Global Soy Sauce Market, Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2029
Global Soy Sauce Market Overview
“The global Soy Sauce Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
Soy sauce is known as Chinese condiment, which is made from fermented paste of roasted grain, soybeans, brine, and aspergillus sojae molds or Aspergillus oryzae. The current form of soy sauce was made 2200 years ago during the time of Western Han dynasty of China and spread throughout Southeast and East Asia where it is used as a condiment and in cooking various items.
This is specially prepared to use as ingredient in various food and beverage items as it enhances the tenderness, taste, flavor and color. The dehydrated soy sauce is known as soy sauce powder. This powder is easily dissolved in water to make soy paste or sauce. Soy sauce is used in making fast food, meals, snacks and many other prepared food products.
Soy sauce has high sodium content. Consumers enjoy soy sauce as a healthy diet. Also, soy sauce got good content of vitamin B3, which is known as a very essential human nutrient. Soy sauce is also known for many other sources such as various minerals including phosphorous, iron, and manganese. Soy sauce also got elements of amino acids, which is very essential for human body to produce proteins.
The major factor driving growth of the global soy sauce market is a rising demand for the product as a seasoning ingredient and flavor enhancer from food retail chains, manufacturers and restaurants. In addition, soy sauce is a major ingredient in many emerging and popular cuisines such as Chinese, Japanese, Indonesian, Thai, Malaysian, and Vietnamese. Increasing popularity of these cuisines and rising health consciousness among consumers is expected drive demand for the product in the global soy sauce market over the forecast period.
Soy sauce is generally used in the preparation of many foods including beef, bacon/cured meats, bread & rolls, dry mixes, dressings, cookies & cakes, snacks, and many others. Soy sauce has less salt content. Demand for foods with less salt content is driving owing to increasing health awareness regarding high salt consumption, which is projected to drive demand for soy sauce in the global market over the forecast period. Moreover, new product launch by top players in the market is expected to drive growth of the market over the forecast period.
All these new products have less salt content in it, which is expected to drive growth of the market. Another factor driving growth of the market is increasing awareness of consumers about high nutritional value of the product.
Global Soy Sauce Market Segment Analysis:
Among the type segments, the blended segment is estimated to account for the majority revenue share in the global market and is expected to continue over the forecast period. This growth of the segment is attributed to low price and long shelf life.
The household segment among the application segment has been gaining traction. This trend is projected to continue over the forecast period. This growth of the segment can be attributed to the easy availability of products in grocery stores and rising demand for low-sugar and salt and gluten-free products.
Global Soy Sauce Market Regional Analysis:
The market in Asia Pacific is projected to dominate the global soy sauce market in terms of revenue share and the trend is expected to continue over the forecast period. This is attributed to increasing demand for the product owing to the rising popularity of Chinese food items in the region.
Global Soy Sauce Market Segmentation:
- Food Industry
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Kikkoman Corp.
- Masan Group
- Bourbon Barrel Foods
- Lee Kum Kee
- Otafuku Sauce
- Yamasa Corp.
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