Soy Sauce Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Soy Sauce Market
The soy sauce market size was valued at USD 36.50 billion in 2023, and the market is now projected to grow from USD 38.36 billion in 2024 to USD 63.16 billion by 2032, exhibiting a CAGR of 6.43% during the forecast period of 2024-2032.
Pandemic seriously impacted the foodservice/processing industry, main to a global lockdown, supply chain disruptions, and reduced income. The pandemic additionally led to a lower in traveler numbers, ensuing inside the closure of dine-in eating places and a sudden lower in product demand.
Spices and condiments are important in Asian diets, particularly amongst Asian clients who decide upon highly spiced and umami flavors. The trend for Asian meals is developing as customers grow to be greater experimental, due to a surge in reputation of Chinese and Japanese ingredients. Soy sauce is a popular sauce for making ready those umami meals, and the brand-new foodservice quarter and product innovations in packaged foods are riding the overall soy sauce market growth.
Consumers are an increasing number of worried about the origin of food and its health advantages. They are seeking clean-categorized merchandise free from artificial preservatives and scrutinizing ingredients, manufacturing approaches, and animal welfare practices. Clean-consuming purchasers also are in search of sauces with minimal sodium content material, that is a developing challenge for both enterprise regulators and customers. Food manufacturers at the moment are specializing in low sodium manufacturing to meet this growing demand.
Comprehensive Analysis of Soy Sauce Market
Soy sauce market segments include light, dark, white, and sweet. Light sauce is made from roasted wheat and steamed soybeans and is used in stir-frying, marinades, and dressings. Dark sauce enhances cuisines and is commonly used in noodles, stews, vegetables, and meat. White and sweet sauces are at a nascent stage due to low awareness and innovation. Blended soy sauce has a higher market share than raw sauce and is predicted to continue growing. The market is divided into processed food, foodservice sector, and households. The foodservice sector dominates the market, accounting for 57.43% globally. Households are the fastest-growing segment due to increasing use in home cooking and the influence of food blogs and videos. Distribution channels include supermarkets, hypermarkets, convenience stores, online sales, HoReCa, and QSR. The HoReCa segment leads the market and is expected to witness high traction in the future.
The Asia Pacific region lead the soy sauce market share by benefitting a market size of USD 22.52 billion in 2023 due to the increasing consumption of soy sauce in latest decades, driven with the aid of technological advancements and societal improvement, that have contributed to the marketplace's achievement.
The global soy sauce market is reasonably organized, with dominant players like Haitian Group, Kikkoman Corp., Foshan Haitian Flavouring and Food Co, Jiajia Food Group Co., Ltd., Nestle S.A., Kraft Heinz, and Yamasa Corporation specializing in innovative and nutritious merchandise. Key players are expanding their presence in advanced international locations like the U.S., Canada, and Germany to capitalize on the growing trend of Asian foods inside the area.
In April 2024, Lee Kum Kee launched a emblem marketing campaign for its Supreme Soy Sauce, aiming to promote culinary excellence and have a good time home cooking moments.
Segmentation Table
ATTRIBUTEDETAILS
Study Period2019-2032
Base Year2023
Estimated Year2024
Forecast Period2024-2032
Historical Period2019-2022
Growth RateCAGR of 6.43% from 2024 to 2032
UnitValue (USD Billion), Volume (Kilotons)
SegmentationBy Type
Light Soy Sauce
Dark Soy Sauce
Others
By Process
Brewed
Blended
By End-user
Processed Food
Foodservice Sectors
Households
By Distribution Channel
HoReCa
QSR
Supermarkets
Hypermarkets
Convenience Stores
Online sales
By Region
North America (U.S., Canada, and Mexico)
Europe (U.K., France, Italy, Spain, Germany, Russia, and the Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Philippines, Vietnam and Rest of Asia Pacific)
South America (Brazil, Argentina, Colombia and the Rest of South America)
Middle East & Africa (Egypt, Saudi Arabia, Nigeria, UAE and Rest of the Middle East & Africa)
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 3.4. Market Trends
- 4. Key Insights
- 4.1. Overview of the Global Related/Parent Market
- 4.2. Regulatory Analysis
- 4.3. Value Chain and Supply Chain Analysis
- 4.4. Industry SWOT Analysis
- 4.5. New Product Launches, By Key Players
- 4.6. Key Industry Developments – Mergers, Acquisitions and Partnerships
- 4.7. Impact of COVID-19 on the Market
- 5. Global Soy Sauce Market Analysis, Insights and Forecast, 2019-2032 (Value and Volume)
- 5.1. Key Findings / Summary
- 5.2. Market Size Estimates and Forecast
- 5.2.1. By Type
- 5.2.1.1. Light Soy Sauce
- 5.2.1.2. Dark Soy Sauce
- 5.2.1.3. Others
- 5.2.2. By Process
- 5.2.2.1. Brewed
- 5.2.2.2. Blended
- 5.2.3. By End-user
- 5.2.3.1. Processed Food
- 5.2.3.2. Foodservice Sector
- 5.2.3.3. Households
- 5.2.4. By Distribution Channel
- 5.2.4.1. Horeca
- 5.2.4.2. QSR
- 5.2.4.3. Supermarkets
- 5.2.4.4. Hypermarkets
- 5.2.4.5. Convenience Stores
- 5.2.4.6. Online Sales
- 5.2.5. By Region
- 5.2.5.1. North America
- 5.2.5.2. Europe
- 5.2.5.3. Asia Pacific
- 5.2.5.4. South America
- 5.2.5.5. Middle East & Africa
- 6. North America Soy Sauce Market Analysis, Insights and Forecast, 2019-2032 (Value and Volume)
- 6.1. Key Findings / Summary
- 6.2. Market Size Estimates and Forecast
- 6.2.1. By Type
- 6.2.1.1. Light Soy Sauce
- 6.2.1.2. Dark Soy Sauce
- 6.2.1.3. Others
- 6.2.2. By Process
- 6.2.2.1. Brewed
- 6.2.2.2. Blended
- 6.2.3. By End-user
- 6.2.3.1. Processed Food
- 6.2.3.2. Foodservice Sector
- 6.2.3.3. Households
- 6.2.4. By Distribution Channel
- 6.2.4.1. Horeca
- 6.2.4.2. QSR
- 6.2.4.3. Supermarkets
- 6.2.4.4. Hypermarkets
- 6.2.4.5. Convenience Stores
- 6.2.4.6. Online Sales
- 6.2.5. By Country
- 6.2.5.1. U.S
- 6.2.5.2. Canada
- 6.2.5.3. Mexico
- 7. Europe Soy Sauce Market Analysis, Insights and Forecast, 2019-2032 (Value and Volume)
- 7.1. Key Findings / Summary
- 7.2. Market Size Estimates and Forecast
- 7.2.1. By By Type
- 7.2.1.1. Light Soy Sauce
- 7.2.1.2. Dark Soy Sauce
- 7.2.1.3. Others
- 7.2.2. By Process
- 7.2.2.1. Brewed
- 7.2.2.2. Blended
- 7.2.3. By End-user
- 7.2.3.1. Processed Food
- 7.2.3.2. Foodservice Sector
- 7.2.3.3. Households
- 7.2.4. By Distribution Channel
- 7.2.4.1. Horeca
- 7.2.4.2. QSR
- 7.2.4.3. Supermarkets
- 7.2.4.4. Hypermarkets
- 7.2.4.5. Convenience Stores
- 7.2.4.6. Online Sales
- 7.2.5. By Country
- 7.2.5.1. Germany
- 7.2.5.2. U.K.
- 7.2.5.3. France
- 7.2.5.4. Spain
- 7.2.5.5. Italy
- 7.2.5.6. Russia
- 7.2.5.7. Rest of Europe
- 8. Asia Pacific Soy Sauce Market Analysis, Insights and Forecast, 2019-2032 (Value and Volume)
- 8.1. Key Findings / Summary
- 8.2. Market Size Estimates and Forecast
- 8.2.1. By Type
- 8.2.1.1. Light Soy Sauce
- 8.2.1.2. Dark Soy Sauce
- 8.2.1.3. Others
- 8.2.2. By Process
- 8.2.2.1. Brewed
- 8.2.2.2. Blended
- 8.2.3. By End-user
- 8.2.3.1. Processed Food
- 8.2.3.2. Foodservice Sector
- 8.2.3.3. Households
- 8.2.4. By Distribution Channel
- 8.2.4.1. Horeca
- 8.2.4.2. QSR
- 8.2.4.3. Supermarkets
- 8.2.4.4. Hypermarkets
- 8.2.4.5. Convenience Stores
- 8.2.4.6. Online Sales
- 8.2.5. By Country
- 8.2.5.1. China
- 8.2.5.2. Japan
- 8.2.5.3. India
- 8.2.5.4. South Korea
- 8.2.5.5. Indonesia
- 8.2.5.6. Singapore
- 8.2.5.7. Malaysia
- 8.2.5.8. Philippines
- 8.2.5.9. Vietnam
- 8.2.5.10. Rest of Asia Pacific
- 9. South America Soy Sauce Market Analysis, Insights and Forecast, 2019-2032 (Value and Volume)
- 9.1. Key Findings / Summary
- 9.2. Market Size Estimates and Forecast
- 9.2.1. By By Type
- 9.2.1.1. Light Soy Sauce
- 9.2.1.2. Dark Soy Sauce
- 9.2.1.3. Others
- 9.2.2. By Process
- 9.2.2.1. Brewed
- 9.2.2.2. Blended
- 9.2.3. By End-user
- 9.2.3.1. Processed Food
- 9.2.3.2. Foodservice Sector
- 9.2.3.3. Households
- 9.2.4. By Distribution Channel
- 9.2.4.1. Horeca
- 9.2.4.2. QSR
- 9.2.4.3. Supermarkets
- 9.2.4.4. Hypermarkets
- 9.2.4.5. Convenience Stores
- 9.2.4.6. Online Sales
- 9.2.5. By Country
- 9.2.5.1. Brazil
- 9.2.5.2. Argentina
- 9.2.5.3. Colombia
- 9.2.5.4. Rest of South America
- 10. Middle East & Africa Soy Sauce Market Analysis, Insights and Forecast, 2019-2032 (Value and Volume)
- 10.1. Key Findings / Summary
- 10.2. Market Size Estimates and Forecast
- 10.2.1. By Type
- 10.2.1.1. Light Soy Sauce
- 10.2.1.2. Dark Soy Sauce
- 10.2.1.3. Others
- 10.2.2. By Process
- 10.2.2.1. Brewed
- 10.2.2.2. Blended
- 10.2.3. By End-user
- 10.2.3.1. Processed Food
- 10.2.3.2. Foodservice Sector
- 10.2.3.3. Households
- 10.2.4. By Distribution Channel
- 10.2.4.1. Horeca
- 10.2.4.2. QSR
- 10.2.4.3. Supermarkets
- 10.2.4.4. Hypermarkets
- 10.2.4.5. Convenience Stores
- 10.2.4.6. Online Sales
- 10.2.5. By Country
- 10.2.5.1. Egypt
- 10.2.5.2. Saudi Arabia
- 10.2.5.3. Nigeria
- 10.2.5.4. UAE
- 10.2.5.5. Rest of Middle East & Africa
- 11. Competitive Matrix
- 11.1. Business Strategies Adopted by Leading Players
- 11.2. Global Soy Sauce Market Revenue Share/Ranking Analysis, By Key Manufacturer, 2023
- 12. Company Profiles
- 12.1. Haitian Group
- 12.1.1. Overview
- 12.1.2. Description
- 12.1.3. Process Portfolio
- 12.1.4. Financials (Data as available in public domain and/or on paid databases)
- 12.1.5. Recent Developments
- 12.2. Kikkoman Corporation
- 12.2.1. Overview
- 12.2.2. Description
- 12.2.3. Process Portfolio
- 12.2.4. Financials (Data as available in public domain and/or on paid databases)
- 12.2.5. Recent Developments
- 12.3. Nestle S.A.
- 12.3.1. Overview
- 12.3.2. Description
- 12.3.3. Process Portfolio
- 12.3.4. Financials (Data as available in public domain and/or on paid databases)
- 12.3.5. Recent Developments
- 12.4. Kraft Heinz Company
- 12.4.1. Overview
- 12.4.2. Description
- 12.4.3. Process Portfolio
- 12.4.4. Financials (Data as available in public domain and/or on paid databases)
- 12.4.5. Recent Developments
- 12.5. Yamasa Corporation
- 12.5.1. Overview
- 12.5.2. Description
- 12.5.3. Process Portfolio
- 12.5.4. Financials (Data as available in public domain and/or on paid databases)
- 12.5.5. Recent Developments
- 12.6. Lee Kum Kee
- 12.6.1. Overview
- 12.6.2. Description
- 12.6.3. Process Portfolio
- 12.6.4. Financials (Data as available in public domain and/or on paid databases)
- 12.6.5. Recent Developments
- 12.7. SHODA SHOYU CO.,LTD.
- 12.7.1. Overview
- 12.7.2. Description
- 12.7.3. Process Portfolio
- 12.7.4. Financials (Data as available in public domain and/or on paid databases)
- 12.7.5. Recent Developments
- 12.8. Jiajia Food Group Co., Ltd .
- 12.8.1. Overview
- 12.8.2. Description
- 12.8.3. Process Portfolio
- 12.8.4. Financials (Data as available in public domain and/or on paid databases)
- 12.8.5. Recent Developments
- 12.9. ABC
- 12.9.1. Overview
- 12.9.2. Description
- 12.9.3. Process Portfolio
- 12.9.4. Financials (Data as available in public domain and/or on paid databases)
- 12.9.5. Recent Developments
- 12.10. Koon Chun Hing Kee Soy & Sauce Factory Limited
- 12.10.1. Overview
- 12.10.2. Description
- 12.10.3. Process Portfolio
- 12.10.4. Financials (Data as available in public domain and/or on paid databases)
- 12.10.5. Recent Developments
- 12.11. MARUNAKA-SHOYU
- 12.11.1. Overview
- 12.11.2. Description
- 12.11.3. Process Portfolio
- 12.11.4. Financials (Data as available in public domain and/or on paid databases)
- 12.11.5. Recent Developments
- 12.12. McCormick & Company, Incorporated
- 12.12.1. Overview
- 12.12.2. Description
- 12.12.3. Process Portfolio
- 12.12.4. Financials (Data as available in public domain and/or on paid databases)
- 12.12.5. Recent Developments
- 13. Strategic Recommendations
- 14. Appendix
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