Fish Sauce Market - Growth, Trends, and Forecasts (2023 - 2028)
The global fish sauce market is expected to register a CAGR of 4.0%, during the forecast period.
Key HighlightsThe increasing demand for convenience among the population has led to the availability of fish sauces in supermarkets/hypermarkets. Modern trade channels have taken the front seats, resulting in the increasing market shares of supermarkets and hypermarkets. The varied product options provided under a single roof have given this channel an added advantage. The fish sauce section at a supermarket in Saigon has various fish sauce brands on its shelves. Stores, like Whole Foods, do not offer Megachef, but they do have Red Boat, an excellent artisanal brand from Vietnam. Many convenience stores are available in Asian countries, making it easier for consumers to buy food products. According to Vietnam's General Statistical Office, the overall retail sales were around USD 172 billion, slightly up over 2020 despite COVID-19's widespread effects on Vietnam for the majority of 2021.
Additionally, the estimated production volume of fish sauce in Vietnam was 417.8 million liters which was higher than the same in 2020, i.e., 375.42 million liters, according to the General Statistics Office of Vietnam. Hence, the increased production of fish sauce has enabled the players in the market to offer their products at competitive prices, driving the market.
Asia-Pacific as the Largest Region in the Fish Sauce MarketThe major players in the fish sauce market are from Thailand, Vietnam, and Singapore. Some of the major brands in the region are Viet Phu Inc. (Red Boat Fish Sauce), Red Boat Fish Sauce, and Squid. The consumer demand for the fish sauce will continue to increase due to the various health benefits offered by the product and also because it boosts the taste of the food. Due to increasing health consciousness among consumers, manufacturers make fish sauces by fermenting the fish using natural ingredients, such as salt and water. Fish and oyster sauces, originating from Asia, have a significant market demand and are extensively used in soups and Asian cuisines like stir-fries, curries, etc. Along with these, sauces are being used as a dip and an ingredient in Chinese and other snacking foods commonly consumed by customers across the region. Moreover, fish sauce has been popularly used in South East Asian countries cuisines. Additionally, the preference for seafood across the region has propelled the fish sauce market. For instance, according to the Department of Fisheries (Thailand), about 1.6 million tons of fish products were imported into Thailand in 2021. The expansion of the distribution channels in the region further promotes this growth.
Competitive LandscapeThe global fish sauce market is consolidated and highly competitive, particularly with the dominance of a few global players. Masan Consumer, Red Boat, Unilever PLC, and Rayong Fish Sauce Industry Co. Ltd are some of the global fish sauce players. The strategies for expansions and strategic agreements have been crucial for their development in the global market scenario. Additionally, the innovations in introducing new products have been crucial for the players in the market to establish their brands.
Thanh Hung Co., Ltd is a traditional fish sauce manufacturer that exports its products to the European, Asian, American, and Australian markets.
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