Soy-based sauce, also known as soya sauce, as the name suggests, it is made from soybean. It can be added directly to the food to increase the taste. It is used in a variety of cuisines such as Indian, Italian, Chinese, and Asian. This sauce is gaining traction among health enthusiasts due to associated health benefits and price reasonability.
The soy-based sauce market is bifurcated into blended and brewed soy-based sauce on the basis of type. The blended soy-based sauce garners the largest share. On the basis of application, the global soy-based sauce market is segmented into household and food industry. The household sector makes the most use of soy sauce.
Researchers have revealed that soy sauce helps to support the growth of good bacteria in the digestive system. One can expect that the global soy-based market will grow at a substantial rate during the forecast period.
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COVID-19 scenario analysis
The closure of industries due to lockdown has hampered both the scale of production and the growth of the market.
Export–import is at a halt. This impacted the revenue and sales of the product.
in addition, lay-off of workers created many atrocities for the market.
Rise online sales will accelerate the market growth post COVID-19 and will help in recovering the sales.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Rise in number of health-conscious people and increase in disposable income are the prominent factors driving the soy-based sauce market. Soy sauce minimizes the salt content of food, which, in turn, reduces the risk of cardiovascular diseases. Along with this, it has antioxidants, which help in easy digestion. In addition to this, soy sauce is used to treat the fungal infections of nails and provide the skin a clear and healthier look. Moreover, soy sauce has long shelf life as compared to other food products. Emerging technologies in the canning, packaging, and labeling process is fuelling the growth of ready-to-use soy sauce bottles and sprinklers. Thus, all these factors are collectively are anticipated to contribute toward the growth of the soy sauce market during the forecast period.
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Furthermore, the growth of distribution channels and online platforms is expanding the customer base.
The global soy-based sauce market trends are as follows:
Key market players are introducing new variants in the product portfolio of soybean as they are rich in protein. Soy sauce has sweetness, saltiness, and bitterness, and hence is used in a variety of cuisines to meet the modern tastes. It has multicultural appeal with an added advantage of taste. Key market players are diversifying the products that are healthy and focusing in manufacturing the vegan products, as they have low cholesterol and more antioxidants. The increased usage of soy sauce in salad dressings, noodles, pizza toppings, in the preparation of meat is increasing its global demand.
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Key benefits of the report
This study presents the analytical depiction of the global soy-based sauce market along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global soy-based sauce market share.
The current market is quantitatively analyzed from 2020 to 2027 to highlight the global soy-based sauce market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in the coming years.
Companies covered: Haitian, Kikkoman Corp., Masan Group, Bourbon Barrel Foods, Lee Kum Kee, Otafuku Sauce, Yamasa Corp., Maggi, Meiweixian, and Okonomi
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