The global soy sauce market size is projected to reach USD 63.16 billion by 2032. The increasing demand for the product across the world will have a direct impact on the growth of the market in the coming years. The use of soy sauce in several cuisines will fuel the demand for the product across the world. According to a report published by Fortune Business Insights, titled “Soy Sauce Market Size, Share & Industry Analysis, By Process (Brewed and Blended), Type (Light Soy Sauce, Dark Soy Sauce, and Others), End-user (Processed Food, Food Services Sector, and Households), and Regional Forecast, 2024 – 2032,” the market was worth USD 36.50 billion in 2023 and will exhibit a CAGR of 6.43% during the forecast period, 2024-2032.
Soy sauce is one of the most widely consumed food ingredients that are used across the world. The effect of soy sauce and soy ingredients to enhance the flavor and taste of the food will lead to a wider consumption in the coming years. Moreover, introduction of innovative ways to integrate the ingredient in food delicacies will fuel the demand for the product across the world. The high investment in the integration of the product in several food ingredients as well as the massive capitals allocated by major companies for production and manufacturing of soy sauce will aid the growth of the overall market in the coming years. The increasing trends among consumers for trying new food delicacies and the presence of several regional food options across the world will contribute to the growing adoption of the product in the coming years. Moreover, the presence of several large scale companies will bode well for the growth of the market in the foreseeable future.
Information Source: https://www.fortunebusinessinsights.com/soy-sauce-market-102857
Increasing Number of Company Mergers will Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Accounting to the huge demand for the product across the world, several companies are looking to invest more in increasing the production of soy sauce. Majority of the companies are looking to adopt newer strategies that will eventually help them establish a stronghold in the market. In November 2017, Bharti JV announced that it has collaborated with Kikkoman Corporation. The company plans to increase the manufacturing capacity in India with a view to addressing the growing demand for soy products such as soy oil and sauce. Through this collaboration, Bharti JV will look to strengthen its distribution network in the country. Bharti JV’s latest merger with Kikkoman will not just help the companies generate more revenue, but will also affect the growth of the overall market in the coming years.
Asia Pacific to Account for the Highest Share; Widespread Consumption of Condiments to Aid Growth
The report analyzes the ongoing market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, the market in Asia Pacific is projected to emerge as the dominant region in the coming years. The increasing consumption of condiments and spices has led to a subsequent rise in the consumption of soy sauce and soy sauce products in this region. China imports over 50 MMT of soybeans every year. The massive consumption of soy sauce and soy ingredients will create several opportunities for the growth of the companies operating in the market. Besides Asia Pacific, the market in North America will also witness considerable growth in the coming years. As of 2019, the market in North America was worth USD 10.74 Billion and this value is projected to increase further in the coming years.
List of companies profiled in the report:
Haitian Group (China)
Kikkoman Corporation (Japan)
Nestle S.A. (Switzerland)
Kraft Heinz Company (US)
McCormick & Co Inc. (US)
Yamasa Corporation (Japan)
Campbell Soup Company (US)
MARUNAKA-SHOYU (Japan)
Shoda Sauces Europe Company Limited (U.K.)
Hormel Foods Corporation (U.S.)
Halcyon Proteins (Australia)
Industry Developments:
July 2018: Haitian Corporation announced that it has opened a new manufacturing facility in Turkey. The company plans to accelerate its operation of soy sauces and other soy products in the country.