Retail Growth in Ready To Use and Shelf Stable Gravy Formats
The retail market for ready to use and shelf stable gravy formats has seen significant growth in recent years, driven by consumer demand for convenient meal solutions and the popularity of home cooking. This report will explore the key factors contributing to the growth of this market segment, including financial data, industry insights, and trends.
Market Overview
The market for ready to use and shelf stable gravy formats encompasses a wide range of products, including traditional gravies, vegetarian and vegan options, and specialty flavors. These products are typically sold in supermarkets, grocery stores, and online retailers.
According to market research firm Mintel, the retail sales of gravy in the United States reached $500 million in 2020, with a projected annual growth rate of 5% over the next five years. This growth is driven by changing consumer preferences, increased spending on convenience foods, and the rise of home cooking during the COVID-19 pandemic.
Key Players
Several major food companies dominate the market for ready to use and shelf stable gravy formats, including Campbell Soup Company, McCormick & Company, and Conagra Brands. These companies offer a wide range of gravy products, including traditional brown gravy, turkey gravy, and vegetarian options.
Campbell Soup Company, for example, reported net sales of $8.1 billion in 2020, with its Prego and Swanson brands leading the market for ready to use gravy products. McCormick & Company, a leading producer of spices and seasonings, has also expanded its portfolio to include gravy mixes and ready to use sauces.
Consumer Trends
Consumer demand for convenient meal solutions has driven the growth of the market for ready to use and shelf stable gravy formats. Busy lifestyles, increasing dual-income households, and the desire for easy-to-prepare meals have all contributed to the popularity of these products.
Additionally, the rise of vegetarian and vegan diets has led to an increase in plant-based gravy options, appealing to a broader range of consumers. Specialty flavors, such as mushroom gravy and red wine gravy, have also gained traction among food enthusiasts looking for gourmet options.
Industry Insights
The retail growth in ready to use and shelf stable gravy formats is expected to continue as manufacturers innovate with new flavors, packaging formats, and marketing strategies. Online retailers are also playing a significant role in driving sales, with e-commerce platforms offering a wide selection of gravy products for consumers to choose from.
Retailers are increasingly focusing on sustainability and eco-friendly packaging, with many companies introducing recyclable and biodegradable materials for their gravy products. This shift towards environmentally conscious practices is resonating with consumers who are looking for brands that align with their values.
Future Outlook
The future outlook for the market for ready to use and shelf stable gravy formats is positive, with continued growth expected as consumer preferences evolve and manufacturers introduce new products to meet changing demands. As the market becomes more competitive, companies will need to differentiate themselves through innovation, quality, and sustainability to stay ahead of the curve.
In conclusion, the retail market for ready to use and shelf stable gravy formats is experiencing significant growth, driven by consumer demand for convenient meal solutions, changing dietary preferences, and the rise of home cooking. Major food companies are investing in product innovation and marketing strategies to capitalize on this trend, with online retailers playing a key role in driving sales. The future outlook for this market segment is promising, with continued growth expected in the coming years.
