Oyster Sauces Global Market Report 2024

Oyster sauce, a thick and savory condiment widely used in East Asian cuisine such as Chinese, Vietnamese, Thai, Malay, and Khmer dishes, is primarily composed of oysters, sugar, salt, water, and sometimes soy sauce thickened with corn starch. It offers a savory, slightly sweet flavor profile enriched with the umami essence from oysters. Commonly employed in stir-fries, marinades, and dipping sauces, it enhances dishes by imparting depth and complexity.

The primary varieties of oyster sauce include non-MSG oyster sauce and vegetarian oyster sauce. Non-MSG oyster sauce is formulated without monosodium glutamate (MSG). These products are available through a variety of outlets such as independent retailers, online stores, supermarkets, hypermarkets, and convenience stores. They are used in both household and commercial settings, catering to retail, food service, and other consumer needs.

The oyster sauce research report is one of a series of new reports that provides oyster sauces market statistics, including oyster sauces industry global market size, regional shares, competitors with an oyster sauces market share, detailed oyster sauces market segments, market trends, and opportunities, and any further data you may need to thrive in the oyster sauces industry. This oyster sauces market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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 growth observed in the historic period can be attributed to several factors, the growing popularity of Chinese cuisine, the introduction of packaged and branded products, an increase in Asian immigrant populations, the rise of cooking shows and food media, and the overall increase in disposable incomes.

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%. In the forecast period, growth can be attributed to several factors, increasing oyster production, rising popularity of Asian dishes, the growth of online shopping, increasing demand for restaurants, and the expanding number of smartphone and internet users. Major trends expected during this period include innovations in packaging, product development, and marketing strategies, as well as a focus on sustainable and ethical sourcing practices, health-conscious product variants, and advancements in flavor profiles.

The growth in the number of restaurants is anticipated to drive the expansion of the oyster sauce market in the coming years. Restaurants are establishments where meals are prepared and served to customers, and their increasing numbers are driven by factors such as rising disposable income, evolving consumer preferences, and increased convenience and accessibility. Oyster sauce plays a vital role in restaurant kitchens, offering benefits ranging from enhancing flavors and diversifying menus to achieving cost efficiencies and enhancing customer satisfaction. It serves as a versatile ingredient that elevates dining experiences and supports culinary creativity in restaurants. For instance, according to the National Restaurant Association, the United States saw a significant rise in the total number of restaurants from 103,323 chain establishments in 2021 to 749,404 by 2023, marking an increase of approximately 625,081 restaurants over the two-year period. This surge underscores the driving force of the expanding restaurant sector on the oyster sauce market.

Key players in the oyster sauce market are focusing on innovation by introducing products such as vegetarian oyster flavor sauces to meet the growing demand for plant-based alternatives among consumers. Vegetarian oyster flavor sauce, also known as mushroom oyster sauce, is crafted using vegetarian ingredients to replicate the savory and umami-rich taste profile of traditional oyster sauce without any animal products. For example, Kikkoman, a Japanese food company, launched a 100% vegetarian oyster flavor sauce tailored for the Indian market in May 2022. This sauce aims to deliver an authentic flavor experience comparable to non-vegetarian oyster sauces, catering to the preferences of vegetarians and vegans alike.

In May 2024, Lee Kum Kee, a leading Chinese manufacturer of oyster sauces, collaborated with Kyuramen to introduce the distinctive flavors of oyster and black pepper sauces to American diners. This partnership integrated Lee Kum Kee's sauces into Kyuramen's menu offerings, bringing a taste of Hong Kong to the US-based restaurant chain.

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.

Asia-Pacific was the largest region in the oyster sauces market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the oyster sauces market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the oyster sauces market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The oyster sauce market consists of sales of regular oyster sauce, seasoning sauces, marinades, and ketcups. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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