Global Soy Sauce Market - 2023-2030

Market Overview

Global Soy Sauce Market reached US$ 35.1 billion in 2022 and is expected to reach US$ 51.2 billion by 2030 growing with a CAGR of 5.5% during the forecast period 2023-2030. The popularity of Asian cuisines, such as Japanese, Chinese, and Korean dishes, has been steadily increasing worldwide. Soy sauce is a fundamental ingredient in many Asian recipes, which has contributed to its growing demand.

The soy sauce market is a diverse and globally significant industry that revolves around various types of soy sauces, each with its unique characteristics and target audience. Soybean sauce, also known as regular soy sauce or standard soy sauce, is the most common and widely used type of soy sauce. It is made from fermented soybeans, wheat, water, and salt. Soybean sauce has a balanced flavor profile and is versatile, making it suitable for various dishes.

The soy sauce market has expanded due to globalization and international trade, allowing consumers in different regions to access a wider range of soy sauce products from various countries. The growing awareness of the potential health benefits of soy-based products, including soy sauce, has positively influenced consumer choices.

Market Dynamics

Diverse Application in Various Cuisines is Driving the Soy Sauce Market

Soy sauce is a fundamental ingredient in various Asian cuisines, including Chinese, Japanese, Korean, Thai, and Vietnamese dishes. These cuisines have gained immense popularity globally, leading to an increased demand for soy sauce. According to Tastewise, 6.96% restaurants offer Soy Sauce on their menus. This trend has led to an increased consumption of soy sauce in non-Asian cuisines as well.

Chefs and food enthusiasts are constantly exploring culinary fusion, combining elements from different cuisines to create new and exciting dishes. Soy sauce's adaptability allows it to be easily incorporated into fusion cuisine, encouraging its use in innovative ways. Many fast food chains and ethnic restaurants now incorporate Asian-inspired dishes into their menus. These dishes often feature soy sauce as a key component, further driving the demand for soy sauce.

Rising Vegan and Vegetarian Population is Expected to Foster the Soy Sauce Market

The spread of information and awareness about the health benefits of plant-based diets has contributed to the adoption of vegan and vegetarian lifestyles. People are increasingly incorporating plant-based foods into their daily meals, including the use of soy sauce as a flavor enhancer. According to Vegan Society, in 2022, the vegan population worldwide was 629,000 people.

Restaurants and food establishments are increasingly offering vegan and vegetarian menu options to cater to the growing demand. Soy sauce, especially the traditionally brewed varieties, is considered a healthier option compared to some other condiments due to its lower fat and cholesterol content. This aligns with the health-conscious choices of vegans and vegetarians. Vegan and vegetarian diets often involve exploring diverse cuisines and flavors.

Consumer Health Concerns and Sodium Content of Soy Sauce is Hindering the Soy Sauce Market

Health organizations, such as the World Health Organization (WHO) and the American Heart Association (AHA), recommend limiting sodium intake to reduce the risk of hypertension and cardiovascular diseases. Soy sauce, being a condiment high in sodium, can contribute to daily sodium intake.

The increasing awareness of the negative effects of excessive sodium intake on health has led consumers to be more cautious about their food choices, including the amount of sodium in condiments like soy sauce. Some consumers actively seek low-sodium or reduced-sodium versions of soy sauce to manage their sodium intake while still enjoying the flavor of soy sauce in their dishes.

COVID-19 Impact Analysis

The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario, and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

COVID-19 Impact

The COVID-19 pandemic, which led to lockdowns and restrictions, resulted in more people cooking and baking at home. As consumers explored cooking as a hobby or necessity, there was an increased interest in ingredients like soy sauce to experiment with new recipes and techniques. The COVID-19 pandemic and associated lockdowns led to more people spending time at home.

Segment Analysis

The global soy sauce market is segmented based on product type, flavor, application, distribution channel, and region.

By Type, The Dark Soy Sauce Segment is Estimated to have Significant Growth During the Forecast Period Due to it's Higher Nutritional Content

Dark soy sauce offers a richer and deeper flavor compared to other soy sauce variants. Its longer fermentation process and the addition of ingredients like molasses or caramel contribute to its unique taste. There are 110 calories in 100 g of Asia Specialties Dark Soy Sauce. This distinct flavor profile appeals to a wide range of consumers and makes it a preferred choice in various cuisines and dishes.

Dark soy sauce is often used in cooking to add a darker color to dishes, enhancing their appearance and visual appeal. This is especially valued in restaurant and foodservice settings where the presentation of dishes is crucial. Dark soy sauce is prominently used in various Asian cuisines, such as Chinese, Japanese, and Korean dishes. Its role in traditional recipes and sauces contributes to its popularity in these regions, which have significant cultural and culinary influences.

Geographical Analysis

North America is The Fastest Growing Market in The Soy Sauce Market

North America's cultural diversity has contributed to a culinary fusion that incorporates flavors from various cuisines worldwide. According to The Observatory of Economic Complexity, United States is the top importer of soy sauce which accounted for 107 million US$. Soy sauce's versatility and ability to enhance the taste of a wide range of dishes have made it a popular choice among chefs and home cooks exploring diverse recipes.

The growing health-consciousness among North American consumers has led to increased interest in natural and healthier food choices. Soy sauce, especially low-sodium or organic variants, appeals to health-conscious individuals seeking flavor without compromising on their dietary preferences.

Competitive Landscape

The major global players in the market include: Nestle S.A., Cambell Soup Company, Shoda Sauces Europe Company Limited, Yamasa Corporation, Kraft Heinz Company, Haitian Group, MARUNAKA SHOYU, Kikkoman Corporation, McCormick & Co Inc., and Hormel Foods Corporation.

Why Purchase the Report?

• To visualize the global soy sauce market segmentation based on product type, flavor, application, distribution channel, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development.
• Excel data sheet with numerous data points of soy sauce market-level with all segments.
• The PDF report consists of cogently put-together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping is available as Excel consists of key products of all the major market players.

The global soy sauce market report would provide approximately 61 tables, 55 figures, and 190 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies