The soy sauces market is set to grow by USD 6.39 billion, accelerating at a CAGR of over 4%, during the period spanning over 2020-2024. One of the key factors driving growth is new product launches. Soy sauce manufacturers are adopting innovative and distributive strategies to increase their market shares. Growing focus on expanding production capabilities is a significant trend that will further stimulate market growth. Rise in the demand for soy sauce is compelling market vendors to expand their production facilities.
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Technavio has announced its latest market research report titled Global Soy Sauces Market 2020-2024 (Graphic: Business Wire)
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Parent Market Analysis
Technavio categorizes the global soy sauces market as a part of the global packaged foods and meats market. The parent, global aerospace & defense market covers manufacturers or food processing vendors that are involved in food processing to eliminate microorganisms and extend shelf life. Technavio calculates the global packaged foods and meats market size based on combined revenue generated by the vendors operating in the market. The market does not include manufacturers of food processing equipment. The market also excludes producers of packaged alcoholic and non-alcoholic beverages, including mineral waters.
Growth of the global packaged foods and meats market will be driven by the health benefits associated with the intake of minimally processed food.
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Soy Sauces Market: Geographic segmentation
The report segments the market by geography: APAC, North America, Europe, South America, and MEA. About 68% of the market’s growth will originate from APAC during the forecast period. The proliferation of restaurants and increasing disposable incomes of consumers will fuel market growth. China, Japan, and South Korea (Republic of Korea) are the key market for soy sauces in North America.
Soy Sauces Market: Segmentation by End-user
The foodservice segment was leading the segment in 2019. Changing consumer lifestyles, especially in emerging economies across APAC has increased the number of foodservice establishments. Also, the expansion of the Asian population in the US and across Europe is contributing to the growth of the segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the soy sauces market size.
Soy Sauces Market: Growth Drivers
Successful product launches are crucial for increasing the revenue flow and broadening the customer base. Hence, vendors are focusing on introducing new products to expand their market shares and gain an edge over rivals. For instance, in May 2018, Kikkoman launched Ponzu Citrus Soy Sauce in the UK. Similarly, in October 2019, Lee Kum Kee Co. Ltd. launched two new Hoisin Sauces flavors, namely, Lemongrass Chili Flavored Hoisin Sauce and Lime Cilantro Flavored Hoisin Sauce. Both are a combination of soy sauce and other flavors. The launch of such innovative products will fuel the growth of the market during the forecast period.
Soy Sauces Market: Challenges to Overcome
Food regulatory and compliance authorities across the world have shut down several businesses and forced them to recall their products from the market when they posed a threat to the well-being of consumers. A product recall severely affects a company's brand image, as well as its operations and sales.
Soy Sauces Market: Vendor Landscape
This report provides information on revenue, organizational developments, and key go-to-market strategies of several leading soy sauces companies, including:
Bourbon Barrel Foods LLC
Foshan Haitian Flavoring & Food Co. Ltd.
Jonjee Hi-tech Industrial & Commercial Holding Co. Ltd.
Kum Thim Food Industries Sdn Bhd
Lee Kum Kee Co. Ltd.
Otafuku Sauce Co. Ltd.
Yamagen Jouzou Co. Ltd.
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Technavio reports cover the following key research areas:
Detailed Analysis of Market Eco System
Market favorability index
Market opportunity by segments
Analysis of drivers of price sensitivity
Key purchase criteria
Customer purchase basket
Impact of drivers and Challenges
Factors of differentiation
Key industry risks
Market position of vendors
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