The global soy sauce market size is estimated to reach at USD 59.12 billion by 2025, according to a new report by Grand View Research, Inc. The market is expected to register a CAGR of 5.9% over the forecast period due to increasing product demand as a flavor enhancer from food retail chains and restaurants.
Soy sauce is a key ingredient of many popular and emerging world cuisines like Japanese, Chinese, Thai, Vietnamese, Indonesian, and Malaysian. Growing health consciousness along with rising popularity of aforementioned cuisines across the globe will boost the product demand. Furthermore, key companies are launching new products, which will boost the demand further. For instance, Kikkoman launched Less Salt version of its naturally brewed soy sauce.
Based on type, the market is divided into brewed and blended. Blended type segment accounted for the largest market share of more than 54% in the year 2018 and will retain the position throughout the forecast period. Blended products have a better shelf life and are cheaper than brewed soy sauces, which boosts their demand. On the other hand, brewed product type is expected to witness the fastest CAGR from 2019 to 2025. This growth is attributed to the growing awareness about the product nutritional values and demand for functional foods.
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On the basis of application, the market has been segmented into household and food industry. Household application is projected to be the fastest growing segment over the forecasted period. Easy product availability at grocery stores and increasing demand for low-salt and -sugar and gluten-free products are the key factors driving the market in this segment.
Further key findings from the study suggest:
• In terms of revenue, brewed product type is projected to ascend at the maximum CAGR of 6.2% from 2019 to 2025
• Food industry is expected to be the largest application segment in future due to extensive product usage in foods, such as bacon/cured meats, beef, bread & rolls, cookies & cakes, dry mixes, and snacks
• Led by China, Asia Pacific is likely to be the largest, as well as the fastest-growing, regional market over the years to come
• Some of the key companies in the soy sauce market are Haitian, Kikkoman Corp., Masan Group, Bourbon Barrel Foods, Lee Kum Kee, Otafuku Sauce, Yamasa Corp., Maggi, Meiweixian, and Okonomi
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Grand View Research has segmented the global soy sauce market on the basis of type, application, and region:
Soy Sauce Type Outlook (Revenue, USD Million, 2015 - 2025)
• Brewed
• Blended
Soy Sauce Application Outlook (Revenue, USD Million, 2015 - 2025)
• Household
• Food Industry
Soy Sauce Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
o U.S.
• Europe
o U.K.
o Germany
• Asia Pacific
o China
o Japan
• Central & South America
o Brazil
• Middle East & Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.