US sriracha sauce maker to enter Phl

California-based Huy Fong Foods Inc., an American hot sauce company, is entering the Philippine market with an expected sales of P26 million by the end of the year.

In a report by the United States Department of Agriculture-Foreign Agricultural Service, JDR Sales and Marketing Group LLC has awarded exclusive importation and distributorship to World Wide Food Services, anticipating sales of Huy Fong’s sriracha sauce to the Philippines to reach P26 million or $500,000 by end-2019.

“Traders are optimistic that the country’s resilient economy, a young, fastgrowing, highly-urbanized population, and the expansion of modern supermarket chains and fast-food franchises nationwide create strong opportunities for US food and beverage products,” USDA said.

Based in Irwindale in California, Huy Fong began in 1980 and has grown to become one of the leaders in the Asian hot sauce market, particularly in sriracha sauce.

Total exports of condiments and sauces to the Philippines more than doubled over the past five years to a record $37.7 million in 2018.

FAS Manila began working with JDR in October 2017 by providing up-to-date market information, identifying market entry strategies, and arranging one-on-one meetings with potential import partners.

Huy Fong’s sriracha sauce has long been a popular condiment in local Asian-themed restaurants and higher income households. The product had been entering the market intermittently through consolidators.

The appointment of World Wide Food Services promises continuous supply and availability nationwide.

JDR expects to ship a total of 10 twenty-foot containers by the end of 2019 amounting to $500,000 in expected annual sales.

The US is the Philippines’ largest foreign supplier of high-value, consumer-oriented food and beverage products with record sales of $1 billion in 2018, up 13 percent from the previous year.

The Philippines is also the US’ largest market in Southeast Asia.