilled and frozen foods, dairy products, nutritional products, ice
cream, and pet care products. Nestle markets its products under the Aero, Purina Alpo, Milkybar, Nestle Ice
Cream, Cerelac, Nescafe, Nespresso, Nido, Perrier, [Link], Acqua Panna, Nestea, Milo, Maggi, Buitoni,
Cailler, Movenpick, Purina, Boost, Gerber, and Kit Kat brand names. The company has business presence across
Asia, Oceania, the Americas, Europe, the Middle East, and Africa. Nestle is headquartered in Vevey, Waadt,
Switzerland.
The company reported revenues of (Swiss Francs) CHF92,998 million for the fiscal year ended December 2023
(FY2023), a decrease of 1.5% over FY2022. In FY2023, the company’s operating margin was 15.1%, compared to
an operating margin of 13.1% in FY2022. In FY2023, the company recorded a net margin of 12.1%, compared to
a net margin of 9.8% in FY2022.

8.2.2. Key Facts

Table 13: Nestle SA: key facts

Head office: Avenue Nestle 55 , Vevey, Waadt, Switzerland

Telephone: 41219241111
Fax: 41219244800
Number of Employees: 270000
Website: [Link]
Financial year-end: December
Ticker: NESN
Stock exchange: SIX Swiss Exchange
Source: COMPANY WEBSITE MARKETLINE

8.2.3. Business Description

Nestle SA (Nestle) is a manufacturer of food products and beverages. The company offers more than 2,000
branded products in over 188 countries.
The company classifies its product portfolio into seven categories: Powdered and Liquid Beverages; PetCare;
Nutrition and Health Science; Prepared Dishes and Cooking Aids; Milk Products and Ice Cream; Confectionery; and
Water.
As of December 2023, Nestle operated 340 factories in 76 countries in Asia-Pacific, Europe, the Americas, Africa,
and the Middle East. Geographically, the company operates in 16 regions: the US; Rest of Asia, Oceania, Africa;
Rest of Europe (excluding Switzerland); Greater China; Rest of Latin America; Brazil; France; Mexico; the UK;
Canada; Philippines; Germany; India; Australia; Chile; and Switzerland.

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Table 14: Nestle SA: Annual Financial Ratios

Key Ratios 2019 2020 2021 2022 2023
Growth Ratios
Sales Growth % 1.23 -8.89 3.25 8.42 -1.51
Operating Income Growth % 16.91 -7.97 -21.07 5.54 14.09
EBITDA Growth % 11.97 -7.73 -17.21 4.95 10.42
Net Income Growth % 24.41 -2.99 38.20 -45.16 20.92
EPS Growth % 14.01 -2.97 68.49 -37.81 8.55
Working Capital Growth % 193.64 -5.01 -86.51 544.04 26.72
Equity Ratios
EPS (Earnings per Share) CHF 4.29 4.16 7.01 4.36 4.73
Dividend per Share CHF 2.70 2.75 2.80 2.95 3.00
Dividend Cover Absolute 1.59 1.51 2.50 1.48 1.58
Book Value per Share CHF 18.07 16.22 19.26 15.73 13.64
Profitability Ratios
Gross Margin % 49.61 49.05 47.79 45.20 45.88
Operating Margin % 17.37 17.54 13.41 13.05 15.12
Net Profit Margin % 13.62 14.50 19.41 9.82 12.05
Profit Markup % 98.44 96.28 91.54 82.48 84.78
PBT Margin (Profit Before Tax) % 16.27 16.51 12.41 11.95 13.66
Return on Equity % 24.23 26.77 31.81 22.08 31.36
Return on Capital Employed % 18.62 17.55 11.78 12.95 15.72
Return on Assets % 9.52 9.71 12.85 6.76 8.57
Return on Working Capital % -270.13 -261.69 -1530.67 -250.83 -225.84
Operating Costs (% of Sales) % 82.63 82.46 86.59 86.95 84.88
Administration Costs (% of Sales) % 30.56 29.91 28.95 26.73 27.22
Liquidity Ratios
Current Ratio Absolute 0.86 0.86 0.98 0.88 0.83
Quick Ratio Absolute 0.63 0.60 0.68 0.50 0.51
Cash Ratio Absolute 0.18 0.13 0.17 0.14 0.13
Leverage Ratios
Debt to Equity Ratio Absolute 0.71 0.87 0.88 1.29 1.55
Net Debt to Equity Absolute 0.52 0.69 0.61 1.13 1.38
Debt to Capital Ratio Absolute 0.42 0.47 0.47 0.56 0.61
Efficiency Ratios
Asset Turnover Absolute 0.70 0.67 0.66 0.69 0.71
Fixed Asset Turnover Absolute 3.15 3.09 3.21 3.23 3.07
Inventory Turnover Absolute 5.05 4.42 4.12 3.83 3.74
Current Asset Turnover Absolute 2.41 2.42 2.38 2.54 2.82
Capital Employed Turnover Absolute 1.07 1.00 0.88 0.99 1.04
Working Capital Turnover Absolute -15.55 -14.92 -114.14 -19.22 -14.93
Source: COMPANY FILINGS MARKETLINE

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Table 15: Nestle SA: Key Employees

Name Job Title Board

Anna Manz Chief Financial Officer Senior Management
Anna Mohl Chief Executive Officer Nestle Health Science Senior Management
Anna Mohl Executive Vice President Senior Management
Beatrice Guillaume-Grabisch Executive Vice President Senior Management
Head Human Resource and Business
Beatrice Guillaume-Grabisch Senior Management
Services
Bernard Meunier Executive Vice President Senior Management
Head Strategic Business Units, Marketing,
Bernard Meunier Senior Management
and Sales
Chris Leong Director Non Executive Board
David P. Frick Secretary Senior Management
Senior Vice President Corporate Governance,
David P. Frick Senior Management
Compliance and Corporate Services
David Rennie Executive Vice President Senior Management
David Rennie Head Nestle Coffee Brands Senior Management
David Xiqiang Zhang Chief Executive Officer Zone Greater China Senior Management
David Xiqiang Zhang Executive Vice President Senior Management
Dick Boer Director Non Executive Board
Dinesh Paliwal Director Non Executive Board
Director Total Rewards and People Data
Fabricio Pavarin Senior Management
Analytics Nestle Brazil
Geraldine Matchett Director Non Executive Board
Guillaume Le Cunff Chief Executive Officer European Zone Senior Management
Hanne Jimenez de Mora Director Non Executive Board
Director Human Resources, Nestle
Hosne Ara Loma Senior Management
Bangladesh
Laurent Freixe Chief Executive Officer Zone Latin America Senior Management
Laurent Freixe Executive Vice President Senior Management
Leanne Geale Executive Vice President Senior Management
Leanne Geale General Counsel Senior Management
Lindiwe Majele Sibanda Director Non Executive Board
Lisa Gibby Chief Communications Officer Senior Management
Lisa Gibby Deputy Executive Vice President Senior Management
Luca Maestri Director Non Executive Board
Marie-Gabrielle Ineichen-Fleisch Director Non Executive Board
Source: COMPANY FILINGS MARKETLINE

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Table 16: Nestle SA: Key Employees Continued

Name Job Title Board

Country Manager- Confectionery- Nestle
Niamh Twyford Operational Management
Ireland
Pablo Isla Director Non Executive Board
Patrick Aebischer Director Non Executive Board
Paul Bulcke Chairman Executive Board
Rainer Blair Director Non Executive Board
Chief Executive Officer Zone Asia, Oceania
Remy Ejel Senior Management
and Africa
Remy Ejel Executive Vice President Senior Management
Renato Fassbind Director Non Executive Board
Richard Watson Chief Executive Officer The UK and Ireland Senior Management
Sanjay Bahadur Deputy Executive Vice President Senior Management
Head Group Strategy and Business
Sanjay Bahadur Senior Management
Development
Stefan Palzer Chief Technology Officer Senior Management
Stefan Palzer Executive Vice President Senior Management
Stephanie Pullings Hart Executive Vice President Senior Management
Stephanie Pullings Hart Head Operations Senior Management
Steven Wood Presley Chief Executive Officer Zone North America Senior Management
Steven Wood Presley Executive Vice President Senior Management
Ulf Mark Schneider Chief Executive Officer Executive Board
Ulf Mark Schneider Director Executive Board
Source: COMPANY FILINGS MARKETLINE

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8.3. Tata Sons Pvt Ltd

8.3.1. Company Overview

Tata Sons Pvt Ltd (Tata Sons) is a conglomerate company that carries out the technology, steel, automotive,
consumer and retail, infrastructure, aerospace and defense, tourism and travel, telecom and media, trading,
and investment businesses. The company offers precision components, automobile products and accessories,
chemicals, industrial machinery and equipment, construction equipment, consumer products, and finance and
insurance products, among others. Its service offerings include design and engineering, procurement and
construction, real estate development, financial services, operation of airlines, digital content distribution,
economics and business research, and consultancy services, among others. Tata Sons markets its products
under TATA, TATA Play, TATA Neu, TCS ION, TATA Salt, and Taj brands. The company operates in Europe, Asia
Pacific, North America, and Middle East, and North Africa. Tata Sons is headquartered in Mumbai, Maharashtra,
India.

8.3.2. Key Facts

Table 17: Tata Sons Pvt Ltd: key facts

Head office: Bombay House 24 Homi Mody Street, Mumbai, Maharashtra, India
Website: [Link]
Financial year-end: March
Source: COMPANY WEBSITE MARKETLINE

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Table 18: Tata Sons Pvt Ltd: Key Employees

Name Job Title Board

Aarthi Subramanian Chief Digital Officer Senior Management
Anita George Director Non Executive Board
Bain Capital Director Non Executive Board
President Infrastructure, Defence and
Banmali Agrawala Senior Management
Aerospace
Harish Manwani Director Non Executive Board
Leo Puri Director Non Executive Board
Natarajan Chandrasekaran Chairman Executive Board
Ralf Speth Director Non Executive Board
Saurabh Agrawal Chief Financial Officer Senior Management
Suprakash Mukhopadhyay Secretary Group Senior Management
Venu Srinivasan Director Non Executive Board
Vijay Singh Director Non Executive Board
Source: COMPANY FILINGS MARKETLINE

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8.4. VRB Consumer Products Pvt Ltd

8.4.1. Company Overview

VRB Consumer Products Pvt Ltd (Veeba) is a condiments and sauce company. The company’s products include
mayonnaise, sandwich spread, Italian sauces, salad dressings, dips, mustard, peanut butter, and sweet
toppings. It also offers online food services. The company through its website provides healthy snack, party,
quick and Italian recipes. Veeba distributes its products to bakery and pizza parlor’s in Delhi, Mumbai, Kolkata,
Chennai and Bangalore. It has a manufacturing facility in Neemrana, Rajasthan. Veeba is headquartered in
Gurugram, Haryana, India.

8.4.2. Key Facts

Table 19: VRB Consumer Products Pvt Ltd: key facts

Head office: 1st Floor Office No. 101, Pegasus One, Golf Course Road, Sector 53, Gurugram,
Haryana, India
Website: [Link]
Financial year-end: April
Source: COMPANY WEBSITE MARKETLINE

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Table 20: VRB Consumer Products Pvt Ltd: Key Employees

Name Job Title Board

Viraj Bahl Managing Director Senior Management
Source: COMPANY FILINGS MARKETLINE

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9. Macroeconomic Indicators

9.1. Country data

Table 21: India size of population (million), 2019–23

Year Population (million) % Growth

2019 1,383.1 1.0%
2020 1,396.4 1.0%
2021 1,407.6 0.8%
2022 1,417.2 0.7%
2023 1,428.6 0.8%

Source: MARKETLINE MARKETLINE

Table 22: India real gdp (constant 2010 prices, $ billion), 2019–23

Year Constant 2010 Prices, $ billion % Growth

2019 2,923.3 3.9%
2020 2,752.9 (5.8%)
2021 3,002.0 9.1%
2022 3,219.3 7.2%
2023 3,463.5 7.6%

Source: MARKETLINE MARKETLINE

Table 23: India gdp (current prices, $ billion), 2019–23

Year Current Prices, $ billion % Growth

2019 2,854.8 3.3%
2020 2,679.4 (6.1%)
2021 3,192.4 19.1%
2022 3,428.5 7.4%
2023 3,558.1 3.8%

Source: MARKETLINE MARKETLINE

Table 24: India inflation, 2019–23

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Year Inflation Rate (%)

2019 3.7%
2020 6.6%
2021 5.1%
2022 6.7%
2023 5.7%

Source: MARKETLINE MARKETLINE

Table 25: India consumer price index (absolute), 2019–23

Year Consumer Price Index (2010 = 100)

2019 171.7
2020 183.0
2021 192.4
2022 205.3
2023 216.9

Source: MARKETLINE MARKETLINE

Table 26: India exchange rate, 2018–23

Year Exchange rate ($/Rs.) Exchange rate (€/Rs.)

2018 68.4 80.8
2019 70.4 78.8
2020 74.1 84.6
2021 73.9 87.4
2022 78.6 82.8
2023 82.6 89.3

Source: MARKETLINE MARKETLINE

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10. Appendix

10.1. Methodology

MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company profiles
and macroeconomic & demographic information, which enable our researchers to build an accurate market overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and trends
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Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

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Seasonings, Dressings & Sauces in India

Industry Profiles

10.2. Industry associations

10.2.1. The Association for Dressings & Sauces

1100 Johnson Ferry Road, Suite 300, Atlanta, GA 30342, USA

Tel.: 404 252 3663
[Link]

10.3. Related MarketLine research

10.3.1. Industry Profile

Seasonings, Dressings & Sauces in Asia-Pacific

Seasonings, Dressings & Sauces in Europe
Seasonings, Dressings & Sauces in North America
Global Seasonings, Dressings & Sauces

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Seasonings, Dressings & Sauces in India

Industry Profiles

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