Global Soy Sauce Market is Projected to Reach 52.8 billion USD by 2023

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The Soy Sauce industry was 23.6 billion USD in 2017 and is projected to reach 52.8 billion USD by 2023, at a CAGR (Compounded Annual Growth Rate) of 14.32% between 2017 and 2023. The market is driven by various end-user industries, such as Household, Catering Service Industry, Food Processing.

The industry is concentrated, top 5 took up about 30% of the global market in 2017. The key players include Kikkoman, Bluegrass Soy Sauce (Bourbon Barrel), Okonomi, Maggi, Aloha Shoyu and so on. Other key players are like ABC Sauces, Yamasa, Lee Kum Kee, Shoda Shoyu, Haitian, Jiajia, Shinho, Meiweixian, Kum Thim Food Industries Sdn Bhd, etc.

The leading companies own the advantages on better performance, more abundant product’s types, better technical and impeccable after-sales service. Consequently, they take the majority of the market share of high-end market. Looking to the future years, the slow downward price trend in recent years will maintain. As competition intensifies, prices gap between different brands will go narrowing. Similarly, there will be fluctuation in gross margin.

The industry is expected to remain innovation-led, with frequent acquisitions and strategic alliances adopted as the key strategies by the players to increase their industry presence. Market stays in mature period with a clear concentration. Meanwhile, optimize product mix and further develop value-added capabilities to maximize margins.

Global Soy Sauce Market Research Report 2018 report released by QYResearch provides a basic overview of the Soy Sauce industry, including definition, classification, application and industrial chain structure. Discuss users and distributers as well as manufacturing processes and cost structures.

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The report then focuses on major industry players in Global, including company profiles, product images and specifications, sales, market share, and contact information. More importantly, the Soy Sauce industry development trends and marketing channels were analyzed. Providing the main statistical data on the current status of the industry is a valuable guide and direction for companies and individuals interested in the market.

Soy sauce (also called soya sauce in British English) is a Chinese condiment made from a fermented paste of soybeans, roasted grain, brine, and Aspergillus oryzae or Aspergillus sojae molds. Soy sauce in its current form was created about 2,200 years ago during the Western Han dynasty of ancient China and spread throughout East and Southeast Asia where it is used in cooking and as a condiment.

Asia-Pacific regions are the main consumption areas of Soy Sauce in the world and it will keep the same position in the next few years. The market size of North America and Europe regions will grow fast in the following years.

The reason causes the strong growth is the growing consumer health concerns and interest towards different taste preferences and changing eating lifestyles. Busy lifestyle and increase in the number of working population is fueling the demand for soy sauces in the US, Japan, China, Vietnam and Brazil among other countries. Growing consumer concerns towards healthy eating has increased the proportion of homemade food consumption. Preparing different multi cuisine food at home has increased the usage of soy sauces globally.

The Soy Sauce industry was 23.6 billion USD in 2017 and is projected to reach 52.8 billion USD by 2023, at a CAGR (Compounded Annual Growth Rate) of 14.32% between 2017 and 2023. The market is driven by various end-user industries, such as Household, Catering Service Industry, Food Processing.

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