Global Oyster Sauce Market - 2022-2029

Global Oyster Sauce Market - 2022-2029

Market Overview

Oyster sauce market valued USD XX million in 2021 and is forecast to reach USD XX million by 2029, growing at a CAGR of 4.4% during the forecast period (2022-2029)

Oyster Sauce is a sweet and salty syrup-like sauce made from oyster juice, salt and sugar. Oyster sauce is dark brown in colour, with a thick consistency. Oyster sauce adds a delicious flavour to many dishes. It is popular in Chinese cooking. It is used in non-vegetarian and vegetarian dishes and Asian cuisines, including Chinese and Thai dishes, meat marinades, and dipping sauces. It is a good source of zinc, vitamin D, copper and manganese. It is a good source of vitamin B12, which promotes brain health. Also, it is good for brain health. These health benefits help to raise consumer demand which drives the market.

Market Dynamics:

The rising popularity for use of oyster sauce due to its test drives the oyster sauce market

Oyster sauce is popular in Chinese dishes such as stir-fries due to its taste. It is also used as a dipping sauce as an addition to soup or as a marinade for meats. Oyster sauce is also used for Asian-style salad dressing. The rising number of online grocery services providers is also expected to contribute to market growth. Rising interests in-home cooking and changing consumers' taste for spicy and authentic flavors raise the demand for the oyster sauce market. The easy availability of a variety of oyster sauce helps to drive the market.

Moreover, the Oyster sauce is low in calories, carbohydrates and fat. It contains vitamin B 12, Vitamin D, iron, zinc, copper and selenium. Oyster sauce is an integral part of Japanese, Chinese, Thai, Vietnamese, Indonesian, and Malaysian dishes. The nutrition value of the oyster sauce drives the demand for the oyster sauce market. The product has been gaining popularity due to its savory flavor, making it an ideal ingredient for different flavoring types of meats and vegetables. More availability of readymade recipes increases the demand for the oyster sauce market. An increasing number of single-person households, increased disposable income, and rise in the working women population across the globe are expected to increase the demand for the oyster sauce market.

Market Segmentation:

Vegetarian Sauce segment held largest market revenue share in the year 2021

The vegetarian sauce is oysters free. It is made with mushrooms and has the same colour and texture as a regular oyster sauce. It is used for dipping cooked vegetables, meats, or spring rolls. It is mostly used in Asian cuisines, including Chinese dishes, meat marinades, and dipping sauces. The oyster sauce flavour is like fish sauce and soy sauce. Its consistency is thick and syrupy. It is dark in colour and a good alternative for vegetarian people.

The hypermarkets and supermarkets segment held the largest share in the distribution channel. Easy availability of a range of products and different brands with a wide range of prices. Consumers have more options to compare and choose the best product. Moreover, development in the hypermarkets and supermarkets and various offers and discounts provided by such stores will boost the product sales through this distribution channel.

Geographical Penetration:

North America is expected to dominate the global oyster sauce market in the year 2021

North America dominates the oyster sauce market due to increased product demand for healthier and more flavorful products, especially from youngsters. High demand for snack food and ethnic flavours. A strong manufacturer supplier network in the North American region helps drive the growth of the North American region. With the growing popularity of Asian cuisine, many Asian vendors are expanding their businesses to increase their market share in the region.

The Asia Pacific is acquired big share throughout the forecast years due to increasing product consumption. Moreover, factors such as regional ethnicity, consumer preferences, and a strong manufacturer-supplier network in APAC are expected to further contribute to the market growth over the forecast period.

Competitive Landscape:

The Oyster Sauce market is fragmented. Some of the major key players in the oyster sauce market are Ajinomoto Co., Inc., Foshan Haitian Flavouring & Food Co, Specialty Food Association, Nestlé, and Bachun Food Industries (Pte) Ltd., among the others. Some of the key players launch new products to increase their product portfolio. For Instance, in Jan 2020, Lee Kum Kee Launched Panda Brand Grilling and Dipping Sauces. The company offers a new easy, and simple way to prepare delicious dishes. Lee Kum Sheung invented the world’s first sauce. In February 2018, Nestle introduced Maggi Imperial Oyster Sauce and the ‘Maggi Lebih Masak. It is a unique blend of oyster extract and scallop flavour. It is sweet and salty in taste and slightly thick in consistency. Also, In April 2018, Maggie relaunched Maggie Oyster sauce which is more thick and rich in nature. The company sends off the Maggie food truck caravan on a roadshow to introduce the new Maggie oyster sauce. In February 2017, Ajinomoto Philippines Corporation launched a new Sarsaya oyster sauce product. It provides a delicious blend of savory, sweet and salty tastes to any dish. Also, In July 2018, Ajinomoto Philippines Corporation launched a new TV commercial at a Filipiniana-themed event dubbed Exploring Local Flavors.

COVID-19 Impact:

Negative impact on the global oyster sauce market

The COVID-19 pandemic harmed the overall food industry. The strict government regulation during the pandemic resulted in to complete shutdown of various industries, and restrictions on transport resulted in a disruption in the supply chain. Various key vendors close their production for a certain time due to the shortage of raw materials. Supermarkets and hypermarkets are also closed at a certain time. Restaurants and hotels are closed at a certain time, so there is a shortage of ready-to-eat dishes. To decline the demand for the oyster sauce market for a certain time.

The global oyster sauce market report would provide an access to approximately 65 market data tables, 48 figures and 180 pages