“Global Oyster Sauce Market to reach a market value of 23.9 Billion by 2031 growing at a CAGR of 12.3%”
The Global Oyster Sauce Market size is expected to reach $23.9 billion by 2031, rising at a market growth of 12.3% CAGR during the forecast period. In the year 2023, the market attained a volume of 23,873.3 tonnes, experiencing a growth of 12.6% (2020-2023).
Countries like China, where oyster sauce is a staple in home cooking and restaurant offerings, significantly contribute to the high demand in the region. The expanding middle class in many Asia Pacific countries and a growing interest in international cuisines have also supported the continued popularity of oyster sauce. Therefore, the Asia Pacific region generated 50% revenue share in the oyster sauce market in 2023. In terms of volume the Asia pacific region is expected to utilize 1,263,192.3 tonnes of oyster sauce by 2031. This region is the birthplace of oyster sauce and remains a key market due to its deep-rooted culinary traditions that heavily incorporate this sauce into various dishes.
As consumers seek to recreate authentic flavours at home, the demand for oyster sauce has surged. Oyster sauce is renowned for its rich umami flavour, which enhances the taste of various dishes. The rising appreciation for umami as a key taste has driven interest in ingredients that provide this savoury quality. Asian cuisines often utilize oyster sauce in stir-fries, marinades, and dipping sauces, making it an essential component for achieving the desired flavour profiles in these dishes. As consumers become more aware of umami, the demand for oyster sauce continues to grow. Additionally, the expansion of the food and beverage industry is also marked by continuous innovation in product development. This includes the introduction of organic, gluten-free, and low-sodium versions of oyster sauce to cater to diverse dietary preferences. In conclusion, expansion of the food and beverage industry is propelling the growth of the market.
However, the impact of allergic reactions and dietary restrictions can lead to segmentation within the food market, creating niche opportunities but also restricting the overall consumer base. Brands may need to invest in developing specialized products, such as gluten-free or allergen-free sauces, to cater to these niches. While this can create new opportunities, it also requires additional resources for product development, marketing, and education about these alternatives, which can be a challenge for smaller manufacturers. Therefore, allergic reactions and dietary restrictions limiting consumer base is hampering the growth of the market.
Based on application, the market is divided into commercial and household. The household segment procured a 36% revenue share in the market in 2023. In terms of volume 753,102.1 tonnes of oyster sauce is expected to be utilize in household application by 2031. This segment includes sales for personal or family use, reflecting a growing trend of home cooking and experimentation with international flavours.
On the basis of distribution channel, the market is segmented into convenience stores, supermarkets/hypermarkets, and online. The supermarkets/hypermarkets segment recorded 43% revenue share in the market in 2023. Thus, 836,141.0 tonnes of oyster sauce are expected to be sold by supermarket/hypermarket by 2031. This segment thrives on its ability to offer various products, including different oyster sauce brands and types.
Based on distribution channel, the market is divided into hypermarkets & supermarkets, convenience stores, specialty stores, online, and others. The hypermarkets & supermarkets segment garnered 40% revenue share in the market in 2023. In terms of volume, 30,658.0 tonnes of Hypermarkets and supermarkets provide a convenient shopping experience with a vast variety of product options, including different brands and packaging sizes of tomato powder.
Free Valuable Insights: Global Oyster Sauce Market size to reach USD 23.9 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region witnessed 24% revenue share in the market in 2023. In terms of volume the North America region is expected to utilize 376,624.5 tonnes of oyster sauce by 2031. The growing popularity of Asian cuisine in North America has driven an increase in the consumption of oyster sauce, with consumers incorporating it into various dishes ranging from stir-fries to marinades.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 10.1 Billion |
| Market size forecast in 2031 | USD 23.9 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 12.3% from 2024 to 2031 |
| Quantitative Data | Volume in Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 296 |
| Number of Tables | 669 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Product Type, Distribution Channel, Application, Region |
| Country scope |
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| Companies Included | Ajinomoto Co., Inc., Lee Kum Kee Company Limited, Pearl River Bridge, Nestle S.A. (Nestlé India Limited), Amoy Food Ltd., Foshan Haitian Flavoring & Food Co. Ltd., Megachef (Marine Resources Development Co.,Ltd.), Pantainorasingh Manufacturer Co.,Ltd. and MOTHER'S BEST |
By Product Type (Volume, Tonnes, USD Billion, 2020-2031)
By Distribution Channel (Volume, Tonnes, USD Billion, 2020-2031)
By Application (Volume, Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Tonnes, USD Billion, 2020-2031)
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