Asia-Pacific Fish Sauce Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Asia-Pacific Fish Sauce Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Asia-Pacific fish sauce market is projected to witness a CAGR of 3.0% during the forecast period (2020 - 2025).

Key Highlights

• Sauces, dressings and condiments in Asia Pacific is subject to a myriad of traditional influences, hence sustaining habit purchases of products familiar to local palettes, and through certain channels. Considering the fish sauce has high consumption in China, Southern Asia and South East Asian countries, the people in Vietnam believe that traditionally made fish sauces, are more nutritious and beneficial for health as it contains higher level of nitrogen.
• Consumers residing in this region are not only increasing the usage of fish sauce but are also using it as a dipping agent and as a seasoning ingredient in cooking. This factor is expected to increase the consumer demand towards the growth of fish sauce market. However, availability of many substitutes to fish sauce, health concerns related to added preservatives along with the increasing popularity of vegan foods hinders the growth of fish sauce market in the region.

Key Market TrendsRise in the Demand for Fortified Fish Sauce

Fortification of essential foods and condiments with micronutrients is one of the most popular and cost effective methods to sustain public health. It helps improve health and spread health awareness among the population.

Micronutrient deficiencies in the region pose a major threat to public health, particularly small children, lactating and pregnant women. They have higher risk of morbidity and mortality, harm to cognitive growth and development, thus, reducing work productivity.

Therefore, in order to reduce of the defeciences, the Asian countries, such as Indonesia, China, and Thailand, produce industrial fish sauces that are fortified with iron. Seasonings are better sources to infuse micronutrients in dietary practices, according to the bioavailability of nutrients, such as vitamin A, Iron, folic acid, and zinc.

Fish sauce is consumed heavily by the population of Cambodia. The Government of Cambodia has recognized the growing importance of food fortification, as one of the successful strategies that improved the nutritional security of its population.

Significant Demand from Southeast Asian Countries

Fish sauce is a primary ingredient in the cooking and dressing of most Southeast Asian countries, such as Vietnam, Thailand, Cambodia, and the Philippines, among others. It is usually served with cooked or raw meat, fish, and vegetables, and is used in place of soy or salt.

According to the General Statistics Office (GSO), consumers in Vietnam consume more than 300 million liters of fish sauce every year, among which there has been a significant rise in the demand for industrial fish sauce. It has been surveyed that 95% of the households use fish sauce in their meals. Vietnamese food is generally accompanied by a dipping sauce, which is a balance of salty, sour, spicy, and sweet flavors.

Myanmar, Indonesia, and Cambodia are some of the countries that had growing demand for fish sauce over the past few years. Rise in consumer preference for Southeast Asian cuisine and sauces, has also gained its popularity across the globe, thus driving its demand further across the world.

Competitive Landscape

The Asia-Pacific fish sauce market is a highly competitive, particularly with the dominance of few global players. Jinguan Foodstuff (Fujian) Co. Ltd., Pichai Fish Sauce Co. Ltd, and Masan Consumer are the some of the leading players in the global fish sauce market. The strategy for expansion and strategic agreement have been crucial for development in the global market scenario.

Masan Consumer is one of the leading player in Vietnam for fish sauces. The company also introduced new products across regions in order to attract customers as per their tastes and preferences. For instance- ‘Chin-su-Yod-Thong’ was introduced in 2016 for Thai consumers.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Thanh Ha Co.,Ltd.
Jin Guan Foodstuff (fujian)Co., Ltd
Masan Group
Pichai Fish Sauce Co., Ltd.
Rayong Fish Sauce Industry co.,ltd.
Rungroj Fish Sauce Co., Ltd.
Sin Guo Co. (Pte) Ltd
TANG SANG HAH CO.,LTD.

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