The global Oyster Sauce Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global oyster sauce market size is projected to attain USD 11.16 billion by the end of 2025, according to a new report released by Million Insights. It is estimated to grow at a CAGR of 4.5% over the forecast period, 2019-2025. Asian cuisine is gaining high popularity across different regions. Oyster sauce is routinely used in Asian cuisine as an essential flavoring and seasoning ingredient.
Key Players:
- Lee Kum Kee
- Foshan Haitan Flavoring & Food Co.
- Kikkoman Corporation
- Nestle Maggi
- Ajinomoto Co. Inc.
- Kakusan foods, Co.Ltd.
- Bachun Food
- Yuen Chun Industries
- Thai Preeda Group
- Foodex Manufacturer Co., Ltd.
Request free sample to get a complete analysis of top-performing companies @ https://www.millioninsights.com/industry-reports/global-oyster-sauce-market/request-sample
Growth Drivers:
In countries like Japan, China, Thailand, Vietnam, Indonesia, and Malaysia oyster sauce is used as a staple ingredient in majority of their dishes. Vegetables and different types of meats are flavored using oyster sauce because of its unique savory flavor. This property is anticipated to fuel the product demand from 2019 to 2025. Moreover, number of online retail grocery stores and service providers such as Bigbasket are 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 adapting 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 fusion of Korean and Japanese flavors.
Distribution Channel Outlook:
- Supermarkets/Hypermarkets
- Convenience Stores
- Online
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 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 increasing number of smart phone users are the factors responsible for the growth of this segment. Moreover, consumers can easily get the products at discounted price directly at their doorsteps. This factor is anticipated to drive the segment growth over the forecast period.
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, 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 cuisine in this region. These are some of the factors expected to drive the regional demand from 2019 to 2025.
Browse Related Category Research Reports @ https://industryanalysisandnews.wordpress.com/
No comments:
Post a Comment