Oyster Sauce Market Analysis Report By Distribution Channel, By Application, By Region And Segment Forecasts From 2019 To 2025

Industry Insights

The global oyster sauce market accounted for USD 8.20 billion, in the year 2018. It is estimated to grow at a CAGR of 4.5% over the forecast period, 2019 to 2025. Asian cuisine is gaining high popularity across different regions. Oyster sauce is routinely used in Asian cuisine as the essential flavoring and seasoning ingredient. This factor is projected to drive the market growth over the forecast period, 2019-2025.

In countries like Japan, China, Thailand, Vietnam, Indonesia, and Malaysia oyster sauce is used as a staple ingredient in the majority of their dishes. Vegetables and different types of meats are flavored using oyster sauce because of their unique savory flavor. This property is anticipated to fuel the product demand from 2019 to 2025. Moreover, the number of online retail grocery stores and service providers such as Bigbasket.com is increasing with time. This is projected to boost the sales of oyster sauce through online channels.

Nowadays, people prefer cooking food at home owing to increasing awareness about having a healthy lifestyle. Moreover, people from different countries are adopting different cultures and their cuisines. This factor is anticipated to proliferate the product demand over the forecast period. Furthermore, manufacturers are launching new products that influence the consumers to buy them, thus, impacting the product demand. For example, Maggi launched a product named Maggi Oyster Sauce which is a fusion of Korean and Japanese flavors.

Distribution Channel Insights

The industry is dominated by the hypermarkets and supermarkets segment and it is expected to grow further significantly over the forecast period. Consumers prefer using this channel for shopping because a variety of products from several brands are available and consumers can easily compare different products and choose the best among them. Furthermore, lucrative discounts and attractive offers provided by these organized retail stores are expected to accelerate the sales of oyster sauce from 2019 to 2025.

The online distribution channel segment is expected to grow at the fastest CAGR of 4.8% over the forecast period. Increasing penetration of e-commerce websites & mobile applications such as Amazon and an increasing number of smartphone users are the factors responsible for the growth of this segment. Moreover, consumers can easily get the products at discounted prices directly at their doorsteps. This factor is anticipated to drive the segment growth over the forecast period.

Application Insights

The commercial application segment led the oyster sauces market which accounted for more than 56% of the market share in 2018. Oyster sauce has vast application in the production of food products such as beef, cured meats/bacon, cookies & cakes, dressings, bread & rolls, snacks, and dry mixes. This factor is expected to drive the product demand in the commercial sector over the forecast period. Moreover, there has been a high demand witnessed for oyster sauce from the household sector and the segment is expected to grow at a CAGR of 4.7% from 2019 to 2025.

High consumption of oyster sauce in preparing different dishes from different cuisines, rising awareness about health issues that enables people to consume home-cooked food, continuous improvement & innovation in the product, and easy availability are the factors expected to boost the demand for the product from the household sector.

Regional Insights

In 2018, Asia Pacific held the largest market share and it is expected to further dominate the market over the forecast period owing to increasing usage of oyster sauce in the region. In addition, the inclination of people towards their ethnic cuisine and strong distribution network are some of the factors anticipated to further drive the product demand in the regional market from 2019 to 2025.

North America is anticipated to be the fastest-growing regional market for oyster sauce over the forecast period owing to shifting preferences of consumers especially youngsters towards flavorful snacks having a specific ethnic touch. Leading companies are targeting the Asian population in this region to boost the product demand. Moreover, Chinese cuisine is one of the most preferred cuisines in this region. These are some of the factors expected to drive the regional demand from 2019 to 2025.  

Oyster Sauce Market Share Insights

Leading players in this industry include Foodex Manufacturer Co. Ltd., Foshan Haitan Flavoring & Food Co.; Lee Kum Kee; Kikkoman Corp.; Ajinomoto Co., Inc.; Nestlé Maggi; Kakusan Foods Co. Ltd.; Yuen Chun Industries; Bachun Food; and Thai Preeda Group. For gaining a competitive advantage over other competitors, the companies focus on various strategic initiatives such as new product development, business expansion, and mergers & acquisitions.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For this study, Million Insights has segmented the global oyster sauce market report based on application, distribution channel, and region:

• Application Outlook (Revenue, USD Million, 2015 - 2025)
    • Household
    • Commercial

• Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
    • Supermarket/Hypermarket
    • Convenience Stores
    • Online

• Regional Outlook (Revenue, USD Million, 2015 - 2025)
    • North America
        • U.S.
    • Europe
        • France
    • the Asia Pacific
        • China
        • Hong Kong
        • Japan
    • Central & South America
    • Middle East & Africa