Soy Sauce Market Report

Market Overview:

The global soy sauce market size reached US$ 52.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 78.2 Billion by 2032, exhibiting a growth rate (CAGR) of 4.47% during 2024-2032. The growing focus on healthy eating among the masses, increasing consumption of plant-based diets among health-conscious and vegan consumers, and rising number of restaurants serving Asian cuisine are some of the major factors propelling the market.

Soy sauce is a dark and savory condiment that is a staple in Asian cuisine and is made from fermented soybeans, wheat, water, and salt. It undergoes a complex process to achieve its distinct flavor and aroma. It has an umami-rich profile which adds depth and complexity to soups, stews, and braised dishes. It is a source of numerous essential amino acids, vitamins, and minerals. Soy sauce finds wide application in cooking due to its ability to enhance the taste of various dishes. It serves as a versatile seasoning and a crucial ingredient in marinades, dressings, stir-fries, and dipping sauces. Soy sauce is also used as a condiment for enhancing the flavors of sushi, sashimi, and other delicacies.

At present, the increasing popularity of Asian cuisine, including Chinese, Japanese, Korean, Thai, and Vietnamese, is impelling the growth of the market. Besides this, the rising globalization of food culture due to international travel, migration, and social media is propelling the growth of the market. In addition, the growing demand for soy sauce in various restaurants, fast food enters, and cafes to make flavorful dishes is offering a favorable market outlook. Apart from this, the increasing availability of innovative soy sauce products, such as low-sodium soy sauce, gluten-free soy sauce, organic and non-GMO variants, and flavored soy sauces infused with ingredients like garlic, ginger, and chili, is supporting the growth of the market. Additionally, the rising number of e-commerce brands selling premium quality soy sauce is bolstering the growth of the market.

Soy Sauce Market Trends/Drivers:

Rising focus on healthy eating

The growing awareness about the maintenance of health and wellness among consumers is influencing their food choices. Soy sauce is perceived as a healthier alternative to other condiments due to its lower sodium content compared to table salt. Additionally, naturally brewed soy sauce contains beneficial compounds like antioxidants and phytochemicals, which are beneficial for reducing oxidative stress in the body. Besides this, soy sauce is used to make various healthy salad dressings and marinades for meat and tofu to provide a rich umami to the dishes. Soy sauce is also considered a good source of protein and a rich source of various minerals, such as magnesium, iron, and zinc, which are essential for various bodily functions.

Increasing consumption of plant-based diets

The shift towards plant-based diets and the increasing adoption of vegetarian and vegan lifestyles are influencing the soy sauce market positively. Soy sauce is a vegan-friendly condiment that adds umami flavors to plant-based dishes. Besides this, the rising demand for plant-based protein alternatives is promoting soy sauce as a versatile ingredient in vegetarian and vegan cooking. Soy sauce can also serve as a substitute for animal-based sauces and flavorings. Moreover, plant-based diets are preferred by health-conscious individuals as they are rich in antioxidants and minerals. Furthermore, they are easy to digest and prepare while offering the same flavors as any meat-based diet.

Growing number of restaurants and fast-food centers

At present, there is an increase in the construction of restaurants and fast-food centers due to the rising demand for convenient food among the masses. Besides this, these establishments offer convenient and diverse dining options for urban dwellers who may not have the time or ability to cook at home. Apart from this, individuals are ordering food online through apps and websites and getting their dishes delivered to home, which is fueling the business of restaurants and various fast-food centers. There is also an increase in the popularity of Asian food among the masses as they are flavorful and packed with nutrients. Furthermore, as the number of Asian eateries is increasing, the demand for ingredients to prepare Asian dishes, such as soy sauce, is also rising.

Soy Sauce Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global soy sauce market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on type, packaging, distribution and application.

Breakup by Type:

• Brewed
• Blended
   

Blended dominates the market

The report has provided a detailed breakup and analysis of the market based on the type. This includes brewed and blended. According to the report, blended represented the largest segment.

Blended soy sauce is a type of soy sauce that is created by combining multiple varieties or types of soy sauce together. It is a popular condiment in many Asian cuisines, particularly in Japanese, Chinese, and Korean cooking. Blended soy sauce offers a unique flavor profile and several benefits that make it a versatile ingredient in various dishes. The blending of different soy sauce types allows for a harmonious balance of flavors. It involves combining different types of soy sauce, such as dark soy sauce, sweet soy sauce, and light soy sauce, in specific proportions to achieve a desired taste. This blending process results in a more complex flavor profile compared to using a single type of soy sauce.

Breakup by Packaging:

• Glass Jars
• Flexible Packs
• Plastic Jars
• Others
   

Glass jars hold the largest share in the market

A detailed breakup and analysis of the market based on the packaging have also been provided in the report. This includes glass jars, flexible packs, plastic jars, and others. According to the report, glass jars accounted for the largest market share.

Glass jars provide efficient protection against air, moisture, and light, which can degrade the quality and flavor of soy sauce. The impermeable nature of glass helps to maintain the integrity of the sauce, preserving its original taste and aroma. Besides this, glass is non-reactive and does not interact chemically with soy sauce. This is important as soy sauce is acidic and can potentially react with certain packaging materials, such as plastic or metal, leading to changes in taste or quality. Glass jars also allow consumers to see the contents clearly. This is especially beneficial for soy sauce, as it comes in various colors and viscosities. The transparent nature of the glass allows customers to evaluate the quality, color, and consistency of the soy sauce before purchasing it.

Breakup by Distribution:

• Direct Sales
• Supermarkets and Hypermarkets
• Convenience Stores
• Online Stores
• Others
   

Direct sales hold the maximum share in the market

A detailed breakup and analysis of the market based on the distribution has also been provided in the report. This includes direct sales, supermarkets and hypermarkets, convenience stores, online stores, and others. According to the report, direct sales accounted for the largest market share.

Direct sales enable soy sauce manufacturers to have full control over the distribution process, ensuring that the product reaches customers in optimal condition. They can directly monitor the storage, handling, and transportation of the soy sauce, reducing the risk of quality degradation or mishandling during distribution. Direct sales also allow for direct interaction and relationship-building with customers. This direct line of communication fosters trust and loyalty, enabling manufacturers to cater to customer needs more effectively and potentially increase customer satisfaction and retention. Direct sales provide an opportunity for soy sauce manufacturers to showcase their brand identity and share their unique stories with customers. Furthermore, they give manufacturers the flexibility to adjust their distribution strategies quickly in response to market trends or customer demands.

Breakup by Application:

• Household
• Food Processing and Food Service Industry
   

Food processing and food service industry holds the largest share of the market

A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes household and food processing and food service industry. According to the report, the food processing and food service industry accounted for the largest market share.

The food processing and food service industry relies on soy sauce as it has a rich, savory, and umami flavor. It adds depth, complexity, and a distinctive taste to various dishes. In the food processing industry, soy sauce is used as a flavor enhancer in a wide range of products, including marinades, sauces, dressings, seasonings, soups, and snacks. Its unique flavor profile helps create a balanced and appealing taste in processed foods. The food service industry requires soy sauce due to its ability to enhance flavor and add depth to a wide variety of dishes. It is used in a multitude of cuisines, from Asian-inspired dishes like stir-fries, sushi, and noodles, to fusion creations and even certain Western recipes. Chefs and cooks rely on soy sauce to infuse their dishes with a complex flavor profile and to balance other taste elements, such as sweetness, saltiness, and acidity.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Asia Pacific exhibits a clear dominance, accounting for the largest soy sauce market share

The report has also provided a comprehensive analysis of all the major regional markets, which include 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.

Asia Pacific held the biggest market share due to the rising integration of soy sauce in a wide array of dishes to improve the taste.

Another contributing aspect is the growing number of fine-dining restaurants offering premium-quality sushi and sashimi to consumers. In addition, the increasing availability of a wide variety of blended soy sauce is contributing to the growth of the market.

North America is estimated to expand further in this domain due to the rising popularity of Asian cuisine in the region. Apart from this, the increasing emergence of fast-food centers and quick-service restaurants (QSRs) offering flavorful Asian dishes is supporting the growth of the market.

Competitive Landscape:

Key market players are investing in product innovation to cater to evolving consumer preferences and dietary needs. They are also introducing new flavors, reduced-sodium options, organic and natural variants, and specialty or premium soy sauces to appeal to different customer segments. Top companies are working towards exploring organic farming methods and promoting fair trade practices. These initiatives help improve their brand image, meet consumer expectations, and contribute to environmental and social sustainability. Leading players are investing in quality control measures to maintain consistent and high-quality soy sauce products. They are also implementing rigorous testing procedures and quality certifications and are adhering to food safety standards.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market 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)
• Yamasa Corporation

Recent Developments:

• In 2023, Kikkoman Corporation announced the reopening of the Kikkoman Soy Sauce Museum in Noda, Japan, where visitors will be presented with a wide range of information about the history and features of soy sauce.
• In 2023, Lee Kum Kee announced that they are partnering with renowned chefs to present the potential of authentic Asian sauces in THAIFEX.

Soy Sauce Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the soy sauce market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global soy sauce market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the soy sauce industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.