Overview and Scope
The oyster sauce market consists of sales of regular oyster sauce, seasoning sauces, marinades, and ketcups. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Sizing and Forecast
The oyster sauces market size has grown strongly in recent years. It will grow from $9.54 billion in 2023 to $10.08 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to increasing popularity of Chinese cuisine, introduction of packaged and branded products, rise in Asian immigrant populations, rise of cooking shows and food media, and increasing disposable incomes.
The oyster sauces market size is expected to see strong growth in the next few years. It will grow to $12.73 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to increasing oyster production, increasing popularity of Asian dishes, rise of online shopping, rising demand for restaurants, and increasing number of smartphone and internet users. Major trends in the forecast period include innovation in packaging, product innovation and marketing, sustainable and ethical sourcing, health-conscious variants, and flavor innovations.
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Segmentation & Regional Insights
The oyster sauces market covered in this report is segmented –
1) By Product Type: Non-MSG Oyster Sauce, Vegetarian Oyster Sauce
2) By Distribution Channel: Independent Retailers, Online Retailers, Supermarkets and Hypermarkets, Convenience Stores
3) By Application: Household, Commercial
4) By End-User: Retail, Foodservice, Other End-Users
Asia-Pacific was the largest region in the oyster sauces market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the oyster sauces market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in the number of restaurants is expected to propel the growth of the oyster sauce market going forward. A restaurant is a business establishment where meals are prepared and served to customers. The rising number of restaurants is due to growing disposable income, changing consumer preferences, and convenience and accessibility. Oyster sauce is used in a restaurant’s kitchen to provide numerous advantages, from flavor enhancement and menu expansion to cost savings and customer satisfaction. It is a versatile ingredient that helps elevate the dining experience and support a restaurant’s culinary ambitions. For instance, 2021, according to the National Restaurant Association, a US-based government organization, in 2021, there were 103,323 chain restaurants in the United States. By 2023, the total number of restaurants had surged to 749,404 establishments, reflecting a substantial increase of approximately 625,081 restaurants over the two years. Therefore, the increasing number of restaurants drives the oyster sauce market.
Key Industry Players
Major companies operating in the oyster sauces market are Daesang Corporation, Yuen Chun Industries Sdn Bhd, Nestle SA, Tung Chun Sauce Group, Sin Tai Hing Oyster Sauce Factory Sdn Bhd, Ajinomoto Co Inc., Kikkoman Corporation, Foshan Haitian Flavoring and Food Co Ltd., Kakusan Foods Co Ltd., HDR Foods Corporation, Lee Kum Kee Co Ltd., NutriAsia Inc., Foodex Manufacturer Co Ltd., King’s Chef Sauce Co Ltd., Kimlan Foods Co Ltd., Wing Soon Food Manufacturer Pte Ltd., Woh Hup Food Industries Pte Ltd., Bachun Food Industries Pte Ltd., Marine Resources Development Co Ltd., MGM Blendwell Corporation, Thaipreeda Trading Co Ltd., Malabar Food Products, Zhangzhou Hang Fat Import and Export Co Ltd., Hoisin Sauce Co Ltd
The oyster sauces market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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