Global Soy Sauce Market to Grow at 4.47% during 2024-2032, Fostered by Changing Dietary Patterns

April 07, 2023 | Food & Beverages

According to the latest report by IMARC Group, titled "Soy Sauce Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032," finds that the global soy sauce market is expected to exhibit a CAGR of 4.47% during the forecast period (2024-2032). Soy sauce is a dark, salty liquid produced from soybeans, wheat, salt, and water that are fermented together. It is rich in antioxidants, such as flavonoids and phenolic acids, which help protect against cell damage and reduce the risk of chronic diseases. Moreover, it is low in calories and involves the growth of beneficial bacteria and yeast, which aid to improve gut health and digestion. As it adds a savory and salty flavor to dishes, soy sauce is widely used in rice, noodles, vegetables, meat, and fish worldwide.

Global Soy Sauce Market Trends:

At present, changing dietary patterns and shifting consumer preferences towards healthy food options on account of the growing prevalence of chronic diseases represent one of the key factors positively influencing the market across the globe. In addition, the expansion of retail food outlets and increasing exposure to different cultures and cuisines are creating a favorable market outlook. Moreover, the rising number of people adopting veganism is catalyzing the demand for soy sauce. In line with this, the rising awareness about the environmental impact of food choices are catalyzing the demand for organic and sustainable sourced soy sauce products. Additionally, key market players are introducing soy sauce in different packaging, such as glass jars, flexible packs, and plastic jars, which allow convenient handling and easy transportation. Furthermore, the increasing usage of mobile applications that facilitate the delivery of soy sauce at doorsteps, coupled with secured payment gateways, is strengthening the growth of the market.

Market Summary:

On the basis of the type, the market has been bifurcated into brewed and blended. Presently, blended exhibits a clear dominance in the market.
Based on the packaging, the market has been classified into glass jars, flexible packs, plastic jars, and others. At present, glass jars hold the largest share in the market.
On the basis of the distribution, the market has been categorized into direct sales, supermarkets and hypermarkets, convenience stores, online stores, and others. Amongst these, direct sales enjoy the leading position in the market.
On the basis of the application, the market has been segmented into household and food processing and food service industry. Presently food processing and food service industry exhibits a clear dominance in the market.
Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa. Amongst these, Asia Pacific enjoys the leading position in the market.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Bourbon Barrel Foods, Foshan Haitian Flavoring & Food Corporation Limited, Guangdong Meiweixian Flavoring Foods Corporation Limited, Kikkoman Corporation, Lee Kum Kee, Nestlé S.A. (Maggi Sauces), Masan Group, Otafuku Sauce Corporation Limited (Okonomi), and Yamasa Corporation.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Type, Packaging, Distribution, Application, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Bourbon Barrel Foods, Foshan Haitian Flavoring & Food Corporation Limited, Guangdong Meiweixian Flavoring Foods Corporation Limited, Kikkoman Corporation, Lee Kum Kee, Nestlé S.A. (Maggi Sauces), Masan Group, Otafuku Sauce Corporation Limited (Okonomi), and Yamasa Corporation
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Global Soy Sauce Market to Grow at 4.47% during 2024-2032, Fostered by Changing Dietary Patterns

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