The hot sauce market is projected to grow by $1 billion between 2023 and 2028, according to new research published this week.

Research firm Technavio released its analysis of the hot sauce market on Monday. In a press release, the company predicted that the market will grow at a compound annual growth rate of 7.49%.

The firm said that the main driver of the market is consumers looking to cook restaurant-quality dishes at home.

"Numerous variables, such as shifting consumer preferences, easier access to gastronomic resources, and the development of digital media, have influenced this trend," Technavio said in a press release. 

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"Further, hot sauces, often integral to global cuisines, encourage home cooks to explore and recreate international dishes, providing an authentic touch to homemade meals."

The research firm predicts that plant-based home cooks are accelerating growth, as many vegan recipes rely on hot sauce.

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"The practice of veganism and rising vegan population is a positive trend that will drive the growth during the forecast period," Technavio's report said.

Researchers caution that excessive regulations may prevent growth in the industry.

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"Stringent regulations in the food and beverage industry are a major challenge hindering growth," the press release added.

The report studied various hot sauces, including ghost pepper hot sauces, Carolina Reaper hot sauces and sriracha.

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The study analyzed a variety of hot sauce producers, including McCormick and Co. Inc., Pepsi Inc. and Unilever PLC.

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