Soy Sauces Market | New Product Launches Through 2020-2024 | Technavio

·4-min read

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.

This press release features multimedia. View the full release here:

Technavio has announced its latest market research report titled Global Soy Sauces Market 2020-2024 (Graphic: Business Wire)

To learn more about the global trends impacting the future of market research, download a free sample now

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.

Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download a Free Sample Report on COVID-19 Impacts

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.

  • Kikkoman Corp.

  • Kum Thim Food Industries Sdn Bhd

  • Lee Kum Kee Co. Ltd.

  • Otafuku Sauce Co. Ltd.

  • Yamagen Jouzou Co. Ltd.

  • YAMASA Corp.

Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.

View market snapshot before purchasing

Technavio reports cover the following key research areas:

  • Detailed Analysis of Market Eco System

  • Market favorability index

  • Market opportunity by segments

  • Customer Landscape

    • Analysis of drivers of price sensitivity

    • Key purchase criteria

    • Customer purchase basket

  • Impact of drivers and Challenges

  • Vendor landscape

    • Factors of differentiation

    • Landscape disruption

    • Key industry risks

    • Market position of vendors

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

View source version on


Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200