COOKING SHERRY MARKET SIZE (2024 - 2030)

The Cooking Sherry Market registered a valuation of $167.56 million in 2023, with an anticipated growth to $289.03 million by 2030. Projections for the period spanning 2024 to 2030 indicate a compound annual growth rate (CAGR) of 8.1%.

Cooking Sherry Market

Industry Overview:

Utilized for enhancing the flavor of cooked dishes, wine undergoes a transformation during the cooking process where the alcohol evaporates, leaving behind a distinctive taste. Sherry, a popular ingredient in cooking, faces a short shelf life once opened, leading to the preservation of sherry cooking wine through the addition of salt. Renowned for imparting sweetness to dishes, sherry cooking wine, despite its elevated sodium content, finds application in various recipes. With a golden hue and a delicate aroma, sherry cooking wine resembles its dry-drinking counterpart, complemented by a subtle nutty essence. Fortified with brandy post-fermentation, the alcohol content of sherry cooking wine reaches 17%, differing from the typical alcohol content of ordinary wine. With negligible fat and carbohydrate content, sherry cooking wine serves as a low-calorie addition to meals, predominantly utilized in non-vegetarian food production. Offering versatile flavoring options, cooking wine continues to witness increased adoption in the food and beverage sector.

Impact of the COVID-19 Pandemic on the Cooking Sherry Market:

During the COVID-19 pandemic, non-essential goods like cooking wine experienced disruptions in production, leading to temporary closures of manufacturing facilities. However, the availability of cooking wines through online platforms sustained consumption patterns, as individuals utilized their free time to experiment with culinary creations. Consequently, the cooking wine industry observed moderate growth owing to increased consumer engagement in novel cooking endeavors.

Market Drivers:

Escalating Demand for Cooking Wine:

The global food and beverage industry witnesses a rising trend in utilizing wine for culinary purposes, gaining popularity among consumers seeking healthier alternatives to traditional cooking oils. With applications spanning sausage making, soup preparation, condiment production, and processed meat manufacturing, cooking wine's versatility contributes to its growing demand. Social media platforms further amplify awareness regarding cooking techniques and ingredients, prompting establishments in the hospitality sector to incorporate cooking wine into traditional recipes from various cultural backgrounds. Additionally, the practice of marinating food in wine gains traction among contemporary cooks, enhancing the market's growth prospects.

Evolving Consumer Preferences:

Globalization influences culinary preferences, with consumers exhibiting a penchant for diverse flavors and recipes transcending geographical boundaries. This shift fuels the demand for cooking wine products, driven by the evolving lifestyle choices and dietary habits of consumers. As health-conscious consumers seek low-fat cooking alternatives, cooking with wine emerges as a favorable option, perceived for its fresh taste and flavor.

Market Restraints:

The proliferation of substitutes poses a challenge to the expansion of the cooking sherry market:

Various alternatives such as marsala, white, and red cooking wine, readily available in supermarkets, serve as substitutes for cooking sherry. Furthermore, the resemblance of drinking sherry to cooking sherry, albeit without salt, provides consumers with alternative flavor profiles. Wines, owing to their fermentation process and acidity, frequently substitute for sherry cooking wine in culinary preparations. Additionally, the lack of awareness regarding wine for cooking in developing nations hampers market expansion efforts, necessitating strategic initiatives to educate consumers and overcome market barriers. Moreover, effective management of cooking wine is essential to mitigate the risk of food spoilage and ensure a positive consumer experience.

Cooking Sherry Market – By Application

• B2B
• B2C

Segmented by Applications, the Cooking Sherry Market is divided into B2B and B2C categories. Fortified wine can maintain its quality on the kitchen counter for up to a year. Popular dishes such as Sherry-Glazed Chicken and Madeira Mushrooms often incorporate these dessert-inspired ingredients. In 2021, B2B transactions contributed approximately 68.3% of the total revenue. The surge in gourmet food demand has led to the frequent utilization of cooking wine in restaurants, upscale dining venues, and similar establishments. It is commonly used by chefs for marinating, as well as in soups, stews, and sauces.

The B2C sector is projected to witness the fastest Compound Annual Growth Rate (CAGR) of 3.9% from 2023 to 2030. This is attributed to the increasing inclination of millennials towards diverse culinary experiences in their own kitchens. The abundance of recipes available on social media and blogs further fuels this trend. Moreover, the easy availability of cooking wine in nearby stores, coupled with manufacturers' investments in online channels targeting emerging markets, is expected to attract a significant number of young consumers.

Cooking Sherry Market - By Region:

• North America
• Europe
• Asia-Pacific
• Rest of the World

Awareness about cooking wine and its benefits is gradually rising among consumers in North America, thus leading to the expansion of the cooking sherry market in the region. The burgeoning interest in gourmet foods is expected to drive the industry's growth.

European Union consumers are renowned for their innovative approach to culinary creations, making Europe a hub for the cooking sherry business as they constantly set new trends in food and beverage consumption.

Traditional consumption of cooking wine in nations such as China, Japan, Switzerland, and New Zealand is on the rise. Asia Pacific is projected to experience the swiftest CAGR of 4.1% from 2023 to 2030. Consumers in this region utilize culinary wine to enhance the flavor of dishes and to tenderize meat and shellfish through marination. To capture a substantial share of future cooking wine consumers, manufacturers need to focus on effective marketing strategies.

Major Key Players in the Market

1. Mizkan America, Inc.
2. Roland Foods, LLC.
3. World Finer Foods
4. Goya Foods, Inc.
5. RecipeTin Eats
6. KAME
7. Kedem Food Products
8. Marina Foods, Inc.
9. KIKKOMAN SALES USA, INC.
10. Batory Foods
11. Gourmet Classic Ltd.
12. ECOVINAL SL
13. The Kroger Co.
14. LinChen Inc.
15. AAK AB