The global fish sauce market is set to witness growth at a CAGR of 5.8% and is anticipated to reach a valuation of around US$ 30.5 Bn by 2032.
Consumers are inclining towards fish meat as a replacement to chicken and red meat owing to the numerous nutrients found in fish such as omega-3, vitamin D and B2. This is compelling manufacturers to launch a wide range of packaged ready-to-prepare fish gravies. These are largely available in powder forms in sachets to offer optimal taste and convenience to consumers, especially in developed countries where consumer have busier lifestyles.
As a result, demand for fish sauce, which is an important ingredient in the preparation of these dishes, is surging. Moreover, consumers in developed countries are more willing to experiment with their food choices and new flavors, which in turn is increasing sales of fish sauces.
Sales in the U.S. are expected to gain traction on the back of rising need for convenience food items such as ready-to-prepare mixes. Moreover, the presence of a robust food & beverage sector in the country is boosting demand for fish sauce.
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Furthermore, the presence of well-known brands such as Red Boat, Mega Chef, 3 Crabs, and Golden Boy is expected to bode well for the growth in the U.S. market over the forecast period.
“Increasing inclination towards ethnic and exotic food, along with wide availability of a hufe variety of sauces and condiments at online retail channels is expected to broaden the scope of fish sauce applications over the assessment period,” says an FMI analyst.
Key Takeaways:
- Based on product type, demand in the plain fish sauce segment will command more than 50% of the total fish sauce sales.
- In terms of technique, sales in the traditional method segment will account for a lion’s share in the global fish sauce market.
- By sales channel, the offline segment will remain highly lucrative through 2032.
China will emerge as an attractive market for fish sauce. Demand in the East Asia fish sauce market is expected grow at a 5.0%.
- North America is expected to emerge as a prominent market for fish sauce, dominated by the U.S. over the forecast period.
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Competitive Landscape
Leading fish sauce makers are attempting to expand their footprint across attractive pockets by introducing new products, developing strategic partnerships with existing players, and purchasing small-scale producers. The following are some noteworthy market developments:
- Masan Consumer Holdings, situated in Vietnam, is a well-known fish sauce producer. Chin-Su Fish Sauce, Chin-Su Nam Ngu, and Nam Ngu Fish Sauce are among the company’s offerings. While the first two products are aimed at premium and high-end customers, the latter is designed exclusively for mid-tier customers and those looking for good value.
- Teo Tak Seng Fish Factory Co. Ltd., likewisw, sells its signature silver pomfret sauce, which is produced with fresh anchovies and salt. The sauce’s strong taste makes it great not just for stir-frying, but also as a delightful dip for a range of food.
Fish Sauce Market By Category
By Flavor:
- Plain Fish Sauce
- Spiced Fish Sauce
By Technology:
- Traditional Method
- Industrial Method
By Region:
- North America
- Latin America
- Europe
- Middle east and Africa
- East Asia
- South Asia
- Oceania
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