“Global Soy Sauce Market to reach a market value of USD 73.2 Billion by 2030 growing at a CAGR of 6.1%”
The Global Soy Sauce Market size is expected to reach $73.2 billion by 2030, rising at a market growth of 6.1% CAGR during the forecast period. In the year 2022, the market attained a volume of 7,713.8 kilo tonnes, experiencing a growth of 6.0% (2019-2022).
Asia Pacific, particularly countries like China, Japan, and South Korea, has traditionally been a significant consumer of soy sauce. Consequently, the Asia Pacific segment captured $19,958.3 million revenue in the market in 2022. Also, the China market alone consumed 1,260.7 kilo tonnes soy sauce in 2022. The staple use of the sauce in Asian cuisines contributes to its consistent regional demand. Economic growth and urbanization in the Asia Pacific region have led to changes in dietary habits.
The increasing popularity of international cuisines, with a particular emphasis on Asian cuisine, has indeed driven the global demand for the sauce. With the rise of home cooking and the availability of global recipes online, consumers are more inclined to experiment with different cuisines. It is commonly featured in recipes from various cultural backgrounds, encouraging its use in home kitchens. Thus, these factors will assist in the growth of the market.
Additionally, E-commerce platforms have allowed consumers to access a wide range of the sauce brands from various regions worldwide. This global market access allows consumers to explore and purchase products that may not be readily available in their local markets. Global B2C e-commerce revenue is expected to grow to USD 5.5 trillion by 2027 at a steady 14.4% growth rate. The leading segments for B2C e-commerce are consumer electronics, fashion, furniture, toys/hobbies, health pharmaceuticals, media & entertainment, beverages, and food.
However, consumers often seek variety in flavors, and the availability of a wide range of sauces and condiments with different taste profiles can lead to shifting preferences. The popularity of ethnic and specialty sauces has grown, providing consumers with alternatives to traditional condiments. The market may see increased demand for sauces specific to certain cuisines, potentially affecting the market share of traditional soy sauce. Therefore, owing to these factors, the market will witness decreased demand in the upcoming years.
On the basis of application, the market is divided into food industry and household. The food industry segment recorded the 75.79% revenue share in the market in 2022. In terms of volume, food industry segment would utilize 11,230.9 kilo tonnes soy sauce in 2030. Using high-quality and artisanal in gourmet and specialty foods has gained traction. Consumers are willing to explore premium sauces with unique flavor profiles, which has led to collaborations between the producers and gourmet food brands. For instance, as per Eurostat, the accommodation and food services sector recorded a value-added of €146.4 billion in the EU in 2020.
Based on type, the market is segmented into brewed and blended. The brewed segment held a 36.69% revenue share in the market in 2022. Consumers increasingly value authentic and traditional food production methods. In terms of volume, brewed segment would register 8,365.8 kilo tonnes soy sauce in 2030. Soy sauces produced through traditional brewing methods are perceived as having a richer cultural heritage and a more nuanced flavor profile. There is a growing trend among consumers to seek high-quality and premium food products.
Free Valuable Insights: Global Soy Sauce Market size to reach USD 73.2 Billion by 2030
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2022, the Europe segment acquired a 24.78% revenue share in the market. In terms of volume, Europe segment would make use of 3,028.6 kilo tonnes soy sauce in 2030. Europe's culinary landscape has become increasingly diverse, with a growing appreciation for global flavors. With its umami-rich profile, it is often used in fusion dishes, contributing to its popularity among consumers looking for new and exciting flavor experiences.
The market is characterized by intense competition driven by a diverse array of factors such as product innovation, regional preferences, pricing strategies, and shifting consumer demands. Established players continuously strive to differentiate themselves through variations in taste profiles, quality standards, and packaging designs, while emerging competitors often focus on niche segments or offer unique value propositions. Additionally, market dynamics are influenced by factors like globalization, health consciousness, and sustainability, prompting companies to adapt their strategies to remain competitive in this rapidly evolving market landscape.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 46 Billion |
| Market size forecast in 2030 | USD 73.2 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 6.1% from 2023 to 2030 |
| Number of Pages | 213 |
| Number of Table | 470 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| 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 | Type, Application, Region |
| Country scope |
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| Companies Included | Bourbon Barrel Foods LLC, Lee Kum Kee Company Limited, Otafuku Sauce Co., Ltd., Yamasa Corporation, Aloha Shoyu Company, Guangdong Meiweixian Flavoring Foods Co., Ltd., Nestle S.A., Masan Group Corporation, Kikkoman Corporation, Foshan Haitian Flavoring & Food Co., Ltd. |
By Type (Volume, kilo Tonnes, USD Billion, 2019-2030)
By Application (Volume, kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, kilo Tonnes, USD Billion, 2019-2030)
The Market size is projected to reach USD $73.2 billion by 2030.
Growing health and wellness trends worldwide are driving the Market in coming years, however, Concerns about price volatility of key ingredients restraints the growth of the Market.
Bourbon Barrel Foods LLC, Lee Kum Kee Company Limited, Otafuku Sauce Co., Ltd., Yamasa Corporation, Aloha Shoyu Company, Guangdong Meiweixian Flavoring Foods Co., Ltd., Nestle S.A., Masan Group Corporation, Kikkoman Corporation, Foshan Haitian Flavoring & Food Co., Ltd.
In the year 2022, the market attained a volume of 7,713.8 kilo tonnes, experiencing a growth of 6.0% (2019-2022).
The Blended segment is leading the Market by Type in 2022; thereby, achieving a market value of $43.8 billion by 2030.
The Asia Pacific region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $32.1 billion by 2030
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