Global Oyster Sauces Market Is Expected to Reach USD 12.65 Billion by 2026 : Fior Markets

Newark, NJ, March 03, 2020 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global oyster sauces market is expected to grow from USD 8.56 billion in 2018 to USD 12.65 billion by 2026 at a CAGR of 4.98% during the forecast period from 2019-2026.

One of the major factor driving the growth of oyster sauces market is increasing demand for oyster sauce for home cooking. Nowadays, people are preferring to cook and eat at home, rather than dining out. This is mainly due to increasing awareness about health among the consumers across the globe. With the availability of ready-made recopies, oyster sauce is a key ingredient in many fast food dishes such as Chinese or Tibetan noodles and fried rice. Thus increasing demand for oyster sauces in home cooking, driving the growth of market, over the forecast period.

Oyster sauce are defined as the number of sauces which are made by cooking oysters. The most common in modern use is a viscous dark brown condiment made from oyster extracts, sugar, salt and water thickened with corn starch. Some types of oyster sauces may be darkened with caramel, though high-quality oyster sauce is naturally dark. It is commonly used in Cantonese, Thai, Malay Cuisine, Vietnamese and Khmer cuisine. Oyster sauce is a critical ingredient in many fast food dishes such as Chinese or Tibetan noodles and fried rice.

Global oyster sauces market is expected to witness rapid growth over the forecast period, owing to rising consciousness towards healthy eating habits and increasing propensity toward home cooking. Rising consciousness towards healthy eating habits is another factor contributing to the market expansion. But some people are allergic to oyster sauce which create a limitation in the growth of oyster sauce market. However, rising innovations in packaging will have a positive impact on the market in coming years.

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Key players operating in the global oyster sauces market are Nestlé, Kikkoman, Ajinomoto, Lee Kum Kee, Foshan Haitian Flavoring & Food, MOTHER’S BEST, Wing Soon Food Manufacturer Pte Ltd, Kakusan Foods Co., Ltd., Bachun Food, Yuen Chun Industries, Thaipreeda Group, Marine Resources Development Co., Ltd., and Foodex Manufacturer Co., LTD. among others. To enhance their market position in the global oyster sauces market, the key players are now focusing on adopting the strategies such as recent developments, product innovation, mergers & acquisitions, joint venture, collaborations, and partnership.

For instance, In April 2018, Nestlé’s Maggi sends off its Food Truck Caravan on a roadshow to introduce its new ‘Maggi Oyster Sauce’ which is richer, thicker, and full flavor of Korean and Japanese oysters.
In March 2017, Ajinomoto announced the launch of its newest product, Sarsaya Oyster Sauce, concentrated from real oysters, complete with seasonings to provide a delicious blend of savory, sweet, and salty taste to any dish.
In January 2019, Lee Kum Kee announced the launch of Panda Brand Grilling and Dipping Sauces offers an easy and simple way to prepare delicious dishes.

The vegetarian oyster segment is dominating with the highest market share of 52.31% in 2018

The product type segment is segmented into Non-MSG oyster sauce and vegetarian oyster sauce. The vegetarian oyster segment is dominating with the highest market share of 52.31% in 2018. Vegetarian oyster sauce prepared from mushrooms, often oyster mushrooms or shiitake mushrooms, is also popular and generally lower in price. It may contain more taste enhancers if less mushroom extract is used to reduce costs. It is the perfect alternative for any recipe for the vegetarian consumers, driving the growth of market.

The retail segment is dominating the market with the highest market share of 65.14% in 2018

The end user segment is segmented into retail and foodservice. The retail segment is dominating the market with the highest market share of 65.14% in 2018. This is mainly due to the increasing use of oyster sauce in several Asian dishes. Availability of wide range of oyster sauces of different brands in the hypermarkets and supermarkets, boosting the growth of retail segment. Moreover, development in the organized retail sector and various offers and discounts provided by these retail stores, fuelling the growth of oyster sauces market over the forecast period.

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Regional Segment Analysis of the Oyster Sauces Market

North America (U.S. , Canada, Mexico)
Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
Asia-Pacific (China, Japan India, Rest of APAC)
South America (Brazil and Rest of South America)
Middle East and Africa (UAE, South Africa, Rest of MEA)

The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia Pacific region dominated the global oyster sauces market in 2018 where as the North America region is growing rapidly in the market. Asia Pacific region held the major market share of 46.65% in 2018, owing to highest consumption of oyster sauces across the region. In addition to this, increasing usage of oyster sauces in number of Asian restaurants, further driving the growth of market. Moreover, regional ethnicity, consumer preferences, and strong manufacturer-supplier network in the Asia Pacific region, are some of the key factors contributing in the growth of market over the forecast period. North America is anticipated to grow rapidly due to the growing popularity of the Asian cuisine and many Asian vendors expanding their businesses to increase their market share in the region

About the report:

The global oyster sauces market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

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