The global oyster sauce market size was estimated at USD 8.20 billion in 2018 and is expected to register a CAGR of 4.5% from 2019 to 2025. The market growth is attributed to the increasing popularity of Asian cuisine across the globe. Oyster sauce is a staple product and an essential seasoning and flavoring ingredient used in Chinese dishes.
Oyster sauce is an integral part of Japanese, Chinese, Thai, Vietnamese, Indonesian, and Malaysian cuisines. The product has been gaining popularity due to its savory flavor, making it an ideal ingredient for flavoring different types of meats and vegetables. This is also likely to boost the product demand over the forecast period. Rising number of online grocery service providers is also expected to contribute to the market growth.
In addition, rising awareness about following a healthy lifestyle has increased the importance of home cooked food, which, in turn, is expected to drive the demand for the product over the years to come. The product has been gaining popularity due to its savory flavor, making it an ideal ingredient for flavoring different types of meats and vegetables.
This is also likely to boost the product demand over the forecast period. Moreover, companies in the market are focusing on product innovation, which will also have a positive impact on the demands. For instance, in April 2018, Maggi introduced its new product, Maggi Oyster Sauce, which is a blend of Japanese and Korean oyster flavors.
The hypermarkets and supermarkets segment led the industry in the past and is projected to expand further at a steady CAGR from 2019 to 2025. Availability of a wide range of products of different brands in these stores enables consumers to compare and choose the best product. Moreover, development in the organized retail sector and various offers and discounts provided by such stores will boost the product sales through this distribution channel.
Online segment is anticipated to register the fastest CAGR of 4.8% from 2019 to 2025. Key factors responsible for segment growth include increasing number of smartphone and internet users and popularity of various e-commerce platforms, such as Amazon, across the globe. Moreover, these channels offer heavy discounts on branded products along with doorstep delivery services.
Commercial application held the largest market share of more than 56% in 2018. Wide scope of application in preparing foods, such as bacon/cured meats, beef, bread & rolls, cookies & cakes, dry mixes, dressings, and snacks, is driving the product demand in this segment. On the other hand, household application is expected to witness the fastest CAGR of 4.7% over the forecast period.
Wide usage of oyster sauce in preparation of different cuisines and preference for homemade food on account of growing culinary trends are driving the product demand in household applications. In addition, constant product innovation and easy availability is expected to augment the product demand in the segment.
Asia Pacific was the largest market in 2018 and will maintain its dominance throughout the forecast years due to increasing product consumption. Moreover, factors, such as regional ethnicity, consumer preferences, and strong manufacturer-supplier network in APAC are expected to further contribute to the market growth over the forecast period.
North America is expected to grow at a faster rate owing to the consumers’ preferences shifting towards healthier and more flavorful products especially relevant to younger consumers, demanding more snack foods and ethnic flavors. Companies focusing on tapping the Asian consumers in this region and the growing penetration of Chinese cuisine are some of the factors expected to drive the market in North America over the next few years.
Some of the major companies in the global market include Lee Kum Kee; Foshan Haitan Flavoring & Food Co.; Kikkoman Corp.; Nestlé Maggi; Ajinomoto Co., Inc.; Kakusan Foods Co. Ltd.; Bachun Food; Yuen Chun Industries; Thai Preeda Group; and Foodex Manufacturer Co. Ltd. These companies follow several marketing strategies including M&A, product innovation, and business expansion.
Attribute |
Details |
Base year for estimation |
2018 |
Actual estimates/Historical data |
2015 - 2017 |
Forecast period |
2019 - 2025 |
Market representation |
Revenue in USD Million and CAGR from 2019 to 2025 |
Regional scope |
North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa |
Country scope |
U.S., France, China, Hong Kong, and Japan |
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors and trends |
15% free customization scope (equivalent to 5 analyst working days) |
If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Grand View Research has segmented the global oyster sauce market report on the basis of application, distribution channel, and region:
Application Outlook (Revenue, USD Million, 2015 - 2025)
Household
Commercial
Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
Supermarkets/Hypermarkets
Convenience Stores
Online
Regional Outlook (Revenue, USD Million, 2015 - 2025)
North America
The U.S.
Europe
France
Asia Pacific
China
Hong Kong
Japan
Central & South America
Middle East & Africa
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Amidst the global pandemic crisis and the indefinite lockdown across nations, the consumer food & beverage industry first witnessed high demand for household staples, healthy food items, and consumables with longer shelf lives. The demand for frozen food products, fruits & vegetables, eggs, flour, and whole grains, among others, witnessed a considerable increase during the early stages of the crisis. Presently, most companies in the industry are faced with low consumption of their products and supply chain challenges. The companies are focusing more on altering their supply chains in order to reinforce their online presence and delivery measures, in an attempt to adapt to the present business environment. The changes in consumer buying behavior and the dynamic shifts towards online and D2C distribution channels may have serious implications on the near future growth of the industry. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections.
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