Global Soy Sauce Market Size, Share & Trends Analysis Report By Type (Blended and Brewed), By Application (Food Industry and Household), By Regional Outlook and Forecast, 2023 - 2030

Global Soy Sauce Market Size, Share & Trends Analysis Report By Type (Blended and Brewed), By Application (Food Industry and Household), By Regional Outlook and Forecast, 2023 - 2030

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.

By Type Analysis

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.

By Application Analysis

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.

By Regional Analysis

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.

Market Competition and Attributes

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.

Recent Strategies Deployed in the Market

• Jan-2024: Kikkoman Corporation launched a dark soy sauce in the Indian market. Through this launch, Kikkoman looks forward to contributing to the enhancement of India's vibrant food culture by assisting in the creation of delicious new experiences through its products.
• Jan-2024: Kikkoman Corporation geographically expanded its new plant in the State of Wisconsin, U.S. The company aimed to capitalize on its brand strength and focus on expanding its business for soy sauce-based cooking sauces in North America.
• Dec-2023: Kikkoman Corporation launched Kikkoman Umami Joy SauceTM, a soy, wheat, and gluten-free alternative to traditional soy sauce. Through this product launch, Kikkoman continues to contribute to rich and varied food lifestyles around the world.
• Jun-2023: Lee Kum Kee Company Limited announced plans to geographically expand in the Thailand market through collaborations with local partners. The company aimed to establish its trusted sauce brand in Thai households as soon as possible. Through this expansion, the company is about to strengthen its presence in Thailand and Southeast Asia.

List of Key Companies Profiled

• 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.

Global Soy Sauce Market Report Segmentation

By Type (Volume, kilo Tonnes, USD Billion, 2019-2030)

• Blended
• Brewed

By Application (Volume, kilo Tonnes, USD Billion, 2019-2030)

• Food Industry
• Household

By Geography (Volume, kilo Tonnes, USD Billion, 2019-2030)

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA