Soy 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: Soy Sauce Market


The global soy sauce market size was valued at USD 39.7 billion in 2018. The market is projected to expand further at a healthy CAGR of 5.9% over the forecast period. Increasing product demand as a flavor enhancer and seasoning ingredient by food manufacturers, food retail chains, and restaurants is driving the growth of this market.
Moreover, it is a key ingredient of many popular and emerging world cuisines like Japanese, Chinese, Thai, Vietnamese, Indonesian, and Malaysian. Growing health consciousness along with the rising popularity of aforementioned cuisines across the globe is expected to boost the product demand. Soy sauce is used in the preparation of foods, such as bacon/cured meats, beef, bread & rolls, cookies & cakes, dry mixes, dressings, snacks, and many others.
 

Rising health concerns related to high salt consumption are driving the demand for foods with less salt contents, which will also have a positive impact on the market growth. Led by China, Asia Pacific is likely to be the largest, as well as the fastest-growing, regional market over the forecast period.
In addition, key companies are launching new products, which is expected to fuel the demand further. In 2016, approximately 200 products were launched in U.S. alone. For instance, Kikkoman launched Less Salt version of its naturally brewed soy sauce. The new product does not affect the food taste and they have dropped the salt content in sauce by 43%.
                                                                
Type Insights of Soy Sauce Market

Based on type, the soy sauce market is divided into brewed and blended soy sauce. Blended product segment accounted for the largest market share in the year 2018 and will retain the dominant position throughout the forecast years. Blended products are cheaper, due to short fermentation process, and have a better shelf life than brewed soy sauces, which boosts their demand. Some of the popular blended soy sauces include mushroom dark and shrimp soy sauce. On the other hand brewed product type is expected to witness the fastest CAGR from 2019 to 2025. This growth is attributed to the growing awareness about the product nutritional values and demand for functional foods.

Application Insights of Soy Sauce Market

On the basis of application, the market has been segmented into household and food industry. Household application is expected to be the fastest-growing segment at a CAGR of 6.2% over the forecasted period. Easy product availability at grocery stores and increasing demand for low-salt and -sugar and gluten-free products are the key factors driving the market in this segment.
 

Food industry is estimated to be the largest application segment by 2025 accounting for a market share of more than 69%. This growth is attributed to the extensive usage of soy sauce in the preparation of foods, such as bacon/cured meats, beef, bread & rolls, cookies & cakes, dry mixes, and snacks. Moreover, rising number of restaurants and food chains across the globe is projected to drive the product demand in this segment.

Regional Insights of Soy Sauce Market

Asia Pacific is estimated to be the largest, as well as the fastest-growing, regional market over the forecast period. China is the largest revenue-generator in Asia Pacific market due to rising popularity of Chinese cuisine across the globe. North America is also expected to witness a significant CAGR from 2019 to 2025. This growth is attributed to the high demand for organic and additives-free brewed soy sauce. Rising popularity of Asian cuisines in the region will also help boost the demand. U.S., in particular, is the largest consumer in this regional market owing to the presence of key manufacturers and suppliers.

Market Share Insights of Soy Sauce Market

Some of the key companies in this market areHaitian, Kikkoman Corp., Masan Group, Bourbon Barrel Foods, Lee Kum Kee, Otafuku Sauce, Yamasa Corp., Maggi, Meiweixian, and Okonomi. These companies focus on expanding their portfolio and geographical footprint through M&A, partnerships, and product innovation to gain maximum market share.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Soy 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 soy sauce market report on the basis of type, application, and region:


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


Brewed


Blended


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


Household


Food Industry