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The oyster sauces market is estimated to grow at a CAGR of 4.43% between 2022 and 2027. The oyster sauce market size is forecast to increase by USD 2,107.8 million. The growth of the market depends on several factors, including product launches, growth in the retail landscape, and increasing propensity toward home cooking.
This oyster sauces market research report extensively covers market segmentation by end-user (retail and food service), distribution channel (offline and online), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The product launches by regional and international players are notably driving the market growth, although factors such as fluctuating prices of raw materials may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The product launches by regional and international players are notably driving the oyster sauce market growth. The manufacturers of oyster sauce are coming up with innovative and distributive strategies to enhance their market size and increase the penetration of their products. Product launches also increase the market share of players and offer them a competitive edge in the market.
Successful product launches accelerate the growth of the competitors as they help in increasing the revenue flow of a vendor and widening their consumer pool. For instance, in April 2022, Kikkoman Corp. launched a type of oyster sauce, which is vegetarian and suitable for both vegetarians and non-vegetarians, for the first time in India. Therefore, such factors will enhance the growth of the global oyster sauces market during the forecast period.
Innovation in packaging is an emerging oyster sauce market trend. Packaging not only extends the shelf life but also helps retain the flavor, taste, quality, color, and texture and therefore plays a crucial role in the sales of oyster sauce. Many major companies collaborate with packaging manufacturers to develop advanced packaging technologies and attract consumers.
Packaging is a brand extension of the product and is a key factor that influences the purchase decision of consumers. To ensure the high quality of oyster sauce, vendors focus on the quality, wet strength, and durability of the food packaging material. The shelf life of oyster sauce shelf life depends on the ingredients, production methods, and packaging methods. Manufacturers also offer oyster sauces in small, convenient packets. These factors will positively impact the growth of the global oyster sauces market during the forecast period.
Volatility in the price of raw materials is the major challenge impeding the oyster sauce market growth. The typical ingredients for oyster sauces are sugar, salt, and cornstarch, which are then thickened. The basic sauce is then flavored with the addition of oyster extracts or essences. MSG and soy sauce are two additional additives that are included to add color and enhance flavor. The prices of raw materials, such as sugar, salt, and oysters, fluctuate depending on availability.
Recent events have resulted in a significant increase in the price of raw materials due to the widening imbalance between supply and demand. Any increase in the price of raw materials not only increases manufacturing costs but also reduces the profit margins for vendors. To stay competitive in the market, vendors generally experiment with cheaper substitutes. The suppliers of raw materials have the power to price their products at competitive and different prices. Therefore, fluctuating prices of raw materials will negatively impact the growth of the global oyster sauces market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Oyster Sauces Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
NutriAsia Inc. - The company offers oyster sauces that can be used for flavoring meat, vegetables, and stir fry and also can be used as a topping sauce as well. The company offers tasting seasonings and condiments to level up the cooking and meals, under the brand names of Datu Puti, Silver swan, Mang Tomas, and UFC.
The oyster sauce market report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The oyster sauces market share growth of the retail segment will be significant during the forecast period. The retail channel consists of supermarkets, hypermarkets, convenience stores, discount retailers, online sales, and others. Supermarkets and hypermarkets were the most preferred retail channels for the purchase of oyster sauces among consumers. The increasing prominence of private-label brands by the supermarket and hypermarket chains is one of the positive trends, which can influence the growth of the segment during the forecast period.
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The retail segment was valued at USD 4,862.84 million in 2017 and continued to grow until 2021. With extensive globalization and the adoption of diverse cuisine tastes, Asian dishes are largely preferred across the world, which is a key driver of the market. Oyster sauce has a rich umami flavor, which makes it an ideal all-purpose seasoning. Many consumers use oyster sauces for stir-fries. The increasing use of oyster sauce as a flavoring ingredient is driving the growth of the segment.
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APAC is estimated to contribute 69% to the growth of the global oyster sauce market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
In 2022, APAC was the largest regional segment of the global oyster sauces market and is expected to witness a steady growth rate during the forecast period. The majority of the revenue of the market is generated from China, Japan, and other Asian countries. The main reason for the rising demand for restaurants in APAC is the increase in consumers' income levels. In addition, the growing popularity of oyster flavor is driving the market in the region as oyster sauces are used in different food items. The consumption of oyster sauce is expected to increase significantly in countries such as South Korea, China, Thailand, Vietnam, India, and Japan. The major oyster sauce vendors are focusing on launching new oyster sauce products to meet the growing demands. The rising popularity of Chinese dishes across APAC increases the demand for oyster sauces in the region. The increasing use of oyster sauce in homemade food will fuel the growth of the oyster sauces market in APAC during the forecast period.
The pandemic, however, had a favorable impact on the regional sale of oyster sauces. Since the outbreak of COVID-19, online shopping has been on the rise, particularly in the food market, and many individuals prefer the convenience of shopping and getting things from the comfort of their own homes. Such factors are expected to contribute to the growth of the oyster sauces market in APAC during the forecast period.
The oyster sauces market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Oyster Sauces Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.43% |
Market growth 2023-2027 |
USD 2,107.8 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.68 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 69% |
Key countries |
US, China, Japan, South Korea, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Ajinomoto Co. Inc., Bachun Food Industries Pte Ltd., Associated British Foods Plc, Daesang Corp., Foodex Manufacturer Co. Ltd., Foshan Haitian Flavoring and Food Co. Ltd., Kakusan Foods Co. Ltd., Kikkoman Corp., Lee Kum Kee Co. Ltd., Marine Resources Development Co. Ltd., HDR Foods Corp., Malabar Food Products, MGM Blendwell Corp., Thaipreeda Trading Co. Ltd., Yuen Chun Industries Sdn Bhd, Nestle SA, NutriAsia Inc., Zhangzhou Hang Fat Import and Export Co. Ltd., Sin Tai Hing Oyster Sauce Factory Sdn Bhd, and Wing Soon Food Manufacturer Pte Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
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