The latest report by IMARC Group, titled “Soy Sauce Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global soy sauce market is expected to grow at a CAGR of 4.9% during 2023-2028. Soy sauce is a liquid condiment that is prepared from the fermented paste of soybeans, roasted grain, brine, and Aspergillus oryzae or Aspergillus sojae molds. It is used as an ingredient in several food products such as dressings, snacks, sauces, dips, meat, and seafood. Soy sauce enhances the tenderness, taste, flavor, and color of the food item or beverage. It is produced using the traditional techniques, which involve continuous brewing and fermentation and is time-consuming in nature. Soy sauce is a rich source of amino acids, phosphorous, iron, manganese, and vitamin B3, which are crucial for human nutrition. As a result, soy sauce is gaining popularity in many emerging and traditional world cuisines, including Thai, Japanese, Indonesian, Chinese, Malaysian, and Vietnamese.
Global Soy Sauce Market Trends:
The market is primarily driven by the rapid growth of the food and beverage industry. Consequently, there has been rising utilization of soy sauce by food manufacturers, retail food chains, and restaurants as it is used to prepare food items such as cured meat, beef, bread and rolls, cookies, cakes, and dry mixes. Besides this, the evolving consumer dietary preferences and growing health consciousness among consumers have increased the demand for high-quality flavor enhancers and seasoning ingredients, such as soy sauce, which is the primary factor fueling the market growth. Furthermore, manufacturers are introducing new flavor variants of soy sauce, such as sweet and chili flavors, that cater to the local taste and expand the consumer base. They are also launching innovative packaging solutions, attractive labels, and easy-to-use pouch packs, which is creating a positive outlook for the market.
- Based on the type, the market has been segmented into brewed and blended.
- On the basis of the packaging, the market has been classified into glass jars, flexible packs, plastic jars, and others.
- The market has been categorized based on the distribution into direct sales, supermarkets and hypermarkets, convenience stores, online stores, and others.
- On the basis of the application, the market has been segregated into household and food processing and food service industry.
- Region-wise, 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 Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being 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.
|Base Year of the Analysis
||Type, Packaging, Distribution, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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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