The global oyster sauces market is expected to post a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has released a new market research report on the global oyster sauces market for the period 2019-2023. (Graphic: Business Wire)
The penetration of pre-made meals and online grocery home delivery services have reduced restaurant visits and expenditure at food-service outlets among cost-conscious consumers. Furthermore, with ready-made recipes available, oyster sauce is a critical ingredient in many fast food dishes. Cooking shows are also encouraging people to experiment and cook at home. Moreover, increasing awareness of healthy eating habits, is leading to the growing preference and propensity for home cooking, which will increase the demand for oyster sauce during the forecast period.
As per Technavio, the increasing innovations in packaging will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global oyster sauces market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global oyster sauces market: Innovations in packaging
Packaging plays a crucial role in the sale of oyster sauce as it helps retain the flavor, taste, quality, and texture. Packaging is a brand extension of the product and is a crucial factor that influences the purchase decision of consumers. Therefore, several major companies are collaborating with packaging manufacturers to develop advanced packaging technologies and attract consumers. The shelf life of oyster sauce shelf life depends on the ingredients, production methods, and packaging method. Manufacturers are also offering oyster sauce in small, convenient packets.
“Apart from the innovations in packaging, the increasing number of product launches, growth in the retail landscape, and increasing oyster production are some major factors that are expected to boost the market during the forecast period,” says a senior analyst at Technavio.
Global oyster sauces market: Segmentation analysis
This market research report segments the global oyster sauces market by end-user segment (retail and foodservice) and geographical regions (APAC, North America, Europe, South America, and MEA).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. However, during the forecast period, the North American region is expected to register the highest incremental growth due to the growing popularity of the Asian cuisine and many Asian vendors expanding their businesses to increase their market share in the region.
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Five Forces Analysis
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