According to a new report, published by KBV research, 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).
The Vegetarian Oyster Sauce segment is anticipating a CAGR of 12.7% during (2024 - 2031). This segment caters to a growing demographic of consumers who follow vegetarian or vegan diets but still desire the rich, savoury flavours typically associated with traditional oyster sauce. The shift toward plant-based eating is a significant trend that has accelerated in recent years, fuelled by an increasing number of individuals adopting vegetarian or vegan lifestyles for health, environmental, or ethical reasons. Vegetarian oyster sauces often utilize mushrooms or other plant-based ingredients to replicate the umami flavour, making them popular among those looking for plant-based alternatives without sacrificing taste.
The Commercial segment is leading the Global Oyster Sauce Market by Application in 2023; thereby, achieving a market value of $15.1 billion by 2031. This segment encompasses usage in restaurants, food service industries, and food manufacturers, all of which utilize oyster sauce to enhance flavours and offer authentic Asian cuisine experiences. The growth in this segment can be attributed to the increasing popularity of Asian cuisine in dining establishments, the rising trend of Asian fusion dishes, and the expansion of food delivery services that emphasize diverse culinary options.
The Convenience Stores segment is registering a CAGR of 12.5% during (2024 - 2031). This growth can be attributed to the increasing consumer preference for quick and easy access to food products. Convenience stores often cater to on-the-go consumers looking for fast meal solutions and readily available ingredients. The strategic locations of these stores make them an appealing option for consumers seeking to purchase oyster sauce without the need for extensive shopping trips.
Full Report: https://www.kbvresearch.com/oyster-sauce-market/
The Asia Pacific region dominated the Global Oyster Sauce Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $12.2 billion by 2031. The North America region is experiencing a CAGR of 11.3% during (2024 - 2031). Additionally, The Europe region would exhibit a CAGR of 11.9% during (2024 - 2031).
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)
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