Global Oyster Sauces Market 2019-2023
About this market
Increasing prominence of private labels to drive market growth. Private labeling is one of the key strategies adopted by the retail sector to cope with the growing competition and increasingly fragmented nature of the market. Globally, the market share of private label products is increasing. Private label offerings vary across product segments. National brands and private label products adopt different product promotion strategies and pricing. Technavio’s analysts have predicted that the oyster sauces market will register a CAGR of more than 4% by 2023.
Increasing propensity toward home cooking
One of the major drivers that are estimated to increase the demand for oyster sauces during the forecast period is the rising number of people who prefer cooking at home than dining out. loT and smart devices, such as Alexa and Google Home, have made cooking convenient with their voice-assisted recipes and automated home delivery of groceries. With ready-made recipes available, oyster sauce is a key ingredient in many fast food dishes such as Chinese or Tibetan noodles and fried rice, which is estimated to be a key driver for the market.
Growing popularity of substitutes
The easy availability of substitutes for oyster sauce is a serious threat to the market growth. Food manufacturers offer various other products that have similar applications and health benefits. Substitutes for oyster sauces include soy sauce, fish sauces, and mushroom sauces. People allergic to shell fishes avoid oyster sauces and prefer using substitutes such as soy sauce. Most people use soy sauce as a substitute to oyster sauce as the former provides almost similar color and flavor to the dishes.
For the detailed list of factors that will drive and challenge the growth of the oyster sauces market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including Lee Kum Kee and Nestlé the competitive environment is quite intense. Factors such as the increasing propensity toward home cooking and the increasing prominence of private labels, will provide considerable growth opportunities to oyster sauces manufactures. AJINOMOTO, Foshan Haitian Flavoring & Food, Kikkoman, Lee Kum Kee, and Nestlé are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Global Oyster Sauces Market 2019-2023
Technavio recognizes the following companies as the key players in the global oyster sauces market: AJINOMOTO, Foshan Haitian Flavoring & Food, Kikkoman, Lee Kum Kee, and Nestlé.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the increasing prominence of private labels.”
According to the report, one of the major drivers for this market is the increasing propensity toward home cooking.
Further, the report states that one of the major factors hindering the growth of this market is the growing popularity of substitutes.
Foshan Haitian Flavoring & Food
Lee Kum Kee
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