Stakeholders in the agricultural sector are foreseeing good days for soybean farmers across the country as the federal government moves to start soy sauce production locally.
Soy sauce is a liquid seasoning agent currently used in cooking worldwide. It contains bioactive components, in addition to taste and aromatic compounds.
Soyabean is the major raw material for soy sauce production. The crop is one of the most valuable, versatile and nutritionally important legumes globally, and it can be cultivated in nearly all parts of Nigeria.
With a deep reddish-brown and liquid-like appearance, soy sauce is used for enhancing the taste and colour of cuisines from various cultures.
According to a document from the Raw Materials Research Development Council (RMRDC), the global soy sauce market size was $40.63bn in 2019, and is projected to reach $56.67bn by 2027.
The document further indicates that the global trade of soy sauce is dominated by countries in the Asia-Pacific region, with China, Japan, Singapore and Hong Kong among the major exporters. The largest manufacturers and retailers of soy sauce are based in the United States of America (USA) and the Netherlands; both of which have become major exporter nations.
In 2017 alone, a total of 22,000 tonnes of soy sauce was consumed locally while local production was about 11,000 tonnes, culminating in expenditure of about $35m for soy sauce importation.