The global oyster sauce market size is expected to reach USD 11.16 billion by 2025 registering a CAGR of 4.5%, according to a new report by Grand View Research, Inc. Growing popularity of Asian cuisine across the globe is one of the key factors driving the product demand. Oyster sauce is an integral part of Japanese, Chinese, Thai, Vietnamese, Indonesian, and Malaysian cuisines. The product has been gaining popularity due to its savory flavor, 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.
Moreover, companies in the market are focusing on product innovation, which will also have a positive impact on the demands. For instance, in April 2018, Maggi introduced its new product, Maggi Oyster Sauce, which is a blend of Japanese and Korean oyster flavors. Household application is expected to witness the fastest CAGR of 4.7% over the forecast period. Wide usage of oyster sauce in preparation of different cuisines and preference for homemade food due to growing culinary trends are driving the product demand in this segment.
Click the link below:
Further key findings from the study suggest:
- Asia Pacific is estimated to be the largest market by 2025. However, North America is expected to be the fastest-growing region over the forecast period
- The hypermarkets and supermarkets distribution channel is estimated to be the largest segment by 2025
- Rapid expansion of the organized retail sector and various offers and discounts provided in these stores are augmenting the product demand
- Online distribution channel segment is anticipated to register the highest CAGR of 4.8 % from 2019 to 2025 due to rising popularity of e-commerce platforms and number of smartphone users
- Some of the key companies in the oyster sauce market are Lee Kum Kee; Foshan Haitan Flavoring & Food Co.; Kikkoman Corp.; Nestlé Maggi; Ajinomoto Co., Inc.; Kakusan Foods Co. Ltd.; Yuen Chun Industries; Thai Preeda Group; Foodex Manufacturer Co., Ltd.; and Bachun Food