Soy Sauce Market Key Drivers, Growth, Demand and Challenges 2023-2028

Posted on 18 September, 2023 by Joseph Finch

IMARC Group, a leading market research company, has recently released a report titled “Soy Sauce Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global soy sauce Market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How Big is the Soy Sauce Market?

The global soy sauce market size reached US$ 50.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 68.2 Billion by 2028, exhibiting a growth rate (CAGR) of 4.9% during 2023-2028.

What is Soy Sauce?

Soy sauce is a liquid condiment widely utilized in various cuisines around the globe. It is a dark, salty sauce fermented from a blend of soybeans, wheat, salt, and water. It is known for its savory and salty flavor, as well as its ability to enhance the taste of various dishes. It is used as a marinade, a dipping sauce, or a seasoning in cooking. It also enhances the umami flavor in dishes, pairing well with meats, vegetables, and even some desserts. It also helps in reducing the risk of certain cancers, improving heart health, and boosting the immune system.

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What are the Growth Prospects and Trends in the Soy Sauce Industry?

The rise of global cuisines in various parts of the world is making soy sauce a staple ingredient in kitchens internationally which in turn is impelling the demand for the market. In addition to this, the availability of low-sodium and gluten-free variants catering to health-conscious consumers, is acting as another growth-inducing factor. Besides this, soy sauce's applicability in a variety of culinary settings, from marinades to main courses, makes it an essential product for both households and professional kitchens thereby fueling its demand. Furthermore, the global fascination with East Asian cultures, particularly in culinary practices, has significantly boosted the popularity of soy sauce. In line with this, increasing expenditure capacities of consumers enables a willingness to explore premium varieties of soy sauce, such as organic and artisanal versions which are propelling the product demand. Moreover, manufacturers are continuously innovating, offering products like flavored soy sauces and ready-to-use marinades, appealing to a broader consumer base. Other factors, such as ease of accessibility and purchase through online platforms and long shelf-life of soy sauce are anticipated to drive the market towards growth.

Who are the Key Players Operating in the Soy Sauce Market?

The competitive landscape of the industry has also been examined with some of the key players.

• Bourbon Barrel Foods
• Foshan Haitian Flavoring & Food
• Guangdong Meiweixian Flavoring Foods Co., Ltd.
• Haitian
• Kikkoman Corporation
• Lee Kum Kee
• Nestle (Maggi Sauces)
• Masan Group
• Okonomi
• Otafuku Sauce
• Yamasa Corporation.

What is Included in Market Segmentation?

The report has categorized the market based on type, packaging, distribution and application.

Breakup by Type:

• Brewed
• Blended

Based on Packaging:

• Glass Jars
• Flexible Packs
• Plastic Jars
• Others

Analysed by Distribution:

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

Applications:

• Household
• Food Processing and Food Service Industry

Regional Analysis:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)

Key Highlights of The Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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