$31.9bn
$X.Xbn
123k
778
$X.Xbn
Revenue from the Soy Sauce Production industry in China is expected to grow at an annualized rate of 2.3% over the five years through 2024. In 2024, revenue is expected to grow by 1.6% to total $31.9 billion, mainly due to the stable domestic demand and recovering export volumes.<br />The industry has expanded over the past five years due to rising income and consumption levels. Domestic demand for the industry's products mainly comes from the catering industries, food manufacturing industries, and from households. Demand from catering industries has been negatively influenced due to the COVID-19 period, mainly as residents reduced eating out. In contrast, demand from households and food manufacturing industries has been increased.<br />Exports increased strongly during the past five years to 2024, at an average rate of 10.4%. Exports are expected to account for 7.1% of industry revenue in 2024.<br />The industry has obvious regional features. There are more regional operation companies and a few nationwide brands due to the differences in local customs and personal taste preferences. Revenue from the top four industry enterprises accounts for 19.4% of industry revenue in 2024, indicating a low market share concentration in the industry. However, greater merger and acquisition activity has increased the industry's concentration in recent years.<br />ACMR-IBISWorld forecasts that over the five years through 2029, industry revenue will grow at an annualized rate of 2.0% to total $35.2 billion. With the country's change in economic focus from exports to domestic demand and with rising living standards, solid growth in consumption of industry products in China is projected to continue. Improving rural distribution networks will also promote the industry's development in the future.
Industry revenue has grown at a CAGR of 2.3 % over the past five years, to reach an estimated $31.9bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 |
---|---|---|
Foshan Haitian Flavouring and Food Company Ltd. | 3,735.7 | |
Lee Kum Kee (Guangzhou) Food Co., Ltd. | 1,180.9 | |
Jonjee Hi-Tech Industrial & Commercial Holding Co., Ltd. | 735.6 |
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Industry revenue is measured across several distinct product and services lines, including Soy sauce, Vinegar and Sauce products. Soy sauce is the largest segment of the Soy Sauce Production in China.
Soy sauce is a mostly commonly used seasoning
This industry uses soybeans, wheat and bran as raw materials to produce various soy sauce and sauce products through microbial fermentation.
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Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Catering culture in China supports industry demand. Soy sauce, vinegar and similar products are basic seasonings that are essential in the daily lives of Chinese residents, w...
Learn about an industry's products and services, markets and trends in international trade.
Soy sauce is the largest product segment. Soy sauce is a traditional liquid seasoning in China, and also mostly commonly used in cooking of Chinese food.
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Industry operation is regional concentrated. Industry operation is concentrated in Guangdong, Shandong and Sichuan. Combined, these three provinces make up 53.4% of industry ...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
The industry has a low concentrate level. The top four industry participants have a joint market share of 19.4% in 2024.
Learn about the performance of the top companies in the industry.
Domestic companies dominate the market. Due to the cultural differences between Chinese and Western cuisine and the unique geographic environment, domestic companies are more...
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The industry has a medium regulation level. Production and operation of industry companies must company with laws and regulations in China. Industry regulation level is incre...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Industry profit has been volatile. Industry profitability has fluctuated in the past five years due to the changing prices of raw materials, like soybeans, wheat and other gr...
Including values and annual change:
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Key data sources in China include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
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IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
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The market size of the Soy Sauce Production industry in China is $31.9bn in 2024.
There are 778 businesses in the Soy Sauce Production industry in China, which has grown at a CAGR of 0.9 % between 2019 and 2024.
The market size of the Soy Sauce Production industry in China has been growing at a CAGR of 2.3 % between 2019 and 2024.
Over the next five years, the Soy Sauce Production industry in China is expected to grow.
The biggest companies operating in the Soy Sauce Production market in China are Foshan Haitian Flavouring and Food Company Ltd., Lee Kum Kee (Guangzhou) Food Co., Ltd. and Jonjee Hi-Tech Industrial & Commercial Holding Co., Ltd.
Soy sauce and Vinegar are part of the Soy Sauce Production industry.
The company holding the most market share in China is Foshan Haitian Flavouring and Food Company Ltd..
The level of competition is high and increasing in the Soy Sauce Production industry in China.