Soy Sauce Market Overview:
Soy Sauce Market size was valued at USD 39,025.57 Million in 2021, registering a CAGR of 7.1% during the forecast period (2022-2030), and the market is projected to be worth USD 69,130.97 Million by 2030.
Soy sauce is a liquid condiment that is primarily made from a fermented paste of soybeans, wheat, and salt. Soy sauce provides a blend of sweet, salty, and savory flavors. This balanced flavor profile of soy sauce makes it an excellent condiment to be added as a seasoning ingredient or flavor enhancer during the preparation of food. These features of soy sauce are the key determinants increasing its usage in the household and food processing & food service sectors in Europe.
Factors such as the increasing consumption of soy sauce in European households, owing to its rich and savory flavor are driving the growth of the market. Similarly, the rising use of soy sauce in the food service industry including restaurants, cafeterias, fast-food outlets, and other similar places is a significant factor promoting the market growth.
Market Dynamics:
Driver:
The food service industry consists of restaurants, fast-food outlets, cafeterias, caterers, and other similar places that prepare, serve, and sell food to the public. Additionally, the increasing use of soy sauce in restaurants, cafeterias, and other food service outlets will further boost the growth of the market. Soy sauce is primarily used in hotels, restaurants, and cafes as a flavor enhancer and seasoning ingredient during the preparation of food. Soy sauce has an umami flavor and contains a significant amount of salt which makes it an ideal ingredient for food seasoning. Overall, the use of soy sauce in a food item offers a tint of salt, umami flavor, and a hint of sweetness, making it suitable for various recipes including noodles, rice, soup, meat, and so on. These are the primary factors increasing the adoption of soy sauce in restaurants, cafes, hotels, and other food service outlets.
In June 2022, Doner Shack, a German street food brand, launched its new restaurant in Leicester city in the UK. The restaurant offers a variety of food items including wraps, fries, sausages, salad with multiple choices of sauce, and other similar items. Similarly, Louis Vuitton opened its new restaurant in France in June 2022. It is a multi-cuisine restaurant that serves modern cuisine with African and Japanese influences incorporated with the culinary techniques of France. The restaurant offers a broad menu including dishes such as chirashi, eggplant veggie tacos, fillet, shakshouka, Mediterranean spiny lobster, teriyaki, and other dishes.
Restraint:
Soy sauce has several substitutes including tamari sauce, Worcestershire sauce, fish sauce, oyster sauce, coconut aminos, and so on. These substitutes have similar nutritional value as soy sauce such as high iodine, fiber, protein, and antioxidants. Moreover, some of these substitutes also have a similar texture and taste as that of soy sauce, which is restricting the growth of the market.
For instance, tamari sauce is a common alternative to soy sauce that is close to its taste. Tamari sauce is also made of fermented soybeans. It is relatively darker, richer, and tastes less salty as compared to soy sauce. Similarly, Worcestershire sauce is another ideal alternative to soy sauce. Worcestershire sauce is a British condiment that primarily contains a mix of malt vinegar, spices, anchovies, sugar, garlic, salt, onions, and tamarind extract. Worcestershire sauce has the same umami flavor as soy sauce and is free of gluten.
COVID-19 Impact:
COVID-19 created an impact on the demand for soy sauce across the food processing and food service sector. Moreover, a slight decline in sales was witnessed, owing to the impact on the supply chain management system. Factors including lack of transportation facilities and closure of major ports, owing to unavailability of workers have resulted in declined sales during the first two quarters of the year 2021.
The COVID-19 pandemic and rise in cases had forced the European governments to shut their borders and cancel the trade with neighboring nations. In addition, an internal lockdown within the countries was declared, resulting in restrictions on movements. Meanwhile, a decline in the food service industry, which is the major end-user of soy sauce, was also witnessed during the period. For instance, according to Atradius, the overall output of the food service industry in Germany declined by 4.2% in 2020 as compared to 2019. The primary factors for the decline include the shutdown of hotels, restaurants, cafeterias, and other similar food service outlets across Europe during the COVID-19 period. In relation to the food processing and food service sector, the use of soy sauce had drastically reduced as it was a significant end user of the market.
Further, strict lockdowns and shutdown of manufacturing sites caused significant disruptions in the supply chain, thereby impacting the transportation and procurement of raw materials used in the manufacturing of soy sauce as well. This, in turn, created a negative impact on market demand.
Soy Sauce Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2016-2030 |
| Market Size in 2030 (USD Million) | 69,130.97 Million |
| CAGR (2022-2030) | 7.1% |
| By Process | Brewed and Blended |
| By Type | Light Soy Sauce, Dark Soy, and Other |
| By Distribution | Direct Sales, Supermarkets and Hypermarkets, Convenience Stores, Online Stores, and Others |
| By Packaging | Glass Jars, Flexible Packs, Plastic Jars, and Others |
| By Application | Household and Food Processing & Food Service Industry |
| By Geography | North America– (U.S., Canada, Mexico)
Europe- (Germany, France, U.K., Russia, Italy, Spain, BENELUX, Rest of Europe) Asia Pacific- (China, Japan, India, South Korea, Australia, ASEAN, Rest of Asia Pacific) Latin America- (Brazil, Argentina, Chile, Rest of Latin America) Middle East and Africa- (GCC, Turkey, South Africa, and the Rest of MEA) |
| Key Players | Haitian Group, Kikkiman Corp., Nestle S.A., Kraft Heinz Company, McCormick & Co. Inc., Yamasa Corp., Campbell Soup Company, Marunaka-Shoyu, Shoda Sauces Europe Company Limited, Kormel Foods corpp., Halcyon Proteins, Bourbon Barrel Foods |
Market Segmentation:
By Process
The process segment is divided into brewed and blended. The blended price segment is projected to contribute the largest revenue share of USD 5,729.53 million in the year 2028 during the forecast period. The chemically produced or blended soy sauce is most commonly made by hydrolyzing defatted soybean paste by making use of hydrochloric acid. This type of soy sauce is harsher in taste, darker and cloudier than the brewed variety. One tablespoon of soy sauce made from blending process comprises of 910 mg of sodium which is considered to be an essential item for regulating blood pressure and nerve transmission. This is one of the key factors fueling the adoption of blended soy sauce. Further, the requirement of less time for producing soy sauce is another factor that is positively impacting the adoption of blending process.
By Packaging
The application segment is divided into glass jars, flexible packs, plastic jars, and others.
The glass jar segment is accounted to have largest share of 39.7% in the year 2021 owing to their availability in various sizes such as 150 ml, 200 ml, and 500 ml. Glass is the key material used in the packaging of soy sauces. Increasing uses of glass jar packaging due to advantages such as easy and robust storage of the product, reusability after product use, and eco-friendliness is spurring the market growth of the glass jar. The jar packaged soy sauces are majorly used by residential consumers for their personal consumption. For instance, soy sauce for residential purposes is used in making soups, fried rice, and stew among others.
By Region:
The regional segment includes North America, Europe, Asia Pacific, the Middle East, and Africa, Latin America. In 2021, Asia-Pacific is accounted to contribute largest revenue of USD 14,898.30 million. The market is projected to grow in the region, during the forecast period owing to an increasing soy sauce widespread in the region as a famous food ingredient owing to its key qualities such as rich source of protein. The product was widely consumed by individuals those having medical conditions such as diabetes. Due to its low starch content, soy sauce has gradually become famous among the communities and within residential sectors for wide consumption. Moreover, Asia-pacific region seems to have widely accepted the product, and the population of the region has started consuming soy sauce as a therapeutic ingredient along with flour and meat products.
Soy Sauce Market Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), product innovation, various business strategies, and Packaging launches have accelerated the growth of the soy sauce market. Key players in the market include-
- Haitian Group
- Kikkiman Corp.
- Nestle S.A.
- Kraft Heinz Company
- McCormick & Co. Inc.
- Yamasa Corp.
- Campbell Soup Company
- Marunaka-Shoyu
- Shoda Sauces Europe Company Limited
- Kormel Foods corpp.
- Halcyon Proteins
- Bourbon Barrel Foods
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