The global oyster sauce market size is projected to attain USD 11.16 billion by the end of 2025, according to a new report released by Million Insights. It is estimated to grow at a CAGR of 4.5% over the forecast period, 2019-2025. Asian cuisine is gaining high popularity across different regions. Oyster sauce is routinely used in Asian cuisine as an essential flavoring and seasoning ingredient. In countries like Japan, China, Thailand, Vietnam, Indonesia, and Malaysia oyster sauce is used as a staple ingredient in majority of their dishes. Vegetables and different types of meats are flavored using oyster sauce because of its unique savory flavor. This property is anticipated to fuel the product demand from 2019 to 2025.
Furthermore, leading companies are putting their efforts in continuously innovating the product to gain a competitive advantage. This factor is expected to positively influence the product demand over the coming years. For example, Maggi launched a product named Maggi Oyster Sauce which is fusion of Korean and Japanese flavors. Application of oyster sauce in household sector is projected to grow at the fastest CAGR of 4.7% from 2019 to 2025. High consumption of oyster sauce in preparing different dishes from different cuisines, rising awareness about health issues which enables people to consume home-cooked food, continuous improvement & innovation in the product, and easy availability are the factors expected to boost the demand for the product from household sector.
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Further key findings from the report suggest:
• Asia Pacific led the market, and it is estimated to maintain its dominance over the forecast period.
• In 2018, the segment of hypermarkets & supermarkets had the largest revenue share and is anticipated to grow significantly over the forecast period.
• Development of organized retail stores such as hypermarkets and supermarkets that provide lucrative discounts and attractive offers is expected to drive the product demand.
• The segment of online distribution channel is projected to grow at the fastest CAGR of 4.8% over the forecast period owing to increasing penetration of internet and e-commerce platforms and rising number of people who own a smartphone.
• Leading companies in the oyster sauces market include Foodex Manufacturer Co. Ltd., Foshan Haitan Flavoring & Food Co.; Lee Kum Kee; Kikkoman Corp.; Ajinomoto Co., Inc.; Nestlé Maggi; Kakusan Foods Co. Ltd.; Yuen Chun Industries; Bachun Food; and Thai Preeda Group.
Million Insights has segmented the global oyster sauce market based on application, distribution channel, and region:
Oyster Sauce Application Outlook (Revenue, USD Million, 2015 - 2025)
Oyster Sauce Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
• Convenience Stores
Oyster Sauce Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Hong Kong
• Central & South America
• Middle East & Africa (MEA)