Global Soy Sauces Market 2019-2023| Emergence of Private Label Brands to Boost Growth| Technavio
LONDON--(BUSINESS WIRE)--Nov 22, 2018--The global soy sauces market is expected to post a CAGR of close to 7% during the period 2019-2023, according to the latest market research report by .
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Technavio has published a new market research report on the global soy sauces market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is growing focus on expanding production capabilities. Manufacturers are finding tremendous growth opportunities in all global markets, owing to the rising consumer preference for soy sauce products. The increase in the production capacity ensures that manufacturers are well-positioned to cater to the customers’ growing demands across the markets. For instance, JONJEE HI-TECH INDUSTRIAL & COMMERCIAL HOLDING, a leading condiment company in China, is expanding its soy sauce production facility in Yangxi, China. The new expansion (expected to be completed in 2018) adds 200,000 tons of soy sauce production to the plant, and by 2020 it is expected to reach full production capacity. These expansions can help the company to cater to the rising consumer demands for soy sauce products, especially in the US.
This market research report on the 3 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the emergence of private label brands as one of the key emerging trends in the global soy sauces market:
Global soy sauces market: Emergence of private label brands
The emergence of private label brands is one of the positive trends that can influence the growth of the global soy sauces market during the forecast period. The private label products are priced lesser than mainstream brands and this makes private label products a popular option among consumers who are budget conscious. The market share of private label players is increasing in all the segments of packaged foods. Product innovations and continuous product launches help the private label products grow in the global soy sauces market. Many major retailers and supermarket chains such as Walmart, Tesco, Aldi, and others offer private label soy sauce products. The supermarket chains are also allocating more shelf space for their private label offerings and are also carrying out in-store promotions and campaigns to increase the popularity of their private label offerings. Thus, the increasing private label brands in the market will help in the growth of the market during the forecast period.
“Along with advent of private label brands, innovations in packaging is another factor that is boosting the growth of the market. Packaging plays a major role in soy sauce sales in terms of retaining the flavor, taste, product quality, color, texture, and shelf life. Many major companies are collaborating with packaging manufacturers to develop advanced packaging technology for their products to expand the consumer base. The packaging of any product is a brand extension of the product and is an important factor in consumer buying decision,” says a senior analyst at Technavio for research on food.
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, EMEA, and the Americas).
The APAC region led the market in 2018 with a market share of close to 74%, followed by the Americas and EMEA respectively. However, during the forecast period, the EMEA region is expected to register the highest incremental growth, followed by the Americas.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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SOURCE: Technavio Research
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