Soy Sauce Powder Market to Exceed US$ 602.8 Million at a 5.5% CAGR by 2033: Fact.MR Report

Friday, December 8, 2023 at 8:00am UTC

Rockville , Dec. 08, 2023 (GLOBE NEWSWIRE) -- The global Soy Sauce Powder Market is projected to reach a valuation of US$ 602.8 million by 2034-end, expanding at a CAGR of 5.5% over the next ten years. Market growth is being fueled by evolving consumer preferences for convenient and versatile seasoning solutions.

Market research conducted by Fact.MR, a market research and competitive intelligence provider, highlights the burgeoning demand for soy sauce powder across various culinary applications worldwide. This surge is attributed to its convenience, longer shelf life, and the growing inclination towards authentic flavors in cuisines globally.

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Key Segments of Soy Sauce Powder Industry Research Report

By Nature By End Use By Distribution Channel By Region
  • Organic
  • Conventional
  • Soups & Sauces
  • Dips & Seasonings
  • Snacks & Convenience Food
  • Meat & Seafood
  • Others
  • Business to Business
  • Business to Consumer
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

Convenience food is in high demand because of increasing disposable income, especially in emerging economies. Globalization has significantly aided in market expansion. The spread of the Asian cuisine across the world has resulted in a high demand for authentic condiments such as soy sauce powder. Its capacity to provide an umami taste to a variety of foods has made it a household and restaurant staple.

Key Takeaways from Market Study

  • The global soy sauce powder market is projected to expand at a CAGR of 5.5% through 2034.
  • North America is projected to account for a market share of 17.9% in 2024.
  • Based on nature, conventional soy sauce powder is set to account for a market share of 59.8% in 2024.
  • Global demand for soy sauce powder is projected to reach a market value of US$ 602.8 million by the end of 2034.
  • East Asia is predicted to account for a market share of 23.9% in 2024.
  • The business-to-business distribution channel segment is predicted to expand at a CAGR of 5.2% through 2034.

“As more consumers seek out new culinary experiences, the soy sauce powder market stands out as a convenient and authentic taste enhancer. Its versatility across diverse cuisines and ease of usage continues to propel its global market prominence,” says a Fact.MR analyst.

Rising Demand for Flavorful Yet Wholesome Options among Health-conscious Individuals

Asian flavors, such as umami, have captured palates worldwide due to their innate richness and complexity. Sushi, ramen, curry, and stir-fries offer an exceptional culinary experience with their unique balance of sweet, salty, sour, and spicy components. The growing popularity of health-conscious eating has increased the popularity of Asian cuisine.

Many dishes in Asian culinary traditions incorporate fresh ingredients, herbs, and spices known for their health benefits, appealing to a health-conscious consumer base. This emphasis on nutrition aligns with contemporary dietary inclinations, further driving the popularity of Asian dishes among health-conscious individuals seeking flavorful yet wholesome options.

Global accessibility of Asian ingredients and recipes through social media, cooking shows, and travel experiences has fostered an increased appreciation for the authenticity and diversity of Asian flavors.

This has led to a cultural shift where consumers actively seek out Asian-inspired meals, not just in restaurants but also in their home cooking, leading to a surge in demand for essential ingredients like soy sauce powder that impart the signature umami taste to these dishes. This culinary renaissance transcends geographical boundaries, fostering a deeper appreciation for cultural heritage, flavors, and innovative cooking techniques.

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Report Attribute Details
Value Projection (2034) USD 602.8 Million
Growth Rate (2024-2034) 5.5% CAGR
No. of pages 170 Pages
No. of Tables 84 Tables
No. of Figures 112 Figures

Competitive Analysis

Key players in the soy sauce powder sector, such as Kikkoman Corporation, YAMASA Corporation, Ajinomoto Co., Inc., Woodland Foods, Chaitanya Biologicals Pvt. Ltd, and AmTech Ingredients, shape a vibrant competitive landscape. This dynamic environment, led by industry leaders, encourages innovation and collaboration, fostering opportunities for both established and emerging brands to differentiate themselves and gain market share through strategic partnerships.

  • Kikkoman Corporation, renowned for its traditional soy sauce offerings, has extended its product line to include soy sauce powder variants, capitalizing on its brand recognition and commitment to quality.
  • Ajinomoto Co., Inc., another prominent player, has solidified its market presence through continuous innovation in soy-based condiments, showcasing diverse formulations, including soy sauce powder.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the soy sauce powder market for 2018 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on nature (organic, conventional), end use (soups & sauces, dips & seasonings, snacks & convenience food, meat & seafood, others), and distribution channel (business to business, business to consumer), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).

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Soybean Oil Market: The global soybean oil market is projected to expand steadily at a CAGR 5.1% value, during the forecast period 2022-2032. In the year 2022, the market size is projected to expand and gain a global market valuation of US$ 21 Billion.

Non-GMO Soy Protein Market: Expanding at a CAGR of 4.8%, the global non-GMO soy protein market is expected to increase from a valuation of US$ 2.5 billion in 2023 to US$ 4 billion by the end of 2033.

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