The global fish sauce market is set to exceed USD 18.4 billion by 2023, with a projected surge at a notable compound annual growth rate (CAGR) of 6.0% until 2033, aiming to reach USD 31.6 billion.
The increasing demand for fish sauce is driven by a growing consumer preference for ethnic and spicy flavors. Additionally, a shift towards healthier and more natural eating habits is expected to further boost the market’s growth.
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Seafood is low in saturated fats, high in protein and nutrients such omega-3 fatty acids, vitamin A, and vitamin B. Regular seafood consumption has been shown to improve cardiovascular health and reduce the risk of heart attacks and strokes. Furthermore, consumers are willing to try new foods, which is boosting the demand for various flavored fish sauces, such as hot sauce and soy sauce.
On the production front, consistent nominal fish prices have resulted in increasing production of fish and fish sauce products. The major manufacturers of fish sauce will have lower production costs, allowing them to produce on a larger scale.
“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.
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.
- Red Boat
- TANG SANG HA CO. Ltd
- Masan Consumer Corporation
- Thai Preeda Group
- Nestle
- Squid Brand
- Teo Tak Seng Fish Sauce Factory Co., Ltd.
- Rayong Fish Sauce
- Pichai Fish Sauce
- Halcyon Proteins
- Hung Thanh
Developments in the Market:
- In 2018, Nestle ventured into the market in Vietnam by launching their Maggi fish sauce. The company claims to make the sauce from natural products like black anchovy, Phu Quoc, and sea salt which are free of preservatives.
- Chin-Su Yod Thong fish sauce was launched in the Thai market by Masan Group and its business partner, the Thai conglomerate Singha Group.
- Unilever purchased a controlling stake in Nutrafol, a well-known supplier of hair wellness products, on May 30, 2022. Through Unilever Ventures, Unilever now owns a minority (13.2%) interest in Nutrafol.
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Fish Sauce Industry by Category
By Flavor:
- Plain Fish Sauce
- Spiced Fish Sauce
By Technology:
- Traditional Method
- Industrial Method
By Sales Channel:
- Offline Sales Channel
- Supermarkets/Hypermarkets
- Departmental Stores
- Convenience Store
- Other Sales Channel
- Online Sales Channel
- Company Website
- E-commerce Platform
By Region:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
- South Asia
- Oceania
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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