Diversifying palates have brought words from relative obscurity to commonplace today from coast-to-coast. Consider things like chipotle and Sriracha, spicy components to the food industry that most had never heard of a decade or so ago. Now, they’re known by nearly everyone. In the Sriracha space, the number one name is Huy Fong Foods, with the company selling some 20 million bottles annually by 2013 and still showing up on top in a Google search for the chili sauce today. The company is as synonymous a household name with the hot sauce as Band Aid is to adhesive bandages.
In the latest twist in Sriracha, Sugarmade, Inc. (SGMD) uses a licensing pact with its fellow California-based company and Huy Fong’s Sriracha Hot Chili Sauce for an innovative product being marketed as Sriracha Seasoning Stix.
The product and brand marketing company is turning the art of seasoning food inside out, literally. The idea is instead of seasoning the outside of steak, fish or poultry, veggie burgers, etc., Sriracha Stix, essentially solid versions of the popular Huy Fong seasoning, are inserted inside the food before cooking. As the company explains, “At approximately 110°F (43°C) food science takes over. As the cooking process drives out some of the water from the meat fibers, the Stixs begin to liquefy. The meat then absorbs the seasonings like a sponge imparting flavors from the inside out.”
On Wednesday, Sugarmade said that the new product is officially available to all from the website www.SrirachaStix.com. In order to help fund the launch, Sugarmade ran a successful Kickstarter campaign, which exceeded its $20,000 target with 350 backers pledging nearly $22,000.
The new product line includes four unique blends: Classic Sriracha, Sriracha Butter Garlic, Garlic Jalapeno and Blend X, an extra bold iteration that the company says caters to the true spicy Sriracha faithful. Sugarmade chief executive Jimmy Chan told the public to “stay tuned” for additional blends in the future, as the possible flavor combinations are virtually endless.
Sugarmade is looking to capitalize on a market phenomenon that has reach cult-like status with American’s – especially millennials – craving spicy flavors. There was good cause for restaurants like McDonald’s (MCD), Subway and Chick-fil-A to make sure it’s part of customers’ options. Everyone is looking to get a piece of a U.S. hot sauce market that IBISWorld expects to grow 4.5% to hit $1.37 billion in sales this year and further climb to $1.65 billion by 2021.
With its new twist to take Sriracha from a condiment to a bona fide seasoning and culinary innovation, Sugarmade just may be onto something that customers will be lining up to reach for.
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