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The global soy sauce market size is projected to reach USD 56.67 billion by the end of 2027. The use of soy sauce in several cuisines will fuel the demand for the product across the world. According to a report published by Fortune Business Insights, titled “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, Food Services Sector, and Households), and Regional Forecast, 2020 – 2027,” the market was worth USD 40.63 billion in 2019 and will exhibit a CAGR of 7.63% during the forecast period, 2020-2027.
Soy sauce is one of the most widely consumed delicacies across the world. The increasing demand and consumption of Asian food delicacies will lead to a huge demand for the product across the world. As this sauce is one of the core ingredients in Asian cuisines, the increasing trends of consumption of Asian foods will directly affect the growth of this sauce market in the coming years. The ease of availability of raw materials will have a direct impact on the growth of the market in the coming years. Additionally, the low cost of the product will lead to a wider product adoption. The presence of several large scale companies across the world will emerge in favor of market growth.
Covid-19 Pandemic to have a Negative Impact on Market Growth
The recent coronavirus outbreak has forced governments across the world to impose strict guidelines and take measures to curb the spread of the disease. As the number of infected people is rising, people are advised to stay indoors and practise social distancing, with the aim of minimizing the spread of the disease. As a result, businesses such as hotels and restaurants have been completely shut down in almost all parts of the world. This has had a negative effect on the consumption as well as sales of this sauce and other soy products. Moreover, with store shutdowns and limited resource availability, the product is being sold on at retail stores and commercial chains. Hence, the coronavirus outbreak has had a negative impact on the growth of the overall soy sauce market and will continue to affect the market in the next two years.
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Haitian Corporation Introduces New Manufacturing Facility in Turkey
The increasing demand for soy sauce has encouraged companies to enhance the production as well as to improve the quality of the ingredient across the world. Several large scale companies are looking to increase their production capacities with a bid to establishing a stronghold in the market. In July 2018, Haitian Corporation announced that it has opened a new manufacturing facility in Turkey. The company plans to increase its production capacity of this sauce as well as soy-related products with a view to catering to the increasing demand in the country. Through this manufacturing plant, the company will look to establish a wider consumer base and generate substantial market revenues in the coming years. The company plans to improve its businesses in the European market. Haitian’s latest manufacturing plant will not just help the company grow, but will have a direct impact on the growth of the overall market in the coming years.
Global Market is Fragmented as Few Players Account for Majority of the Share
This market is slightly fragmented in nature as majority of the regional markets are dominated by few companies. The presence of well established companies and existing operations has shaped up a fragmented structure. Haitian Group, Nestle S.A., Kikkoman Corporation, and Yamasa Corporation are among the leading companies that are currently operating in the market.
List of companies profiled in the report:
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Value (USD Billion)