Oyster sauce represents a variety of sauces made by cooking oysters or from oyster extracts along with salt, sugar, and water thickened with corn starch. The oyster sauce has been rising in popularity in recent times for its savory flavor, making it ideal choice for flavoring vegetables, meat, and different global cuisines apart from Chinese. With rise in the demand for flavor enhancer, emerging trends of fusion of different cuisines, and increasing consumer interest in exploring new flavors and multiple dishes, the demand for oyster sauce is likely to grow significantly in the coming years. In addition, rising consumer inclination toward home cooking over dining out is expected to contribute to the development of oyster sauce market globally.
Oyster Sauce Market – Notable
Developments
Nestlé,
Kikkoman, Ajinomoto, Lee Kum Kee, Foshan Haitian Flavoring & Food, MOTHER’S
BEST, Wing Soon Food Manufacturer Pte Ltd, Kakusan Foods Co., Ltd., Bachun
Food, Yuen Chun Industries, Thaipreeda Group, Marine Resources Development
Co., Ltd., and Foodex Manufacturer Co., LTD. are some of the key players
operating in the oyster sauce market.
·
In January 2019, Lee Kum Kee introduced a new line of Panda
Brand Grilling and Dipping Sauces. According to the company, this new line of
products provide an easy and simple way to prepare delicious dishes. They come
in four bold flavor varieties which can be enjoyed straight out of the bottle.
The company’s chairman Lee Man-tat reportedly became the third richest man in
Hong Kong in February 2019.
·
In November 2018, Ajinomoto Co., Inc., a leading player in the
oyster sauce market, announced to build a new plant for manufacturing and
packaging soups and other products. Under its FY2017-2019 Medium-Term Management
Plan, the company is planning to reconstruct the value chain of its Japan Food
Products Business. In July 2018, Ajinomoto organized a food tour featuring its
Sarsaya Oyster Sauce which was launched in October 2016.
·
In April 2018, Nestlé’s Maggi sends off its Food Truck Caravan
on a roadshow to introduce its new ‘Maggi Oyster Sauce’ which is richer,
thicker, and full flavor of Korean and Japanese oysters.
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Oyster Sauce Market Dynamics
Rapid
penetration of pre-made or ready-to-cook meals along with home delivery
services for groceries has significantly reduced visits to restaurants and
other food service outlets among a range of consumers. Moreover, cooking shows
are influencing these consumers to cook at home and explore different
flavorings and sauces. In the recent times, oyster sauce has become one of most
sought-after ingredients in multiple fast food dishes. These are the important
factors driving the growth of oyster sauce market. Consumer shift toward home
cooking to adopt health eating habits is also foreseen to strengthen the oyster
sauce market growth.
To cater
the increasing demand, oyster sauce manufacturers are focusing on incorporating
innovative packaging solutions which helps retain the product quality, texture,
color, taste, and flavor. More availability of ready-made recipes with oyster
sauce as a key ingredient will possibly create potential growth prospects of
the market.
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Trending Reports
Easy Availability of Better and
Reliable Substitutes to Restrain Oyster Sauce Market Growth
Although
the oyster sauce market is anticipated to maintain a positive outlook, growing
popularity of oyster sauce substitutes such as soy sauces, mushroom sauces, and
fish sauces may pose as a challenge to its leading players. Further, some
people are allergic to oyster sauce, and therefore prefer using its substitutes
which offer similar taste and flavor. This in turn is likely to create a
hindrance in the growth of oyster sauce market.
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