The soy sauce market is expected to register a CAGR of 5% during 2023–2031. Growing inclination for online shopping of grocery including soy sauce is likely to remain key market trend.
Soy Sauce Market Analysis:
- Soy sauce is a popular fermented condiment that is commonly used in Asian cuisine. It is manufactured from soybeans, wheat, water and salt. Soy sauce has a dark brown color and an umami and savory taste. It is a great accompaniment that enhances and provides complexity to soups, stews and boiled dishes.
- Some of the key factors driving the soy sauce market growth includes increasing demands from masses for healthy diet, the rise in popularity of plant-based diets among health-conscious and vegan consumers, and the augmenting number of Asian restaurants across the globe. More importantly, the market is also driven by a rise in demand for soy sauce from food manufacturers and importers as an ingredient used to enhance the flavor and seasoning profiles of foods prepared by them and by restaurant owners.
Soy Sauce Market Overview
- Asia Pacific accounted for a majority of the share of the soy sauce market. Countries such as China and Japan are among the largest producers and consumers of soy sauce in the region. The adoption was also largely driven by the huge populations of countries such as China, Japan, and South Korea and growing popularity of ethnic and specialty sauces.
- Demand for soy sauce is set to increase due to rising health awareness and a growing inclination towards plant-based diets, the rising popularity of Asian cuisine worldwide, and soy sauce being used as a flavor enhancer by food manufacturers and restaurants.
Strategic Insights
Soy Sauce Market Drivers and Opportunities
Increasing Consumer Interest in Chinese and Japanese Cuisines
- A growing number of consumers exploring different cuisines and adventurous palates have tantalized taste buds to look beyond Europe for authentic Asian flavors, and one condiment that has proven popular and straightforward to use is soy sauce. As a mainstay of cooking throughout Asia for centuries, soy sauce plays a crucial role in many households. It can instantly impart an umami flavor to both hot and cold dishes and has become a go-to essential in kitchens all around the world.
- Its cultural heritage and the tasteful combination of foods make foodies crave for Chinese and Japanese dishes such as delicate sushi rolls to heaty Sichuan stir fries. All this has boosted the soy sauce market worldwide.
Opportunities
Development of Low-Sodium Soy Sauce
- There is an increasing demand for low-sodium soy sauce because of the global concern of sodium intake to human health. Over 70% of the world population has high sodium intake, which is linked to a high risk for hypertension and for heart disease, according to the World Health Organization (WHO). Therefore, there is an urge among consumers to look for low-sodium or reduced-sodium soy sauce in order to keep track to their daily sodium intake while putting the savory taste of soy sauce to their meals.
- Manufacturers are launching new products with various health claims to attract a large number of consumers. Low-sodium soy sauce, gluten-free soy sauce, organic and non-GMO soy sauce, and flavored soy sauce are becoming more commonplace and bringing more opportunities for the market growth.
Soy Sauce Market Segmentation
The scope of the global soy sauce market has been segmented on the based-on packaging type, category, and distribution channel.
- Based on packaging type, the soy sauce market is divided into bottles, pouches, and others.
- On the basis of category, the market is divided into organic and conventional.
- Based on distribution channel, the market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others.
Soy Sauce Market Share Analysis by Geography
- Soy Sauce Market Report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
- Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering soy sauce market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
- Also, the report covers Porter’s Five Forces analysis, which involves the study of major factors that influence the soy sauce market in these regions.
Soy Sauce Market Report Scope
Soy Sauce Market News and Recent Developments:
The soy sauce market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
- Kikkoman India Pvt. Ltd. (KID), Kikkoman's sales and marketing company in India, launched the group’s first ever dark soy sauce crafted exclusively for the Indian market in February 2024. This new product, named “Kikkoman Dark Soy Sauce”, imparts both rich color and deliciousness to dishes, and targets Asian restaurants, primarily Indian Chinese cuisine. (Source – Kikkoman Corporation, Newsletters, March 2024)
- The Georgia Department of Economic Development announced that Lee Kum Kee Sauce Group, a global name in Asian sauces and condiments, will invest up to $288 million in a new manufacturing facility in LaGrange, creating up to 267 jobs in Troup County over the next several years. The facility will produce Asian sauces and condiments to support the company’s future growth in the Americas. (Source - Georgia Department of Economic Development, Press Release, June 2024)
Soy Sauce Market Report Coverage and Deliverables
The “Soy Sauce Market Size and Forecast (2021 – 2031)” provides a detailed analysis of the market covering below areas:
- Soy Sauce market size and forecast at global, regional and country levels for all the key market segments covered under the scope.
- Soy Sauce market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Soy Sauce market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the soy sauce market.
- Detailed company profiles
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The global soy sauce market is estimated to grow above 5% during the forecast period 2023-2031.
Increasing consumer interest in Chinese and Japanese cuisines is driving the soy sauce market growth.
Growing inclination for online shopping of grocery including soy sauce is likely to remain the key trends in the market.
Roland Foods, LLC, Kikkoman Corporation, Eden Foods, Kum Thim Food Industries Sdn Bhd, Conagra Brands, Pearl River Bridge, OTAFUKU SAUCE Co Ltd, Kimlan Foods, Lee Kum Kee, and SAN-J are among the leading players operating in the soy sauce market.
The report can be delivered in PDF/Word format, we can also share excel data sheet based on request.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Soy Sauce Market - By Type
1.3.2 Soy Sauce Market - By Application
1.3.3 Soy Sauce Market - By Region
1.3.3.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. SOY SAUCE MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. SOY SAUCE MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. SOY SAUCE MARKET - GLOBAL MARKET ANALYSIS
6.1. SOY SAUCE - GLOBAL MARKET OVERVIEW
6.2. SOY SAUCE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. SOY SAUCE MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. BREWED
7.3.1. Overview
7.3.2. Brewed Market Forecast and Analysis
7.4. BLENDED
7.4.1. Overview
7.4.2. Blended Market Forecast and Analysis
8. SOY SAUCE MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. HOUSEHOLD
8.3.1. Overview
8.3.2. Household Market Forecast and Analysis
8.4. FOOD INDUSTRY
8.4.1. Overview
8.4.2. Food Industry Market Forecast and Analysis
9. SOY SAUCE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Soy Sauce Market Overview
9.1.2 North America Soy Sauce Market Forecasts and Analysis
9.1.3 North America Soy Sauce Market Forecasts and Analysis - By Type
9.1.4 North America Soy Sauce Market Forecasts and Analysis - By Application
9.1.5 North America Soy Sauce Market Forecasts and Analysis - By Countries
9.1.5.1 United States Soy Sauce Market
9.1.5.1.1 United States Soy Sauce Market by Type
9.1.5.1.2 United States Soy Sauce Market by Application
9.1.5.2 Canada Soy Sauce Market
9.1.5.2.1 Canada Soy Sauce Market by Type
9.1.5.2.2 Canada Soy Sauce Market by Application
9.1.5.3 Mexico Soy Sauce Market
9.1.5.3.1 Mexico Soy Sauce Market by Type
9.1.5.3.2 Mexico Soy Sauce Market by Application
9.2. EUROPE
9.2.1 Europe Soy Sauce Market Overview
9.2.2 Europe Soy Sauce Market Forecasts and Analysis
9.2.3 Europe Soy Sauce Market Forecasts and Analysis - By Type
9.2.4 Europe Soy Sauce Market Forecasts and Analysis - By Application
9.2.5 Europe Soy Sauce Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Soy Sauce Market
9.2.5.1.1 Germany Soy Sauce Market by Type
9.2.5.1.2 Germany Soy Sauce Market by Application
9.2.5.2 France Soy Sauce Market
9.2.5.2.1 France Soy Sauce Market by Type
9.2.5.2.2 France Soy Sauce Market by Application
9.2.5.3 Italy Soy Sauce Market
9.2.5.3.1 Italy Soy Sauce Market by Type
9.2.5.3.2 Italy Soy Sauce Market by Application
9.2.5.4 United Kingdom Soy Sauce Market
9.2.5.4.1 United Kingdom Soy Sauce Market by Type
9.2.5.4.2 United Kingdom Soy Sauce Market by Application
9.2.5.5 Russia Soy Sauce Market
9.2.5.5.1 Russia Soy Sauce Market by Type
9.2.5.5.2 Russia Soy Sauce Market by Application
9.2.5.6 Rest of Europe Soy Sauce Market
9.2.5.6.1 Rest of Europe Soy Sauce Market by Type
9.2.5.6.2 Rest of Europe Soy Sauce Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Soy Sauce Market Overview
9.3.2 Asia-Pacific Soy Sauce Market Forecasts and Analysis
9.3.3 Asia-Pacific Soy Sauce Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Soy Sauce Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Soy Sauce Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Soy Sauce Market
9.3.5.1.1 Australia Soy Sauce Market by Type
9.3.5.1.2 Australia Soy Sauce Market by Application
9.3.5.2 China Soy Sauce Market
9.3.5.2.1 China Soy Sauce Market by Type
9.3.5.2.2 China Soy Sauce Market by Application
9.3.5.3 India Soy Sauce Market
9.3.5.3.1 India Soy Sauce Market by Type
9.3.5.3.2 India Soy Sauce Market by Application
9.3.5.4 Japan Soy Sauce Market
9.3.5.4.1 Japan Soy Sauce Market by Type
9.3.5.4.2 Japan Soy Sauce Market by Application
9.3.5.5 South Korea Soy Sauce Market
9.3.5.5.1 South Korea Soy Sauce Market by Type
9.3.5.5.2 South Korea Soy Sauce Market by Application
9.3.5.6 Rest of Asia-Pacific Soy Sauce Market
9.3.5.6.1 Rest of Asia-Pacific Soy Sauce Market by Type
9.3.5.6.2 Rest of Asia-Pacific Soy Sauce Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Soy Sauce Market Overview
9.4.2 Middle East and Africa Soy Sauce Market Forecasts and Analysis
9.4.3 Middle East and Africa Soy Sauce Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Soy Sauce Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Soy Sauce Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Soy Sauce Market
9.4.5.1.1 South Africa Soy Sauce Market by Type
9.4.5.1.2 South Africa Soy Sauce Market by Application
9.4.5.2 Saudi Arabia Soy Sauce Market
9.4.5.2.1 Saudi Arabia Soy Sauce Market by Type
9.4.5.2.2 Saudi Arabia Soy Sauce Market by Application
9.4.5.3 U.A.E Soy Sauce Market
9.4.5.3.1 U.A.E Soy Sauce Market by Type
9.4.5.3.2 U.A.E Soy Sauce Market by Application
9.4.5.4 Rest of Middle East and Africa Soy Sauce Market
9.4.5.4.1 Rest of Middle East and Africa Soy Sauce Market by Type
9.4.5.4.2 Rest of Middle East and Africa Soy Sauce Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Soy Sauce Market Overview
9.5.2 South and Central America Soy Sauce Market Forecasts and Analysis
9.5.3 South and Central America Soy Sauce Market Forecasts and Analysis - By Type
9.5.4 South and Central America Soy Sauce Market Forecasts and Analysis - By Application
9.5.5 South and Central America Soy Sauce Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Soy Sauce Market
9.5.5.1.1 Brazil Soy Sauce Market by Type
9.5.5.1.2 Brazil Soy Sauce Market by Application
9.5.5.2 Argentina Soy Sauce Market
9.5.5.2.1 Argentina Soy Sauce Market by Type
9.5.5.2.2 Argentina Soy Sauce Market by Application
9.5.5.3 Rest of South and Central America Soy Sauce Market
9.5.5.3.1 Rest of South and Central America Soy Sauce Market by Type
9.5.5.3.2 Rest of South and Central America Soy Sauce Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. SOY SAUCE MARKET, KEY COMPANY PROFILES
11.1. ALOHA SHOYU COMPANY
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. BOURBON BARREL FOODS
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. FOSHAN HAITIAN FLAVORING AND FOOD
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. HAITIAN
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. KIKKOMAN CORPORATION
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. LEE KUM KEE
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. MEIWEIXIAN
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. NESTLE S.A.
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. OTAFUKU SAUCE CO.,LTD
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. YAMASA CORPORATION
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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