Soy Sauce Market Size Worth $59.12 Billion By 2025 | CAGR: 5.9%
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.
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
About Us:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
Comments
Post a Comment