Global Soy Sauces Market 2019-2023
About this market
Manufacturers of soy sauce are encompassing innovative and distributive strategies. The market is expected to witness growth due to successful new product launches. A successful new product launch broadens the customer base of vendors and helps them to increase their revenue flow. Technavio’s analysts have predicted that the soy sauces market will register a CAGR of almost 7% by 2023.
Increasing focus on expanding production capabilities
manufacturers are experiencing tremendous growth opportunities due to the rising consumer preference for soy sauce products. These manufacturers are well-positioned to cater to the customers’ rising demands across the markets as they expand their production capabilities to meet this growing demand.
The widening gap between the demand and supply
The prices of raw materials used to make soy sauce is increasing due to the rising gap between the demand and supply. This in turn, results in an increased manufacturing cost and leads to decline in the profit margins of vendors.
For the detailed list of factors that will drive and challenge the growth of the soy sauces market during 2019-2023, view our report.
The market appears to be highly fragmented with the presence of many companies. Factors such as the innovative and distributive strategies and increasing focus on expanding production capabilities, will provide considerable growth opportunities to soy sauces market vendors. Bourbon Barrel Foods, Foshan Haitian Flavoring & Food, Kikkoman Corporation, Lee Kum Kee, OTAFUKU SAUCE, and YAMASA CORPORATION are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Global Soy Sauces Market 2019-2023
Technavio recognizes the following companies as the key players in the global soy sauces market: Bourbon Barrel Foods, Foshan Haitian Flavoring & Food, Kikkoman Corporation, Lee Kum Kee, OTAFUKU SAUCE, and YAMASA CORPORATION.
Commenting on the report, an analyst from Technavio’s team said: “One trend affecting this market is the adoption of innovative and distributive strategies by manufacturers.”
According to the report, one driver influencing this market is the growing focus on expanding production capabilities.
Further, the report states that one challenge affecting this market is the widening gap between the demand and supply.
Bourbon Barrel Foods
Foshan Haitian Flavoring & Food
Lee Kum Kee
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