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.
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.
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.
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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