The global fish sauce market size was valued at USD 15.98 Billion in 2022 and is likely to reach USD 22.43 Billion by 2031, expanding at a CAGR of 3.84% during 2023 – 2031. The growth of the market is attributed to the increasing demand for fish sauce from Southeast Asia.
Fish sauce is a rancid earthy colored fluid, which is used as a vital flavoring ingredient in Thai cooking. This sauce is produced using fermented fish and salt. It is utilized as a topping in various cooking styles. Fish sauces are a blend of the fish embodiments, seasonings, additives, colors, and sugars. It is a staple in seaside districts of East Asia and Southeast Asia. Fish sauce is consumed in high amount in Vietnam. Individuals in Vietnam accept that home-made fish sauces, as they are more nutritious and beneficial for wellbeing, as it contains significant level of nitrogen.
Growing health consciousness has inclined population toward consumption of fish sauces. This type of sauce is utilized as soy sauce in Chinese cuisine and as a salt in western cooking. It is utilized as a crucial add-on for goulashes and soups in pieces in Southern China.
Market Trends, Drivers, Restraints, and Opportunities
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Rising awareness about various benefits of fish sauce is expected to drive the market growth.
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Increasing utilization of fish sauce in different variety of dishes and expanding popularity of Asian cooking styles across the globe is estimated to spur the market growth in the projected timeline.
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The easy accessibility of other substitute sauces coupled with the time and cost associated with the preparation of fish sauce is expected to create challenges for the market growth during the forecast period.
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Growing adoption of high nourishing food in daily diet is anticipated to stimulate the market expansion.
Scope of Fish Sauce Market Report
The report on the global fish sauce market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Fish sauce Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Product Types (Traditional and Industrial), Compositions (Premium and Basic), and End-users (Retail, Food Manufacturers, and Food Services)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Thai Fishsauce Factory (Squid Brand) Co. Ltd; Red Boat Fish Sauce; Masan Group; Hung Thanh Fish Sauce; and Unilever Food Solutions
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Fish Sauce Market Segment Insights
Industrial segment is expected to grow at a rapid pace
Based on product types, the fish sauce market is divided into traditional and industrial. The industrial segment is expected to grow at a rapid pace during the forecast period. Increasing health cognizance among the customers has encouraged manufacturers to produce fish sauce by fermenting the fish using natural methods, such as water and salt.
Premium segment is projected to expand at a robust CAGR
On the basis of compositions, the market is segregated into premium and basic. The premium segment is projected to expand at a robust CAGR during the forecast period due to increasing spending of consumers on high-quality products.
Retail segment is anticipated to register a healthy growth
In terms of end users, the market is classified as retail, food manufacturers, and food services. The retail segment is estimated to account for a significant market share in the projected timeline. The presence of major hypermarkets and supermarkets is driving the growth of the market segment. Many retail locations provide fish sauces in Asian nations, consequently, making it simpler for customers to purchase food items.
North America is anticipated to constitute a large market share
In terms of regions, the fish sauce market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is expected to constitute a key share of the market during the projected period owing to high product demand from the food service industry and restaurants in countries such as the US and Canada.
Segments
The global fish sauce market has been segmented on the basis of
Product Types
Compositions
End-users
- Retail
- Food Manufacturers
- Food Services
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the fish sauce market are Thai Fishsauce Factory (Squid Brand) Co. Ltd; Red Boat Fish Sauce; Masan Group; Hung Thanh Fish Sauce; and Unilever Food Solutions.
Some of these companies are engaging in several marketing strategies, such as new product development and mergers and acquisitions to expand their geographical reach. For instance, in October 2016, Masan Group launched a Vietnamese fish sauce to the Thai market. Aside from product development, manufacturers are additionally focusing on packaging as it has a crucial part in determining the item quality, dietary benefit, color, surface, taste, and brand image.
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