Press release
A Taste of Tradition: Oyster Sauces Market Growth and Consumer Preferences 2024
As per the report, the oyster sauces market size has grown strongly in recent years. It will grow from $9.54 billion in 2023 to $10.08 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The oyster sauces market size is expected to see strong growth in the next few years. It will grow to $12.73 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
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Rising Restaurant Demand Fuels Growth Of The Oyster Sauce Market
The increase in the number of restaurants is expected to propel the growth of the oyster sauce market going forward. A restaurant is a business establishment where meals are prepared and served to customers. The rising number of restaurants is due to growing disposable income, changing consumer preferences, and convenience and accessibility. Oyster sauce is used in a restaurant's kitchen to provide numerous advantages, from flavor enhancement and menu expansion to cost savings and customer satisfaction. It is a versatile ingredient that helps elevate the dining experience and support a restaurant's culinary ambitions. For instance, 2021, according to the National Restaurant Association, a US-based government organization, in 2021, there were 103,323 chain restaurants in the United States. By 2023, the total number of restaurants had surged to 749,404 establishments, reflecting a substantial increase of approximately 625,081 restaurants over the two years. Therefore, the increasing number of restaurants drives the oyster sauce market.
Innovative Vegetarian Alternatives In The Oyster Sauce Market
Major companies operating in the oyster sauce market are developing innovative products, such as vegetarian oyster flavor sauces, that cater to consumers' growing demand for plant-based alternatives. Vegetarian oyster flavor sauce, often referred to as vegetarian oyster sauce or mushroom oyster sauce, is a plant-based alternative to traditional oyster sauce that is designed to mimic the taste and flavor profile of traditional non-vegetarian oyster sauce but is made entirely with vegetarian ingredients. For instance, in May 2022, Kikkoman, a Japan-based food company, launched a 100% vegetarian oyster flavor sauce for the Indian market. The sauce is carefully crafted to provide a truly authentic and delicious flavor profile, matching or exceeding the taste of available non-vegetarian oyster sauces. It is designed to mimic oyster sauce's savory and umami flavor without using animal products, making it suitable for vegetarians and vegans.
The oyster sauces market covered in this report is segmented -
1) By Product Type: Non-MSG Oyster Sauce, Vegetarian Oyster Sauce
2) By Distribution Channel: Independent Retailers, Online Retailers, Supermarkets and Hypermarkets, Convenience Stores
3) By Application: Household, Commercial
4) By End-User: Retail, Foodservice, Other End-Users
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Major companies operating in the oyster sauces market are Daesang Corporation, Yuen Chun Industries Sdn Bhd, Nestle SA, Tung Chun Sauce Group, Sin Tai Hing Oyster Sauce Factory Sdn Bhd, Ajinomoto Co Inc., Kikkoman Corporation, Foshan Haitian Flavoring and Food Co Ltd., Kakusan Foods Co Ltd., HDR Foods Corporation, Lee Kum Kee Co Ltd., NutriAsia Inc., Foodex Manufacturer Co Ltd., King's Chef Sauce Co Ltd., Kimlan Foods Co Ltd., Wing Soon Food Manufacturer Pte Ltd., Woh Hup Food Industries Pte Ltd., Bachun Food Industries Pte Ltd., Marine Resources Development Co Ltd., MGM Blendwell Corporation, Thaipreeda Trading Co Ltd., Malabar Food Products, Zhangzhou Hang Fat Import and Export Co Ltd., Hoisin Sauce Co Ltd
Contents of the report:
1. Executive Summary
2. Oyster Sauces Market Report Structure
3. Oyster Sauces Market Trends And Strategies
4. Oyster Sauces Market - Macro Economic Scenario
5. Oyster Sauces Market Size And Growth
…..
27. Oyster Sauces Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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