New York, United States , May 15, 2023 (GLOBE NEWSWIRE) -- The Global Soy Sauce Market Size is to grow from USD 48.1 billion in 2022 to USD 83.8 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.7% during the projected period. The growing popularity of soy sauce as a seasoning component and flavor additive is driving the global soy sauce market. Food retail chains, manufacturers, and restaurants are expected to have an impact on the market during the forecast period
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Soy sauce is a widely used condiment that has been used for centuries in Asian cuisine. It is a dark, salty liquid made from fermented soybeans, wheat, salt, and water, with regional and cultural variations in ingredients and preparation methods. Soy sauce is commonly used as a seasoning in stir-fries, marinades, and dipping sauces, as well as a table condiment. Rising product demand as a flavor enhancer and seasoning ingredient by food manufacturers, food retail chains, and restaurants is driving the growth of this market. The global soy sauce market is expanding due to a variety of factors, including the growing popularity of Asian cuisine and the growing demand for natural and healthy food products. Soy sauce is thought to be a healthier alternative to condiments like ketchup and mayonnaise because it contains fewer calories, fat, and sugar and contains beneficial nutrients like protein and amino acids. As the soy sauce market becomes more competitive, companies are investing in research and development to create new and innovative products. This includes the development of new flavors, packaging, and product formats to meet changing consumer preferences and demands. These are the main factors that will drive the soy sauce market during the forecast period. However, the global and regional soy sauce markets are highly volatile, with numerous global and regional players vying for market share. This rivalry can lead to price pressures and lower profit margins, especially for smaller market players.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Soy Sauce Market Size, Share, and COVID-19 Impact Analysis, By Type (Blended and Brewed), By Application (Food Industry and Household), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here
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The brewed segment is expected to hold the largest share of the global soy sauce market during the forecast period.
The global soy sauce market is divided into two types: blended and brewed. The brewed segment is expected to account for the majority of the global soy sauce market during the period of forecasting. The growing acceptance of premium and natural food products, as well as the increasing demand for authentic and traditional flavors, can be attributed to segmental growth.
The food industry segment is expected to hold the largest share of the global soy sauce market over the projected period.
The global soy sauce market is divided into two segments based on application: food industry and household. Over the forecast period, the food industry segment is projected to dominate the largest share of the global soy sauce market. The growing markets for soy sauce as an ingredient in processed foods, as well as the expansion of the food processing industry in emerging markets, are driving segmental growth.
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Asia Pacific is estimated to hold the largest share of the global soy sauce market over the predicted timeframe.
Asia Pacific is anticipated to hold the largest share of the global soy sauce market during the study period. The condiment can be utilized as a flavoring agent in a variety of dishes, including stir-fries, marinades, soups, and dipping sauces. Soy sauce is also used as a condiment for sushi, sashimi, and other popular Japanese and Korean dishes. Soy sauce is deeply ingrained in Asia Pacific culinary culture, and it has been a vital component of the region's cuisine for centuries. North America is projected to expand at the fastest rate in the global soy sauce market during the forecast period. The North American market for soy sauce has expanded in recent years, owing to the region's growing interest in Asian cuisine. The growing interest in Asian cuisine, particularly Japanese, Chinese, and Korean cuisine has increased the demand for soy sauce in North America.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Soy Sauce Market include Haitian, Nestle S.A., Kikkoman Corp., Kraft Heinz Company, Masan Group, McCormick & Co Inc., Bourbon Barrel Foods, Campbell Soup Company, Lee Kum Kee, Otafuku Sauce, Yamasa Corp., Maggi, Meiweixian, Okonomi, Hormel Foods Corporation, and Others.
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Recent Developments
In April 2022, Kikkoman Corporation, the world's largest manufacturer of naturally brewed soy sauce, revealed the launch of Kikkoman Oyster Flavoured Sauce, which is 100% vegetarian and suitable for both vegetarians and non-vegetarians, for the first time in India.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Soy Sauce Market based on the below-mentioned segments:
Global Soy Sauce Market, By Type
- Blended
- Brewed
Global Soy Sauce Market, By Application
- Food Industry
- Household
Global Soy Sauce Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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