The soy sauce market share will post an incremental growth of USD 6.39 billion, progressing at a CAGR of 4% during the forecast period. The new product launches will offer immense growth opportunities to market vendors. The soy sauce market is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Technavio’s report on “Soy Sauces Market by End-user and Geography - Forecast and Analysis 2020-2024” provides a detailed analysis of the prevalent market forces, trends, and challenges likely to impact the market in focus.
The soy sauce market is segmented by End-user (Foodservice and Retail) and Geography (APAC, North America, Europe, South America, and MEA).
The growth of the soy sauce market size in the food service segment will be significant during the forecast period. The growing focus on expanding production capabilities will significantly influence the soy sauce market growth in APAC. 68% of the market’s growth will originate from APAC during the forecast period. China, Japan, and South Korea (Republic of Korea) are the key markets for soy sauces market in the region.
The new product launches will directly influence the sales of the soy sauce market. In addition, the growing focus on expanding production capabilities is the major soy sauce market trend that will positively impact the market growth. However, stringent regulations will hamper the soy sauce market growth.
The market is fragmented due to the presence of several players. Some of the major soy sauces market vendors are ABC USA, Bourbon Barrel Foods LLC, Foshan Haitian Flavoring & Food Co. Ltd., Jonjee Hi-tech Industrial &, commercial Holding Co. Ltd., Kikkoman Corp., Kum Thim Food Industries Sdn Bhd, Lee Kum Kee Co. Ltd., Otafuku Sauce Co. Ltd., Yamagen Jouzou Co. Ltd., YAMASA Corp.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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Precise market size estimation during the forecast period 2020-2024.
CAGR of the soy sauce market forecast during 2020-2024.
Market-level data on units, average selling prices, and values of the soy sauce market share.
Prediction on the upcoming trends, drivers, and factors that challenge the growth of the soy sauce market.
Soy sauces industry growth across APAC, North America, Europe, South America, and MEA.