Soy Sauce Market Size, Share & Industry Analysis, By Process (Brewed and Blended), Type (Light Soy Sauce, Dark Soy Sauce, and Others), End-user (Processed Food, Foodservice Sector, and Households), Distribution Channel (Supermarkets, Hypermarkets, Convenience Stores, Online Sales, HoReCa, and QSR), and Regional Forecast, 2024-2032

The global soy sauce market size was valued at USD 36.50 billion in 2023 and is projected to grow from USD 38.36 billion in 2024 to USD 63.16 billion by 2032, exhibiting a CAGR of 6.43% during the forecast period of 2024-2032. Asia Pacific dominated the soy sauce market with a market share of 61.7% in 2023.

The sauces market is one of the long-standing and diverse markets across the world, primarily due to its offerings of savory products to consumers to use in their daily diet. Sauces and condiments have been in huge demand among consumers since initial times, and the trend is continuing in the global marketplace. Among several oriental table sauces, soy sauce is widely consumed as it offers a sensorial appeal to the food. Nowadays, the taste preferences of consumers are becoming experimental, and they are looking for tasty and healthy sauces that have an extended shelf life. The manufacturers are increasingly focusing on introducing new products with low pH to preserve and increase the taste. The constant advancements in technology and fast, steady improvement of consumers’ living standards will aid the growth of the market.

The impact of the COVID-19 pandemic on the foodservice/processing industry was tough. Almost overnight, a global lockdown was imposed, which put workers in confinement, caused supply chain disruptions, and a dip in sales. Due to the pandemic, individuals stopped visiting eateries, cutting off profit generation, which resulted in the permanent/temporary closure of dine-in restaurants. These factors led to a sudden slump in the product demand.

• According to the Kikkoman Corporation, a Japanese producer, soy sauce sales dipped in the foodservice or industrial sectors in 2020 due to the COVID-19 pandemic.

Soy Sauce Market Trends

Growing Demand for Low Salt Soy Sauce to Aid Market Growth

Consumers are becoming more aware of their food selections in the market, and the origin of food is becoming a serious concern among them to maintain their health. An increasing number of consumers are reducing the unhealthy components from their diet and looking for clean-labeled products which are free from artificial preservatives. Clean-eating consumers scrutinize the ingredients sourced for the sauce and its manufacturing process, along with the animal welfare practices of the brands in the market. Both the industry regulators and the consumers are looking for sauces with minimal sodium content, and now, food producers are also keen to take on the challenge of low sodium production.

• For instance, in October 2023, Ajinomoto, a Japanese food company, introduced its latest less-salt soy sauce, “Phu Si,” especially for the health-conscious population across Vietnam. As per the label of low sodium, the product contains 30% less salt content as compared to the traditional sauce.

Soy Sauce Market Growth Factors

Rising Demand for Nutritious Yet Umami Foods Trigger Product Use

Spices and condiments play a vital role in dietary patterns, mainly among Asian consumers across the world. The consumers in the region prefer spicy and umami flavor foods in their daily diet, which enhances the taste of the foods. Nowadays, the trend for Asian foods is growing, as consumers across the world are becoming more experimental in their food choices. Thus, Chinese and Japanese foods are gaining huge popularity across the world. Soy sauce is one of the most consumed sauces for the preparation of these umami foods. The emergence of the new foodservice sector and increasing product innovations in the packaged foods segment are majorly propelling the overall market.

Availability of Abundant Soybeans to Promote Innovations in Soy Sauce

Over the recent decades, the global consumption of soybeans has increased at a decent pace. Currently, it is one of the most widely grown and used commodities globally. The utilization ranges from human consumption to animal feed owing to its natural properties, such as a rich source of protein, carbs, and others. According to the Food Climate Research Network (FCRN) at the University of Oxford, only 6% of total produced soybeans are utilized for human consumption every year. Thus, manufacturers are utilizing the available raw materials in the production of varied sauces to meet its increased demand from several food sectors and households. Innovations and evolving food preferences of consumers are some of the major factors that are driving the overall soy sauce market.

RESTRAINING FACTORS

Risk of Chronic Ailments and Easy Availability of Substitutes can Obstruct Product Demand

Traditional products consist of concentrated levels of glutamate and sodium, which are responsible for consumer’s adverse health effects. Although sodium and glutamate are mainly added for flavor profile and preservation, their high consumption is associated with severe ailments, such as hypertension and obesity. The other considerable restraint affecting the global soy sauce market growth is the easy availability of substitutes. Korean barbecue, Spicy Habanero, and Sriracha hot sauce are a few of the flavor options being experimented with.

Soy Sauce Market Segmentation Analysis

By Type Analysis

Light Soy Sauce Accounts for Largest Market Share Due to Its Economical and Wide Use

By type, the market is segmented into light soy sauce, dark soy sauce, and others. Light sauce is produced via roasted wheat and steamed soybeans, which are blended and then spread on trays for fermentation. It is mainly applicable for dishes, where the aim is to season and strengthen the palatability without influencing the overall color of the food. A few of the culinary applications where it can be used include stir-frying, marinades, and dressings. Also, as compared to dark versions, the lighter version provides a milder taste and enhances the umami flavor, specifically due to its shorter aging time, which further adds to its value.

Dark sauce is composed of ingredients similar to those of light soy sauce but has a longer fermentation procedure. The main goal of using a darker version is to elevate the appearance of cuisines and is added often toward the end of cooking. The dark sauce is commonly used in the preparation of noodles & stews, veggies, and meat. Apart from this, the others segment, which includes white and sweet versions, is at its nascent stage owing to their low awareness and innovation. Other products, such as white sauce, is produced by a brewing method, where majorly wheat and a minimal amount of soybeans are used. Likewise, white sauce and sweet sauce also provide a mild flavor and can be used for barbecue, stir-frying, and glazing.

By Process Analysis

Brewed Segment Led Market Owing to its Better Flavor

On the basis of process, the market is segmented into brewed and blended. The brewed soy sauce market share was higher in 2023 as compared to the blended sauce, and is predicted to continue its growth in the near term. The brewed sauce contains purely fermented soybeans, primarily with no artificial additives, thereby offering better flavor. This naturally fermented or brewed sauce is developed over a period of months or years, and is prepared by using wheat and soybeans as the major ingredients. Moreover, the brewed sauce comprises nearly 17 to 19% sugars, 1 to 1.6% nitrogen, and 1-2% organic acids.  Thus, this gives rise to the demand for brewed sauce across the foodservice and household sectors. Naturally brewed products command premium prices in the market compared to synthetically produced products.

Blended products are produced from ingredients similar to those of brewed products but contain additives, such as molasses and mushroom broth. The foodservice industry is trying to use blended sauce in products, which requires a balance of sweet and spicy flavors.

By End-user Analysis

Foodservice Sector Holds Apex Position Fueled by Increasing Adoption of Cross-cultural Food Trends

On the basis of end-user, the market is distributed into processed food, foodservice sector, and households. The foodservice sector dominated the market and accounted for 57.43% share globally. Prepared foods comprise foods and beverages, which are produced and intended for immediate consumption. Nowadays, the socializing culture has emerged as a popular trend, which contributes significantly to the expansion of the foodservice industry. In the past few years, consumers’ lifestyle has become more chaotic, and the majority of individuals are seeking quick and easy meal options. Along with convenience, consumers also look for unique flavors, which can be fulfilled by the use of this sauce. In Asian cuisines, it has been recognized as one of the essential ingredients to refine the flavor, aroma, and overall delectability of the dishes. Thus, its usage has increased in various parts of the world, and non-Asian consumers can also taste the umami flavor in their local dishes.

Households is the fastest-growing segment in the market due to the rising use of this product in home cooking. Since the COVID-19 pandemic, the trend of cooking at home has enormously increased as consumers have been looking for ways to satisfy their cravings. Also, the emerging food blogs and videos influenced individuals to make their favorite dishes, which augmented the use of this sauce. It is also used as a seasoning in the preparation of processed foods, and its adoption rate is expected to grow during the forecast period.

By Distribution Channel Analysis

HoReCa Holds the Leading Market Position Owing to Increasing Popularity of Dining Out

Based on distribution channel, the market is segmented into supermarkets, hypermarkets, convenience stores, online sales, HoReCa, and QSR. The HoReCa segment leads the market and is expected to witness high traction in the future. Owing to its versatility, this sauce is primarily used as a table condiment in restaurants and can be added to a variety of meals to improve the flavor. A few of its uses include as a glaze for meats and as a dip for sushi. Moreover, the growing culture of dining out and the trend of trying multiple cuisines further increases its usage in HoReCa sectors.

The supermarket segment falls in the second position in the global market in terms of distribution channels. Supermarkets provide deals and offers on products, unlike traditional markets, which further enhances their market value. Apart from retail stores, sales of these products through online channels have also increased in recent years. The online stores segment is expected to register the fastest growth in the future.

REGIONAL INSIGHTS

Geographically, the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Asia Pacific Holds Major Market Share Owing to Presence of Larger Consumer Base

Asia Pacific is leading in the global marketplace, with a market size accounting for a valuation of USD 22.52 billion in 2023. This growth is majorly attributed to the presence of leading producers, such as China, as soy sauce has been a traditional condiment since the beginning. The development of society and advancements in technology have led to the development of several innovative products in the market. The soy sauce consumption has increased in the past few decades, thereby supporting the market growth.

North America remains the second-largest consumer in the world owing to the increasing adoption of varied foods among consumers. The U.S. is a major market in the region, which is utilizing a huge quantity of these ingredients in the foodservice and packaged foods sectors to cater to the demand for Asian foods. Some of the microbreweries in the U.S., such as Bourbon Barrel Foods, produce for the domestic market.

Followed by Asia Pacific and North America, Europe is expected to hold a significant share of the global marketplace. This is owing to the rising interest of consumers in various regional cuisines. Thai, Japanese, and Chinese cuisines are gaining huge popularity in the region, which has necessitated the HoReCa sector serving oriental foods in its outlets.

However, the South American and Middle East & African markets are at an early stage of growth. The surge in inhabitants’ exposure to international cuisines has influenced new cooking methods, where traditional ingredients are replaced with exotic components to create a flavorful dish. Furthermore, the increasing demand for ready-to-eat foods can also escalate the demand in the forthcoming years.

KEY INDUSTRY PLAYERS

Market Leaders and Emerging Players Focus on Offering Innovative and Nutritious Products to Increase Presence in Developed Nations

The global market structure is moderately organized owing to the presence of various dominant players in the market. These manufacturers are focusing on the production of innovative and nutritious products to remain with the ongoing trend. Some of the small players and start-ups are also sharing free samples with consumers to help them try out their products before buying them. Haitian Group, Kikkoman Corp., Nestle S.A., Kraft Heinz, and Yamasa Corporation are some of the key players with the major market share. These manufacturers are also strategizing on expanding their footprints in developed countries, such the U.S., Canada, and Germany owing to the growing trend of Asian foods in the region, which in turn, will aid in fueling the market growth in the coming years.

List of Top Soy Sauce Companies:

• Foshan Haitian Flavouring & Food Co. Ltd (China)


• Jiajia Food Group Co., Ltd. (China)


• Kikkoman Corporation (Japan)


• Koon Chun Hing Kee Soy & Sauce Factory (China)


• Kraft Heinz Company (U.S.)


• Lee Kum Kee (China)


• Marunaka Shouyu (Japan)


• McCormick & Company Inc. (U.S.)


• Nestle S.A. (Switzerland)


• Shoda Shoyu Co. Ltd. (Japan)


• YAMASA Corporation (Japan)

KEY INDUSTRY DEVELOPMENTS:

• April 2024: Lee Kum Kee announced a brand campaign for its new Supreme Soy Sauce, which aimed to promote culinary excellence and celebrate home cooking moments.


• May 2021: Kraft Heinz Company launched a low-salt version of the popular Master Weijixian soy sauce. The new product contains 28% less salt and is made using dried high-quality scallops in order to create a superior umami taste.


• September 2020: Kraft Heinz invested USD 100 million in a new factory in the Guangdong province of China. The new factory is one of its most significant investments and is projected to produce 200,000 tons of soy sauce annually.


• May 2020: Lee Kum Kee Company Limited announced the launch of a new range of soy sauce products in China, viz. Hoisin Sauce. The new product will offer a combination of this and lime water to meet the country’s demand for innovative sauces.


• August 2019: Kikkoman Corporation inaugurated a new research & development center in Japan to reinforce the country’s focus on taste and innovation in these sauces.

REPORT COVERAGE

The report provides a detailed analysis of the market and focuses on key aspects, such as leading companies, market segmentations, product types, processes, end-users, and leading distribution channels. Besides this, it offers insights into the market trends, key players, and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors, which have contributed to the growth prospects of the market in recent years. Along with this, it provides an analysis of the market dynamics and competitive scenario. Various critical insights presented in the report are an overview of related markets, recent developments, such as mergers, acquisitions, the regulatory situation in prominent countries, and key industry trends.

Report Scope & Segmentation