The global Soy Sauce Market scope was projected at US$ 39.7 billion in 2018. It is expected to reach US$ 59.12 billion by 2025 with a CAGR of 5.9% during the forecast period. This could be attributed to rising preference of consumers for soy sauce coupled with an ever-increasing focus on expansion of production capabilities. As such, the verticals driving the soy sauce market include restaurants, food retail chains, and food manufacturers.
Market Overview:
Soy sauce is one of the main
ingredients of several popular and upcoming global cuisines like Chinese,
Malaysian, Indonesian, Vietnamese, Thai, and Japanese. Plus, consumers are
turning health conscious with the passage of time. As of now, soy sauce is used
for preparing foods like beef, dry mixes, cookies & cakes, bread &
rolls, bacon/cured meat, dressings, and various snacks.
Key Players:
Lee Kum Kee
YAMASA Corporation
OTAFUKU SAUCE
Foshan Haitian Flavoring &
Food
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Growth Drivers:
High salt consumption has given
rise to loads of health concerns; which is catalyzing the demand for less-salty
food. This factor is likely to impact the soy sauce market positively in the
next 5-7 years. Plus, key players are on the new product launch spree. For
instance, the U.S. alone witnessed launching of 200 products in the year 2016.
Plus, Kikkoman did launch its naturally brewed soy sauce’s “Less Salt Version”
around the same time. The novel product has retained the taste of the food
along with dropping of salt content by around 43%.
Soy Sauce Type Outlook (Revenue,
USD Million, 2015 - 2025)
• Brewed
• Blended
Soy Sauce Application Outlook
(Revenue, USD Million, 2015 - 2025)
• Household
• Food Industry
The soy sauce industry is
segmented by type, application, and geography. By type, it spans blended and
brewed. By application, it says household and food industry. By geography, it
states North America (U.S.), Europe (Germany, UK), Asia Pacific (China, Japan),
Central & Latin America (Brazil), and MEA. Asia Pacific is the leader due
to the reasons mentioned above. North America, Europe follow suit. LATAM is
also catching up due to Brazil soon coming out of the “BRICS” gambit.
Players:
The other players contributing to
the soy sauce market include Lee Kum Kee, YAMASA Corporation, OTAFUKU SAUCE,
Foshan Haitian Flavoring & Food, and Bourbon Barrel Foods.
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