INDUSTRY PROFILE

The Indian sauces, dressings, and condiments market size were valued at USD $25.8 billion in
2022. Shifting consumer diet preferences and consumption patterns towards healthy and
nutritional food is a major factor for industry growth. Furthermore, the increasing popularity of
international cuisines, coupled with flavorful ethnic sauces, is fueling the demand for sauces,
dressings, and condiments.
Consumers are shifting towards natural and organic food products, which are tastier, healthier,
and more nutritious. This consumption trend is widespread among the young adult population
across the globe. These beliefs among consumers who seek products with a clean label, coupled
with increasing concerns over food safety, are resulting in a shift in preferences towards the
purchase of sauces, dressings, and condiments. In addition, rapid urbanization, coupled with
growing consumer interest in multi-cuisine culture, is anticipated to fuel the demand for sauces,
dressings, and condiments in the foreseeable future. Moreover, a significant increase in product
innovations and new product launches are supporting industry growth.
Governments across the globe are taking initiatives in order to promote the condiments, sauces,
and dressing products. Many governments are providing incentives as well as subsidies on the
import of products, which is opening new avenues for the trader

 The market is expected to grow annually by 7.34% (CAGR 2022-2027).

 In relation to total population figures, per person revenues of US$18.38 are

generated in 2022.
 In the Sauces & Condiments segment, volume is expected to amount to
13,120.6mkg by 2027. The Sauces & Condiments segment is expected to
show a volume growth of 5.1% in 2023.
 The average volume per person in the Sauces & Condiments segment is
expected to amount to 8.1kg in 2022.

Dips are expected to be the fastest-growing segment, expanding at a CAGR of 5.3% from 2019 to
2025 owing to increasing demand for the on-the-go food among the youth population across the
globe. Manufacturers are launching new and innovative products, in order to gain the maximum
consumer base.
 COMPANY PROFILE
Veeba is a very young company founded in the year 2013 by Viraj Bahl. It came in a very
cluttered market where a lot of companies existed but all of them were doing exactly the same
thing. From day one Veeba stood for 2 things – Quality & Innovation and in a short span of 3
years this is what Veeba has become synonymous for.

Veeba started off as an institutional supplier of Sauces, emulsions, dips and dessert toppings
to some of the biggest names in the QSR industry including The company worked closely
with these clients to help create some of their most iconic products over the years. It is a
testimony to their capability that today they can call themselves one of the largest player in
the B2B sauce & condiment space.

Soon after it found its feet the company entered HORECA segment with the same ideology. It
constantly came up not only with innovative, high quality products but also convenient
packaging ideas for hotels, single restaurants, bakeries and caterers. Today Veeba Foods has
a pan India distribution presence and supplies to even the smallest of bakeries and hotels in
all major cities across the country.

In 2015 Veeba entered the retail space. Once again the company went back to the guiding
principles of Quality & Innovation, found a gap in the segment and decided to fill that.
Instead of launching the same set of products that everyone else was offering, Veeba decided
to enter the retail segment in 2015 with a range of 18 one of a kind products. This retail range
is probably a first in the world. It is extremely low on fat, with fat content as low as 1% and
going up to 23% only and 100% vegetarian. Besides a number of products that have been
launched in this range were never available in India before. The company focuses heavily on
Raw Material sourcing and imports ingredients from all over the world to get the right taste.
In January of 2017, Veeba launched its second range of 19 retail products, called the Veeba
Favourites. With different kinds of Mayonnaise, Sandwich Spreads, Dips & Italians, Veeba
aims to cater to the changing taste of the Indian palate, without being heavy on the pocket.
The retail launch opened to an unprecedented response for both ranges and Veeba’s products
are now present across stores throughout the country.

Along the way, Veeba hired some of the best and most experienced people from within and
outside the industry and so one of the youngest companies in the food processing industry has
one of the most experienced teams in this space.

Veeba is already amongst the biggest sauce companies in the B2B space and a recognizable
brand in retail, the journey has been beautiful so far and yet a lot needs to be done. Veeba
aims to be the most admired & loved Food Company in the country.
STRATERGY USED BY COMPANY

Problem-solving approach: Immediately after the launch of the

company, it realized the company would not be able to compete with
a big player in terms of price. Thus, to gain its potential customers or
client, the company researched the different possible solution to their
problems. For example, Veeba developed a strawberry juice sauce that
would eliminate the need for transporting strawberry fruits from one
place to another.
Bringing new flavor to the Indian table: Indian people love to try
and incorporate different kinds of flavors into their own meal.
Discovering any new flavor, people would combine these new flavors’
with the local dishes to explore and re-invent their dishes. For
example, many households are now serving parathas with mayonnaise
or cheese.
Innovative packaging style: Veeba was the first company to
introduce flip-flops caps for packing their sauces and dips. The unique
and innovative ideas of introducing flip-flops caps attracted more
attention from the general masses of India. Having the appearance of
the products similar to that of western products, made people more
curious about the brand thus increasing the popularity of the brand.
Efficient distribution of all products: The availability of Veeba
products is another reason for the increase in the popularity of the
brands. 80% of the general masses of Indian like to buy products from
the local market. Understanding this point, Veeba started to distribute
their product to the cities of the country.
KEY CHALLENGES

 EXPANSION
 DISTRIBUTION
 LOCAL PLAYERS