The global oyster sauce market size was estimated at USD 11.7 billion in 2020 and is expected to reach USD 16.6 billion by 2027 register a CAGR of 5.1 % from 2020 to 2027. 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 flavouring 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 savoryflavor, 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 savoryflavor, making it an ideal ingredient for flavoring different types of meats and vegetables.
The hypermarkets and supermarkets segment led the industry in the past and is projected to expand further at a steady CAGR from 2020 to 2027. 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.
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.
The oyster sauce market is segmented on the basis of distribution channel, application and region. By distribution channel the market is divided into Supermarkets/Hypermarkets, Convenience Stores, Online. By application the market is divided into Household, Commercial.
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 KumKee; Foshan HaitanFlavoring& 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.
Oyster sauce is an integral part of Japanese, Chinese, Thai, Vietnamese, Indonesian, and Malaysian cuisines. The product has been gaining popularity due to its savoryflavor, 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 savoryflavor, making it an ideal ingredient for flavoring different types of meats and vegetables.
The hypermarkets and supermarkets segment led the industry in the past and is projected to expand further at a steady CAGR from 2020 to 2027. 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.
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.
The oyster sauce market is segmented on the basis of distribution channel, application and region. By distribution channel the market is divided into Supermarkets/Hypermarkets, Convenience Stores, Online. By application the market is divided into Household, Commercial.
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 KumKee; Foshan HaitanFlavoring& 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.
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