The global soy sauces market is expected to post a CAGR close to 7% during the period 2019-2023, according to the latest market research report by Technavio
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Technavio has published a new market research report on the global soy sauces market from 2019-2023. (Graphic: Business Wire)
Owing to the rising consumer preference for soy sauce products, manufacturers are finding tremendous growth opportunities in all global market leading them to focus on expanding their production capabilities. Such expansions will help companies to cater to the rising consumer demands for soy sauce products leading to market growth.
As per Technavio, the rising innovations in packaging will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global soy sauces market 2019-2023research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global soy sauces market: Packaging Innovations
Packaging plays a major role in soy sauce sales as it ensures retaining the flavor, taste, product quality, color, texture, and shelf life. The shelf life of soy sauce is heavily dependent on the ingredients, production methods, as well as packaging methods. Thus, many major companies are collaborating with packaging manufacturers to develop advanced packaging technology for their products to ensure product quality and longer shelf life. This will enable manufacturers to expand their consumer base.
"Along with the rising innovations in packaging, the increase in new product launches is another factor that is driving the growth of the market. The increase in new product launches such as Ponzu Citrus Soy Sauce by regional and international players will support the growth of the global soy sauces market. Moreover, manufacturers of soy sauce are adopting innovative distribution strategies which involve the launch of different products to cater to local tastes. Such innovative product launches are expected to boost the growth of the global market during the forecast period," says a senior analyst at Technavio.
Global soy sauces market: Segmentation analysis
This market research report segments the global soy sauces market by end-user (foodservice, and retail) and geographical regions (APAC, Americas, and EMEA).
The APAC region led the market in 2018, followed by the Americas, and EMEA respectively. However, during the forecast period, the EMEA region is expected to register the highest incremental growth due to the emergence of modern retail chains as the primary distribution channels for soy sauces in Europe and the African region. There is also an increase in online presence which is gaining popularity among consumers in Germany and France.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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