By 2032, the global Fish Sauce Market is expected to grow at a CAGR of 5.8%, reaching a market value of roughly US$ 30.6 billion.
| Fish Sauce Market Size (2022E) | US$ 17.7 Bn |
| Fish Sauce Market Projected Size (2032F) | USD 30.6 Bn |
| Fish Sauce Market Value-based CAGR (2022-2032) | 5.8% |
| Fish Sauce Market Top 3 Countries Market Share | 35.8% |
According to the United Nations, global fish production reached 179 million metric tonnes in 2018, with 23 million metric tonnes going to human consumption. This is attributable to a number of factors, the most important of which is a growing understanding of the health advantages of seafood.
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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. According to a joint OECD-FAO report, nominal fish prices are predicted to rise at a rate of 1.5-2.1 % per year over the next decade. This means that 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.
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Scope of the Report
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.
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.
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Fish Sauce Market 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
- Middle east and Africa
- East Asia
- South Asia
- Oceania
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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