(I-BusinessNews.Com, March 21, 2019 ) Buoyancy in the restaurant industry and extensive restaurant chains of Asian cuisine is set to drive the oriental sauce market. With an aim to stand out in the extensive competition of the restaurant industry, stakeholders are introducing Asian food menus, thereby driving demand for oriental sauces. In particular, increasing appetite for oriental flavors among Generation X and millennials is expected to ensure sustainability of the oriental sauce market. Discriminating palate of this population with a craving for spicy and bold flavors is satiated by Asian cuisine, in turn, driving the demand for oriental sauces.
The dominance of Chinese and Japanese cuisine across world regions and evolving taste for other Oriental cuisines such as Korean, Indian, Thai, Vietnamese and Malaysian are further propelling the demand for oriental sauces. Application of oriental sauces in Western and other cuisines to achieve a specific taste also increasing the popularity of oriental sauce across world regions. Identifying these market dynamics, market players in the oriental sauce market are foraying in high potential regions with new product offerings of oriental sauces. For instance, in 2017, Kikkoman entered in India with oriental sauce – soy sauce offering and Lee Kum Kee entered the European market to satiate authentic Chinese flavor demand.
Globalization of Asian Cuisine and Product Innovations: Important Influencers of the Global Oriental Sauce Market
The growth of the global oriental sauce market is projected to be influenced by macro- as well as micro-economic factors. Globalization has intensified the presence of Asian food across the globe. Migration of Asian population in almost every world region is another important factor responsible for the increased global popularity of the oriental cuisine. Further, advances in food packaging industry, as well as food processing, have assisted manufacturers to introduce novel products in the global market. Based on this, the market for oriental sauce is estimated to grow steadily in the coming future.
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Global Popularity of Asian Cuisine to Boost Adoption
Across different world regions, the appetite for Asian cuisine has grown significantly, in particular Chinese cuisine. With the increased popularity of Asian cuisine, demand for oriental sauces has increased in parallel. Asian cuisine includes flavors from different Asian regions namely East Asian, Southeast Asian, South Asian, Central Asian, and Middle Eastern or Western Asian. From these regions, different flavors of sauces including soy, XO, black bean, duck plum, fish, hoisin, sacha, teriyaki and many more are now available in the global market.
Multiple Sales Channels to Intensify Availability
With the improved packaging solutions, different flavors of oriental sauces are available in local retail stores as well as super stores. E-commerce is another important factor that has increased exposure to different oriental sauces to world population. Outside Asia, new specialty Asian stores have emerged which are accommodating the rising appetite for Asian cuisine. Due to easy availability of oriental sauces through multiple sales channel, these Asian flavors are accessible to most consumers, which, in turn, has intensified the demand for oriental sauces.
Product Innovations to Attract Huge Consumer Pool
With the increased appetite for multicultural cuisine, consumers consistently are seeking for novel tastes. To accommodate this, food company giants are experimenting combination of recipes. With the help of product designers and packaging solutions, manufacturers have introduced a range of ready-to-serve oriental sauces. Further, with the implementation of food processing and preservation technologies, food specific oriental sauces, for instance, fish oriental sauce, chicken oriental sauce, vegetable oriental sauce, and many more are available. All-purpose sauce is another new entrant in the oriental sauce market which is attracting consumers who regularly consume oriental sauce in various food preparations. Such different and novel product introductions are likely to enhance growth of the global oriental sauce market.
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Packaging Innovation by Industry Titans to Gain Traction
A host of packaging solutions have been introduced by multiple oriental sauce manufacturers that address variety of consumer expectations. Factors such as storage, shelf-life, and packaging size are important factors that consumers prefer before purchasing liquid or semi-solid food products. Following this, oriental sauces are available in a range of packaging solutions in different materials and sizes. They are delivered in jars and bottles made of glass or plastic, in aluminium cans, or in transparent pouches. With the feature of resealing, these packaging of oriental sauces come in a variety of convenient sizes. Owing to the availability of myriad of convenient packaging options, the market for oriental sauces is set to grow steadily in the future.
Key Company Developments
Most food giants that manufacture variety of oriental sauces are headquartered in Asia and have penetrated their roots in global market while satisfying demand of a range of consumers. Key players are involved in the novel product launch as well as expansion activities.
Virosco, a Russian food company that manufactures condiments and preservatives, has launched a new packaging design for its soy sauce brand Dynasty Shen. This new packaged sauce features authentic Japanese food such as sesame-coated chicken, fiery beef, and sushi.
Lee Kum Kee international Holdings, is a leading Hong Kong based supplier of Chinese sauces and represents multinational presence in 120 markets. In the fourth quarter of 2017, Lee Kum Kee reported significant growth in the UK’s market and proposed further business expansion across Europe.
Some of the key stakeholders in the global oriental sauce market are Kikkoman, Bluegrass Soy Sauce (Bourbon Barrel), Okonomi, Maggi, Aloha Shoyu, ABC Sauces, Yamasa, Lee Kum Kee, and Shoda Shoyu among others.
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