Global Fish Sauce Market Size, Share & Industry Trends Analysis Report By Application, By Distribution Channel, By Type, By Nature (Premium, and Conventional), By Regional Outlook and Forecast, 2023 - 2030

Global Fish Sauce Market Size, Share & Industry Trends Analysis Report By Application, By Distribution Channel, By Type, By Nature (Premium, and Conventional), By Regional Outlook and Forecast, 2023 - 2030

The Global Fish Sauce Market size is expected to reach $17.5 billion by 2030, rising at a market growth of 5.0% CAGR during the forecast period. In the year 2022, the market attained a volume of 1,544.5 kilo tonnes, experiencing a growth of 3.7% (2019-2022).

The significant rise of e-commerce and online retail platforms in recent years has profoundly influenced myriad industries, with the market reaping its share of benefits. Consequently, the Online segment registered $1,928.7 million revenue in the market in 2022. The primary allure of online retail lies in its ability to connect producers directly to a global consumer base. For the uninitiated Western consumer or an Asian expatriate yearning for a taste of home, digital platforms offer the ease of sourcing authentic fish sauce with just a few clicks. Detailed product descriptions, user reviews, and recipe suggestions further bolster informed purchasing decisions, enabling consumers to choose brands and variants that best align with their preferences. Some of the factors impacting the market are increasing globalization and culinary exploration, product diversification and innovation, and sustainability concerns associated with the product.

The surge in the market can be primarily attributed to the symbiotic relationship between increasing globalization and the burgeoning interest in culinary exploration. As barriers between countries dissolve and global communication becomes more seamless, there's a palpable ripple effect in the culinary world. The once region-confined cuisines of Southeast Asia have now spilled over into the plates of Western countries and beyond. The tandem journey of globalization and culinary exploration has metamorphosed fish sauce from a regional specialty to a global culinary treasure, catalyzing its market growth. Additionally, in the dynamic landscape of the global food industry, product diversification and innovation emerge as potent catalysts for market growth. The market, deeply anchored in Southeast Asian culinary traditions, has reaped substantial benefits from this paradigm. Recognizing the evolving palate and preferences of the modern consumer, fish sauce producers have delved into various inventive offerings. The burgeoning health-conscious segment has been catered to by introducing reduced sodium variants and fortified fish sauces, harmoniously merging authentic flavor with dietary mindfulness. Collectively, these diversification and innovation strides have fortified the market's growth and positioned it favorably in the diverse culinary tapestry of the global audience.

However, sustainability concerns have emerged as significant impediments in the market's growth trajectory. Fish sauce, with its deep-seated cultural and culinary roots in Southeast Asia, necessitates large quantities of fish to produce even modest amounts of the condiment. The pressure on marine ecosystems intensifies as the demand for this flavorful sauce escalates globally. Manufacturers failing to adopt sustainable sourcing practices might find themselves alienated from such consumers, which, in turn, restricts market growth. The challenge lies in reconciling the two, as neglecting sustainability harms the environment and could engender long-term economic repercussions for the market, stifling growth and undermining consumer trust.

Application Outlook

By application, the market is segmented into food & beverages, households, hotel & restaurants, and others. The hotels and restaurants segment acquired a substantial revenue share in the market in 2022. In hotels and restaurants, chefs leverage fish sauce to elevate their culinary offerings. Beyond classic applications, it's being incorporated into many dishes, infusing them with a unique savory depth that intrigues discerning diners. In upscale establishments, its usage can also be a nod to authenticity and cultural inclusivity. The varied applications of fish sauce, spanning everyday home cooking to gourmet dining, underscore its universal appeal and the global culinary community's embrace of its unmatched flavor profile.

Distribution Channel

On the basis of distribution channel, the market is divided into hypermarkets & supermarkets, specialty stores, online, and others. The specialty stores segment held the highest revenue share in the market in 2022. Specialty stores, especially Asian groceries, offer more curated selections, often importing premium or artisanal varieties that appeal to connoisseurs. These stores often serve as hubs of authenticity, where consumers can gain insights about the product's origin, fermentation process, and traditional usage. Specialty stores are more likely to carry fish sauces that are made using traditional recipes and artisanal methods. This can result in a more authentic and nuanced flavor compared to mass-produced alternatives.

Type Outlook

By type, the market is classified into Korean fish sauce, Japanese fish sauce, Southeast Asian fish sauce, and others. The Korean fish sauce segment procured a considerable growth rate in the market in 2022. Korean Fish Sauce, known as "inkjet" or "jet," has a distinct taste profile. It's made from seafood like shrimp, sandlance, and shellfish. This sauce is vital in traditional dishes, especially in making iconic kimchi. Korean fish sauce is used in various traditional Korean dishes, including kimchi, stews, soups, and dipping sauces. It contributes a unique depth of flavor to these dishes and is an essential ingredient in Korean cuisine.

Nature Outlook

Based on nature, the market is bifurcated into conventional and premium. The conventional segment accounted for the highest revenue share in the market in 2022. The conventional fish sauce refers to the segment of the fish sauce industry rooted in traditional production methods and practices, often without integrating modern, industrialized methods or the stringent standards associated with organic certification. The demand for conventional fish sauce is propelled by the culinary traditions of Southeast Asian nations, where it has been a staple ingredient for centuries.

Regional Outlook

Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, Asia Pacific region dominated the market with the highest revenue share. Global brands compete to provide superior value propositions and efficient marketing strategies. Due to the rapidly expanding culinary service sector in Asia-Pacific, fish condiments are in high demand. The rapid urbanization and high standard of living of the people, particularly in developing nations such as India and China, are propelling the expansion of the market in the Asia-Pacific region.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Halcyon Proteins Pty. Ltd., Rungroj Fish Sauce Co., Ltd., Rayong Fish, auce Industry Co., Ltd., Teo Tak Seng Fish Sauce Factory Co., Ltd., Pichai Fish Sauce Co., Ltd., Viet Phu, Inc., Pairoj (Tang Sang Ha) Company Limited, Thai Fish Sauce Factory (Squid Brand) Co., Ltd., Thaipreeda Group and Masan Group Corporation

Scope of the Study

Market Segments covered in the Report:

By Application (Volume, Kilo Tonnes, USD Million, 2019-2030)

• Food & Beverages Industry
• Household
• Hotels & Restaurants
• Others

By Distribution Channel (Volume, Kilo Tonnes, USD Million, 2019-2030)

• Food Service
• Hypermarkets & Supermarkets
• Online
• Others

By Type (Volume, Kilo Tonnes, USD Million, 2019-2030)

• Southeast Asian Fish Sauce
• Korean Fish Sauce
• Japanese Fish Sauce & Others

By Nature (Volume, Kilo Tonnes, USD Million, 2019-2030)

• Premium
• Conventional

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

Companies Profiled

• Halcyon Proteins Pty. Ltd.
• Rungroj Fish Sauce Co., Ltd.
• Rayong Fish Sauce Industry Co., Ltd.
• Teo Tak Seng Fish Sauce Factory Co., Ltd.
• Pichai Fish Sauce Co., Ltd.
• Viet Phu, Inc.
• Pairoj (Tang Sang Ha) Company Limited
• Thai Fish Sauce Factory (Squid Brand) Co., Ltd.
• Thaipreeda Group
• Masan Group Corporation

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