The global soy sauce products market was valued at USD 6.9 billion in 2022 and is projected to expand at a CAGR of 6.2% from 2023 to 2030. The rising demand for soy sauce products is underpinned by their use as an ingredient in various cuisines across the world. Soy sauce is a popular condiment used in Chinese, Japanese, and Southeast Asian cuisines. The product is also used as a marinade or as a base for dipping sauces. Soy sauce is primarily made from fermented soybeans, roasted grain, salt, and water. The product is a popular choice among consumers due to its nutty and salty taste.

The demand for soy sauce is increasing due to its health benefits such as the presence of isoflavones, which have anti-cancer properties. In addition, the product is rich in vitamin B, which helps to maintain a healthy cardiovascular system. Furthermore, the product is a good source of protein and other essential amino acids, which makes it a healthier option for vegetarians.

The growing population of health-conscious consumers and the rise in veganism are expected to drive the demand for soy sauce products. Moreover, the rising demand for convenient food products is expected to fuel the market growth. Manufacturers are focusing on launching new products, such as flavored soy sauces that are free from preservatives and artificial colors. For instance, in March 2022, Kikkoman Corporation launched a new product, Kikkoman Ponzu Sweet Citrus Soy Sauce, which contains less salt and sugar than their traditional soy sauce product.

The increasing demand for ready-to-eat meals is also expected to drive the demand for soy sauce products. For instance, in August 2021, Nestle launched a new product, Maggi Soy Sauce, which is a convenient, ready-to-use seasoning mix with a unique blend of soy sauce, ginger, and garlic. Furthermore, the increasing trend of Asian food in the Western countries is expected to expand the product’s reach. For instance, in July 2021, the American fast-food restaurant chain, Wendy’s, launched a new menu item, Spicy Sriracha Chicken Sandwich, which consists of a spicy sriracha glaze and a spicy mayonnaise, both of which contain soy sauce as a key ingredient.

In addition, the increasing number of food festivals and food events, such as the National Soy Sauce Day, is expected to boost the market growth. Moreover, the increasing preference for healthy and organic soy sauces is expected to drive the market growth. For instance, in November 2021, Marukin Foods launched a new organic soy sauce, which is made with organic soybeans and is free from preservatives, additives, and artificial flavors.

The light soy sauce segment led the market and accounted for a share of around 33.3% in 2022. Light soy sauce is the most popular type of soy sauce, as it is a key ingredient used in Chinese, Japanese, and Korean cuisines. Light soy sauce is lower in sodium than dark soy sauce and has a lighter color. It is used in various dishes such as stir-fries, noodles, and marinades. Furthermore, the demand for light soy sauce is driven by the increasing consumption of Asian cuisines among customers.

The dark soy sauce segment is anticipated to expand at the fastest CAGR of 8.8% over the forecast period. Dark soy sauce is darker in color, thicker, and richer in flavor compared to light soy sauce. It is used in various Asian dishes like stir-fries, soups, and marinades. The growing demand for dark soy sauce is driven by its distinct flavor, which is attributed to its molasses content. Moreover, dark soy sauce is high in sodium content, which makes it a popular flavor enhancer in various dishes.

The supermarkets and hypermarkets segment captured the major share of over 41.3% in 2022. The growth of the segment is mainly driven by the rising consumer preference towards supermarkets & hypermarkets as a primary source to purchase food products. According to a study by FoodNavigator.com in 2020, more than 75% of consumers prefer supermarkets & hypermarkets for the purchase of soy sauce products. These establishments also provide a wide selection of products and assist customers in making rapid purchasing decisions for the required food product.

The online segment is anticipated to expand at the highest CAGR of 12.6% over the forecast period. The growth of the online segment is mainly attributed to the rising number of online food stores, such as Amazon, Walmart, and Big Basket, which offer a wide variety of soy sauce products at competitive prices. In addition, these platforms provide convenient shopping experiences and offer discounts and other promotional offers to their customers. Moreover, the increasing trend of online grocery shopping is also propelling the segment’s growth.

The light soy sauce segment accounted for the largest revenue share of 49.9% in the year 2022. The popularity of light soy sauce is driven by its intense flavor that adds a salty and savory taste to food. It is majorly used in dishes such as fried, boiled, and cold dishes. Moreover, light soy sauce is the most commonly used sauce in the Chinese cuisine. The high demand for light soy sauce from the Chinese population is expected to drive the market.

The dark soy sauce segment is anticipated to expand at the highest CAGR of 8.9% over the forecast period. The increasing popularity of dark soy sauce in the Chinese cuisine is propelling the market growth. The dark soy sauce is majorly used in marinades and stir-fries. The presence of high nutritional content, such as carbohydrates, proteins, and minerals, in dark soy sauce has made it a preferred choice for health-conscious consumers. Furthermore, dark soy sauce is majorly used in dishes such as barbeque, steamed fish, and noodles. This factor is likely to fuel the market in the forecast period.

Asia Pacific held the largest share of the global market in 2022, followed by North America, Europe, South America, and the Middle East and Africa. The region is expected to retain its dominance through the forecast period. The presence of large number of consumers, especially in Japan and China, is a key factor behind this growth in the region. In addition, rising health consciousness among consumers, increasing disposable incomes, and changing food preferences are some of the other factors driving the growth of the soy sauce market in the Asia Pacific.

In Europe, the demand for soy sauce is also increasing due to the rising health consciousness among consumers and growing demand for organic products. In addition, rising popularity of Asian cuisines, such as Japanese, Chinese, Thai, and Korean, is also expected to drive the market in the region. Furthermore, the presence of major players, such as Kikkoman Corporation, Marukin, and Yamasa Corporation, is also expected to boost the growth of the market in the region.

The market in North America is expected to witness significant growth over the forecast period. This is due to the increasing awareness regarding the health benefits of soy sauce and the rising popularity of Asian cuisines, such as Thai and Chinese, in the region.

In this part of the soy sauce products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your soy sauce products. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions

The main source of revenues for a soy sauce products business comes from sales of the product, with potential additional sources of income such as wholesale and retail, online sales, and other promotional activities. Here you will find a list with a description of each of them.

Projecting Expenses

In this section, all the regular expenses related to keeping the soy sauce products business running will be described. The list of operating expenses includes manufacturing costs, packaging, shipping, marketing, legal costs, wages, and others.

Some of the key companies operating in the soy sauce market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In June 2022, Kikkoman Corporation launched a new line of soy sauces that contain no artificial ingredients and are lower in sodium.

– In August 2022, Lee Kum Kee launched the “Kung-Fu” series of soy sauces that are infused with Chinese herbs.

– In October 2022, Huy Fong Foods, Inc. launched a range of organic soy sauces.

Some of the prominent players in the soy sauce market include:

– Kikkoman Corporation
– Lee Kum Kee
– Huy Fong Foods, Inc.
– Yamasa Corporation
– Marukin Vinegar Co., Ltd.
– Mizkan Group
– S&B Foods, Inc.
– The Hakubaku Group
– Yamaki Jozo Co., Ltd.
– Mitsukan Co., Ltd.

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global soy sauce products market based on product type, distribution channel, and region:

1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)

– Dark Soy Sauce
– Light Soy Sauce
– Sweet Soy Sauce
– Others

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Supermarkets & Hypermarkets
– Online
– Others

3. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What are the Major Drivers of the Global Soy Sauce Products Market?
[A]: The major drivers of the global soy sauce products market include increasing demand for organic and clean label products, rising health awareness among consumers, and the growing popularity of Asian cuisine. Furthermore, the growing demand for convenience food and the increasing consumption of soy sauce as a condiment are also driving the growth of the market.

[Q]: What are the Major Opportunities for the Global Soy Sauce Products Market?
[A]: The major opportunities for the global soy sauce products market include the growing demand for ready-to-eat and ready-to-cook food products, increasing demand for soy sauce products in the foodservice industry, and growing demand for organic and natural products. Furthermore, the increasing number of health-conscious consumers is also creating opportunities for the market growth.

[Q]: What are the Major Challenges Faced by the Global Soy Sauce Products Market?
[A]: The major challenges faced by the global soy sauce products market include the fluctuating prices of soybeans, the increasing threat of counterfeit products, and the environmental impact due to the use of chemical ingredients. Furthermore, the fluctuating prices of soybeans and the increasing threat of counterfeit products can have a negative impact on the market.

[Q]: What are the Major Regions for the Global Soy Sauce Products Market?
[A]: Asia Pacific is expected to be the largest market for soy sauce products, followed by Europe and North America. The Asia Pacific region is expected to be the largest market for soy sauce products, due to the increasing consumption of soy sauce in the region. Furthermore, the increasing demand for convenience food and the rising popularity of Asian cuisine are driving the growth of the market in the region.

[Q]: Who are the Key Players in the Global Soy Sauce Products Market?
[A]: The key players in the global soy sauce products market include Kikkoman Corporation, Lee Kum Kee, The San-J International, Inc., Hengshun Vinegar Group Co., Ltd., Yamasa Corporation, and Amoy Food Limited, among others.