Is Hoisin Sauce The Same Thing As Oyster Sauce?
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At first glance, oyster and hoisin sauce might seem very similar to each other, since they're both glossy, brown, and savory. But they couldn't be more different in terms of flavor and usage. Oyster sauce is indeed made with an oyster base (usually listed as "oyster extract" on the bottle), and also has sugars, thickeners, salt, and monosodium glutamate. The result is a sweet and savory sauce that does delicately capture the essence of oysters, but with an added note of caramel; the sauce is typically used as a cooking ingredient for things like stir fries.
You'll frequently find oyster sauce in Chinese and Southeast Asian cooking, and if you're a fan of Chinese takeout, there's a good chance you've already had oyster sauce in a dish you've eaten. It's particularly good at adding a strong umami component to dishes, which is why it makes a great standalone seasoning to sautéed vegetables or meat (since there's plenty of salt in it). I like to toss it with green beans and garlic to make a quick side dish for dinner.
Hoisin sauce has a much different flavor — it's pastier and sweeter in nature. Unlike oyster sauce, you can use it as a condiment or a dipping sauce. But on the other hand, like oyster sauce, you can also incorporate it into your cooking to add a sweet and tangy flavor to whatever you're cooking instead. (Try hoisin sauce with pot roast, even.) I personally liken it to a Chinese barbecue sauce of sorts: both are usually made with ingredients like sugar, soybeans, and vinegar, as well as salt, thickeners, and spices.
Oyster sauce and hoisin sauce are not interchangeable
Because oyster and hoisin sauces are so different from each other, there's no way they'd work in a straight swap. The only immediate similarity is in their appearance. Granted, you can certainly try to replace one with the other in a recipe, but that deep savoriness of oyster sauce can't be replaced with the lighter and tangier profile of hoisin, and vice versa. If you were hoping to replace the oyster sauce with hoisin because the latter is often a vegan product, I've got good news for you. Thanks to the magic of modern food production, there are mushroom-flavored vegan oyster sauces out on the market.
Due to their popularity and versatility, you can expect to find both oyster and hoisin sauces in most major supermarkets, though where they might be in the store can vary on your preferred chain. If for some reason your local grocery store doesn't carry either (I'd be surprised if they didn't), you can count on both of them always being at whichever general-purpose Asian market is by you. I definitely think you should branch out and give them a try, but remember that oyster sauce is meant for cooking and for a savory push, while hoisin sauce can be used as a condiment, much like barbecue sauce. You'll get the hang of it once you give both a shot.