The global soy sauce market size is projected to reach USD 56.67 billion by the end of 2027. The increasing demand for the product across the world will have a direct impact on the growth of the market in the coming years. The use of soy sauce in several cuisines will fuel the demand for the product across the world. According to a report published by Fortune Business Insights, titled “Soy Sauce Market Size, Share & Industry Analysis, By Process (Brewed and Blended), Type (Light Soy Sauce, Dark Soy Sauce, and Others), End-user (Processed Food, Food Services Sector, and Households), and Regional Forecast, 2020 – 2027,” the market was worth USD 40.63 billion in 2019 and will exhibit a CAGR of 7.63% during the forecast period, 2020-2027.
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Soy sauce is one of the most widely consumed food ingredients that are used across the world. The effect of soy sauce and soy ingredients to enhance the flavor and taste of the food will lead to a wider consumption in the coming years.
Moreover, introduction of innovative ways to integrate the ingredient in food delicacies will fuel the demand for the product across the world. The high investment in the integration of the product in several food ingredients as well as the massive capitals allocated by major companies for production and manufacturing of soy sauce will aid the growth of the overall market in the coming years. The increasing trends among consumers for trying new food delicacies and the presence of several regional food options across the world will contribute to the growing adoption of the product in the coming years. Moreover, the presence of several large scale companies will bode well for the growth of the market in the foreseeable future.
Increasing Number of Company Mergers will Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Accounting to the huge demand for the product across the world, several companies are looking to invest more in increasing the production of soy sauce. Majority of the companies are looking to adopt newer strategies that will eventually help them establish a stronghold in the market. In November 2017, Bharti JV announced that it has collaborated with Kikkoman Corporation. The company plans to increase the manufacturing capacity in India with a view to addressing the growing demand for soy products such as soy oil and sauce. Through this collaboration, Bharti JV will look to strengthen its distribution network in the country. Bharti JV’s latest merger with Kikkoman will not just help the companies generate more revenue, but will also affect the growth of the overall market in the coming years.