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)
By Application (Volume, kilo Tonnes, USD Billion, 2019-2030)
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
Table of Contents
Chapter 1.Market Scope & Methodology
- 1.1Market Definition
- 1.2Objectives
- 1.3Market Scope
- 1.4Segmentation
- 1.4.1Global Soy Sauce Market, by Type
- 1.4.2Global Soy Sauce Market, by Application
- 1.4.3Global Soy Sauce Market, by Geography
- 1.5Methodology for the Reseaarch
Chapter 2.Market at a Glance
Chapter 3.Market Overview
- 3.1Introduction
- 3.1.1Overview
- 3.1.1.1Market Composition and Scenario
- 3.2Key Factors Impacting the Market
- 3.2.1Market Drivers
- 3.2.2Market Restraints
- 3.2.3Market Opportunities
- 3.2.4Market Challenges
- 3.3Porter's Five Forces Analysis
Chapter 4.Strategies Deployed in Soy Sauce Market
Chapter 5.Global Soy Sauce Market by Type
- 5.1Global Blended Market by Region
- 5.2Global Brewed Market by Region
Chapter 6.Global Soy Sauce Market by Application
- 6.1Global Food Industry Market by Region
- 6.2Global Household Market by Region
Chapter 7.Global Soy Sauce Market by Region
- 7.1North America Soy Sauce Market
- 7.1.1North America Soy Sauce Market by Type
- 7.1.1.1North America Blended Market by Region
- 7.1.1.2North America Brewed Market by Region
- 7.1.2North America Soy Sauce Market by Application
- 7.1.2.1North America Food Industry Market by Country
- 7.1.2.2North America Household Market by Country
- 7.1.3North America Soy Sauce Market by Country
- 7.1.3.1US Soy Sauce Market
- 7.1.3.1.1US Soy Sauce Market by Type
- 7.1.3.1.2US Soy Sauce Market by Application
- 7.1.3.2Canada Soy Sauce Market
- 7.1.3.2.1Canada Soy Sauce Market by Type
- 7.1.3.2.2Canada Soy Sauce Market by Application
- 7.1.3.3Mexico Soy Sauce Market
- 7.1.3.3.1Mexico Soy Sauce Market by Type
- 7.1.3.3.2Mexico Soy Sauce Market by Application
- 7.1.3.4Rest of North America Soy Sauce Market
- 7.1.3.4.1Rest of North America Soy Sauce Market by Type
- 7.1.3.4.2Rest of North America Soy Sauce Market by Application
- 7.2Europe Soy Sauce Market
- 7.2.1Europe Soy Sauce Market by Type
- 7.2.1.1Europe Blended Market by Country
- 7.2.1.2Europe Brewed Market by Country
- 7.2.2Europe Soy Sauce Market by Application
- 7.2.2.1Europe Food Industry Market by Country
- 7.2.2.2Europe Household Market by Country
- 7.2.3Europe Soy Sauce Market by Country
- 7.2.3.1Germany Soy Sauce Market
- 7.2.3.1.1Germany Soy Sauce Market by Type
- 7.2.3.1.2Germany Soy Sauce Market by Application
- 7.2.3.2UK Soy Sauce Market
- 7.2.3.2.1UK Soy Sauce Market by Type
- 7.2.3.2.2UK Soy Sauce Market by Application
- 7.2.3.3France Soy Sauce Market
- 7.2.3.3.1France Soy Sauce Market by Type
- 7.2.3.3.2France Soy Sauce Market by Application
- 7.2.3.4Russia Soy Sauce Market
- 7.2.3.4.1Russia Soy Sauce Market by Type
- 7.2.3.4.2Russia Soy Sauce Market by Application
- 7.2.3.5Spain Soy Sauce Market
- 7.2.3.5.1Spain Soy Sauce Market by Type
- 7.2.3.5.2Spain Soy Sauce Market by Application
- 7.2.3.6Italy Soy Sauce Market
- 7.2.3.6.1Italy Soy Sauce Market by Type
- 7.2.3.6.2Italy Soy Sauce Market by Application
- 7.2.3.7Rest of Europe Soy Sauce Market
- 7.2.3.7.1Rest of Europe Soy Sauce Market by Type
- 7.2.3.7.2Rest of Europe Soy Sauce Market by Application
- 7.3Asia Pacific Soy Sauce Market
- 7.3.1Asia Pacific Soy Sauce Market by Type
- 7.3.1.1Asia Pacific Blended Market by Country
- 7.3.1.2Asia Pacific Brewed Market by Country
- 7.3.2Asia Pacific Soy Sauce Market by Application
- 7.3.2.1Asia Pacific Food Industry Market by Country
- 7.3.2.2Asia Pacific Household Market by Country
- 7.3.3Asia Pacific Soy Sauce Market by Country
- 7.3.3.1China Soy Sauce Market
- 7.3.3.1.1China Soy Sauce Market by Type
- 7.3.3.1.2China Soy Sauce Market by Application
- 7.3.3.2Japan Soy Sauce Market
- 7.3.3.2.1Japan Soy Sauce Market by Type
- 7.3.3.2.2Japan Soy Sauce Market by Application
- 7.3.3.3India Soy Sauce Market
- 7.3.3.3.1India Soy Sauce Market by Type
- 7.3.3.3.2India Soy Sauce Market by Application
- 7.3.3.4South Korea Soy Sauce Market
- 7.3.3.4.1South Korea Soy Sauce Market by Type
- 7.3.3.4.2South Korea Soy Sauce Market by Application
- 7.3.3.5Singapore Soy Sauce Market
- 7.3.3.5.1Singapore Soy Sauce Market by Type
- 7.3.3.5.2Singapore Soy Sauce Market by Application
- 7.3.3.6Malaysia Soy Sauce Market
- 7.3.3.6.1Malaysia Soy Sauce Market by Type
- 7.3.3.6.2Malaysia Soy Sauce Market by Application
- 7.3.3.7Rest of Asia Pacific Soy Sauce Market
- 7.3.3.7.1Rest of Asia Pacific Soy Sauce Market by Type
- 7.3.3.7.2Rest of Asia Pacific Soy Sauce Market by Application
- 7.4LAMEA Soy Sauce Market
- 7.4.1LAMEA Soy Sauce Market by Type
- 7.4.1.1LAMEA Blended Market by Country
- 7.4.1.2LAMEA Brewed Market by Country
- 7.4.2LAMEA Soy Sauce Market by Application
- 7.4.2.1LAMEA Food Industry Market by Country
- 7.4.2.2LAMEA Household Market by Country
- 7.4.3LAMEA Soy Sauce Market by Country
- 7.4.3.1Brazil Soy Sauce Market
- 7.4.3.1.1Brazil Soy Sauce Market by Type
- 7.4.3.1.2Brazil Soy Sauce Market by Application
- 7.4.3.2Argentina Soy Sauce Market
- 7.4.3.2.1Argentina Soy Sauce Market by Type
- 7.4.3.2.2Argentina Soy Sauce Market by Application
- 7.4.3.3UAE Soy Sauce Market
- 7.4.3.3.1UAE Soy Sauce Market by Type
- 7.4.3.3.2UAE Soy Sauce Market by Application
- 7.4.3.4Saudi Arabia Soy Sauce Market
- 7.4.3.4.1Saudi Arabia Soy Sauce Market by Type
- 7.4.3.4.2Saudi Arabia Soy Sauce Market by Application
- 7.4.3.5South Africa Soy Sauce Market
- 7.4.3.5.1South Africa Soy Sauce Market by Type
- 7.4.3.5.2South Africa Soy Sauce Market by Application
- 7.4.3.6Nigeria Soy Sauce Market
- 7.4.3.6.1Nigeria Soy Sauce Market by Type
- 7.4.3.6.2Nigeria Soy Sauce Market by Application
- 7.4.3.7Rest of LAMEA Soy Sauce Market
- 7.4.3.7.1Rest of LAMEA Soy Sauce Market by Type
- 7.4.3.7.2Rest of LAMEA Soy Sauce Market by Application
Chapter 8.Company Profiles
- 8.1Bourbon Barrel Foods LLC
- 8.1.1Company Overview
- 8.1.2SWOT Analysis
- 8.2Lee Kum Kee Company Limited
- 8.2.1Company Overview
- 8.2.2Recent strategies and developments:
- 8.2.2.1Product Launches and Product Expansions:
- 8.2.2.2Geographical Expansions:
- 8.2.3SWOT Analysis
- 8.3Otafuku Sauce Co., Ltd.
- 8.3.1Company Overview
- 8.3.2Recent strategies and developments:
- 8.3.2.1Product Launches and Product Expansions:
- 8.3.3SWOT Analysis
- 8.4Yamasa Corporation
- 8.4.1Company Overview
- 8.4.2SWOT Analysis
- 8.5Aloha Shoyu Company
- 8.5.1Company Overview
- 8.5.2SWOT Analysis
- 8.6Guangdong Meiweixian Flavoring Foods Co., Ltd.
- 8.7Nestle S.A.
- 8.7.1Company Overview
- 8.7.2Financial Analysis
- 8.7.3Segmental and Regional Analysis
- 8.7.4Reseaarch & Development Expenses
- 8.7.5SWOT Analysis
- 8.8Masan Group Corporation
- 8.8.1Company Overview
- 8.8.2Financial Analysis
- 8.8.3Segmental and Regional Analysis
- 8.8.4SWOT Analysis
- 8.9Kikkoman Corporation
- 8.9.1Company Overview
- 8.9.1Financial Analysis
- 8.9.2Segmental and Regional Analysis
- 8.9.3Reseaarch & Development Expense
- 8.9.4Recent strategies and developments:
- 8.9.4.1Product Launches and Product Expansions:
- 8.9.4.2Geographical Expansions:
- 8.9.5SWOT Analysis
- 8.10.Foshan Haitian Flavoring & Food Co., Ltd.
- 8.10.1Company overview
- 8.10.2Financial Analysis
- 8.10.3SWOT Analysis
Chapter 9.Winning imperative of Soy Sauce Market