Global Fish Sauce Market - 2022-2029

Global Fish Sauce Market - 2022-2029

Market Overview

The global fish sauce market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

Fish Sauce is a smelly brown liquid obtained by fermenting fish and salt to provide flavor in cooking Thai cuisines. Fish sauces made in factories are a blend of fish essence, flavoring, preservatives, coloring, and sweeteners. It is a common element in many civilizations throughout East Asia, Southeast Asia, and other parts of the world. In the next few years, the market size is predicted to grow due to rising consumer demand for seasonings to enhance the flavor of traditional cuisines. Fish sauces are expected to rise in popularity as people become more aware of their health benefits.

Market Dynamics:

Growing demand of fish sauces as a seasoning and health benefits provided by fish sauce is driving the market growth

Fish sauce is used as a seasoning in many regions of the world and has become a popular table ingredient. The market is growing due to an increase in non-vegetarian eaters due to the health benefits of non-veg cuisine and the availability of traditional fish sauces in various packages, flavors, and prices to cater to varied tastes around the world. Furthermore, the nutrients found in fish and fish sauces are extremely helpful to the human body.

Furthermore, due to multiple nutrients in fish, such as omega-3, vitamin D, and B2, consumers are turning to fish meat as a substitute for chicken and red meat. This has prompted producers to introduce a variety of pre-packaged, ready-to-use fish gravies. These are primarily supplied in powder form in sachets to provide consumers with the best flavor and convenience, particularly in developed countries where people have more hectic lifestyles. As a result, fish sauce, a crucial element in producing these dishes, is in high demand. Furthermore, customers in industrialized countries are more eager to try new foods and flavors, which leads to an increase in fish sauce sales.

However, the worldwide fish sauce market's growth is constrained by the availability of low-cost competitors, high manufacturing costs, and health-related difficulties such as allergies caused by fish-eating.

Market Segmentation:

Traditional sector accounted for the highest share in global fish sauce market

The market has been divided into two categories based on product type: traditional and industrial. In 2021, the traditional sector will dominate the market. Fish sauces made in factories are usually a mix of flavorings, preservatives, sweeteners, fish essence, and coloring, which is why traditional sauces are more popular. In addition, in certain locations, it is utilized as an ingredient in casseroles and soups, which will increase demand. Over the next few years, the industrial product type segment is expected to increase significantly. This increase is attributable to increased consumer expenditure on premium and high-quality products and rising global demand.

The fish sauce market has been classified into three categories: domestic/household, foodservice industry, and restaurants. The restaurant sector is expected to account for the largest portion of the global market. Because the fish sauce is widely used as a seasoned product to enhance food taste, it is expected to be the fastest-growing category over the projection period.

Geographical Penetration:

North America is the fastest growing region during the forecast period

International players from Thailand, Vietnam, and Singapore dominate the US fish sauce market. Squid and Red Boat Fish Sauce are two well-known products in the country. Because of the multiple health benefits provided by the product and the fact that it improves the taste of food, customer demand for the fish sauce will continue to rise. Because consumers are becoming more health-conscious, manufacturers ferment fish with natural components like salt and water to produce fish sauces. Despite high demand from Southeast Asian countries, fish sauce is seeing a rise in popularity in the United States. The increase in distribution channels contributes even more to this growth.

The presence of nations such as Indonesia, Japan, South Korea, and Vietnam drives the Asia Pacific fish sauce industry. Fish sauce is a prominent and staple element in their traditional cuisines, and its popularity is expected to boost productivity growth. Product growth is expected to be aided by the growing popularity of ethnic and traditional cuisines.

Competitive Landscape:

The global fish sauce market is consolidated and competitive, with a few major manufacturers dominating the industry. Some of the key companies in the market are Teo Tak Seng Fish-Sauce Factory Co. Ltd., Pichai Fish Sauce Co., Shantou Fish Sauce Factory Co., Tang Sang Hah Co. Ltd., Thai Fish sauce Factory (Squid Brand) Co. Ltd., Fish Sauce Co. Ltd., Halcyon Proteins Pty. Ltd., and Hung Thanh Co. Ltd. Expansion strategies and strategic agreements have been critical to their success in the global marketplace. Hung Thanh is a traditional fish sauce maker with products sold in Europe, Asia, the United States, and Australia. Nestle Vietnam announced the launch of its first Maggi fish sauce in July 2018. The product is free of preservatives and prepared with natural components such as Phu Quoc black anchovy essence and Ba Ria sea salt.

COVID-19 Impact: Positive impact on the global fish sauce market

The COVID-19 pandemic has significantly influenced the global fish sauce market. With the advent of COVID-19, there has been a rise in interest in vegetarian and fish-based diets. Plant and fish-based diets were shown to reduce the incidence of serious infections by 73 percent and 59 percent, respectively, according to survey findings published in the BMJ Nutrition Prevention & Health. Hence, the global fish sauce market has seen high demand during the lockdown as more people are conscious of their food habits and piled up fish sauces in grocery.

Why Purchase the Report?
• Understand the current market scenario and viability of global fish sauce market over the forecast period
• Visualize the composition of the global fish sauce market in terms of product type, application and region to identify major players, growth potential, and market strategies
• Identify the key regulations prevailing in the market and understand their impact on the Market over the forecast period
• Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market

What we offer?
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
• Excel data sheet with valuable data points of the global fish sauce market– Regional and Country level segmentation
• Product mapping in excel for the key products of all major Market players
• Market Share Analysis covering business revenues ($) and revenue share (%) of key Market players

The global fish sauce market report would provide an access to approximately 53 market data tables, 42 figures and 180 pages

Target Audience:
• Food & Beverages Companies
• Import and Export Companies
• Industry Investors
• Education & Research Institutes
• Research Professionals