Oyster Sauce Market Size, Share, Global Market Research and Industry Forecast Report, 2019-2025 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Oyster Sauce Market


The global oyster sauce market size was estimated at USD 8.20 billion in 2018 and is expected to register a CAGR of 4.5% from 2019 to 2025. The market growth is attributed to the increasing popularity of Asian cuisine across the globe. Oyster sauce is a staple product and an essential seasoning and flavoring ingredient used in Chinese dishes.
Oyster sauce is an integral part of Japanese, Chinese, Thai, Vietnamese, Indonesian, and Malaysian cuisines. The product has been gaining popularity due to its savory flavor, making it an ideal ingredient for flavoring different types of meats and vegetables. This is also likely to boost the product demand over the forecast period. Rising number of online grocery service providers is also expected to contribute to the market growth.
 

In addition, rising awareness about following a healthy lifestyle has increased the importance of home cooked food, which, in turn, is expected to drive the demand for the product over the years to come. The product has been gaining popularity due to its savory flavor, making it an ideal ingredient for flavoring different types of meats and vegetables.
This is also likely to boost the product demand over the forecast period. Moreover, companies in the market are focusing on product innovation, which will also have a positive impact on the demands. For instance, in April 2018, Maggi introduced its new product, Maggi Oyster Sauce, which is a blend of Japanese and Korean oyster flavors.
                                                                Distribution Channel Insights
The hypermarkets and supermarkets segment led the industry in the past and is projected to expand further at a steady CAGR from 2019 to 2025. Availability of a wide range of products of different brands in these stores enables consumers to compare and choose the best product. Moreover, development in the organized retail sector and various offers and discounts provided by such stores will boost the product sales through this distribution channel.
Online segment is anticipated to register the fastest CAGR of 4.8% from 2019 to 2025. Key factors responsible for segment growth include increasing number of smartphone and internet users and popularity of various e-commerce platforms, such as Amazon, across the globe. Moreover, these channels offer heavy discounts on branded products along with doorstep delivery services.

Application Insights of Oyster Sauce Market

Commercial application held the largest market share of more than 56% in 2018. Wide scope of application in preparing foods, such as bacon/cured meats, beef, bread & rolls, cookies & cakes, dry mixes, dressings, and snacks, is driving the product demand in this segment. On the other hand, household application is expected to witness the fastest CAGR of 4.7% over the forecast period.
 

Wide usage of oyster sauce in preparation of different cuisines and preference for homemade food on account of growing culinary trends are driving the product demand in household applications. In addition, constant product innovation and easy availability is expected to augment the product demand in the segment.

Regional Insights of Oyster Sauce Market

Asia Pacific was the largest market in 2018 and will maintain its dominance throughout the forecast years due to increasing product consumption. Moreover, factors, such as regional ethnicity, consumer preferences, and strong manufacturer-supplier network in APAC are expected to further contribute to the market growth over the forecast period.
North America is expected to grow at a faster rate owing to the consumers’ preferences shifting towards healthier and more flavorful products especially relevant to younger consumers, demanding more snack foods and ethnic flavors. Companies focusing on tapping the Asian consumers in this region and the growing penetration of Chinese cuisine are some of the factors expected to drive the market in North America over the next few years.

Market Share Insights of Oyster Sauce Market

Some of the major companies in the global market include Lee Kum Kee; Foshan Haitan Flavoring & Food Co.; Kikkoman Corp.; Nestlé Maggi; Ajinomoto Co., Inc.; Kakusan Foods Co. Ltd.; Bachun Food; Yuen Chun Industries; Thai Preeda Group; and Foodex Manufacturer Co. Ltd. These companies follow several marketing strategies including M&A, product innovation, and business expansion.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Oyster Sauce Market Research Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global oyster sauce market report on the basis of application, distribution channel, and region:


Application Outlook (Revenue, USD Million, 2019 - 2030)


Household


Commercial


Distribution Channel Outlook (Revenue, USD Million, 2019 - 2030)


Supermarkets/Hypermarkets


Convenience Stores


Online