According to Future Market Insights (FMI), Germany vegan fish sauce market value was US$ 10.3 Mn in 2022. Germany accounts for a 16.5% share of the global vegan fish sauce market. The U.K is expected to be the largest market for vegan fish sauce in Europe. It is estimated to have a 9.1% market share and predicted to grow at a CAGR of 9.9% during the forecast period (2023 – 2033).
As per FMI, sales of vegan fish sauce are poised to rise at a CAGR of 8.9% between 2023 and 2033. European population is becoming aware of the benefits of plant-based diets and the need to reduce their carbon footprint. This has resulted in increasing demand for vegan products such as fish sauce in restaurant and hotel industries.
Further, rising number of vegetarian and vegan diners, the strong presence of health-conscious customers, and an increased awareness of allergies and sensitivities to fish are factors affecting the expansion of the European market.
Restaurants and hotels are increasingly recognizing the need to provide vegan options on their menus. The growth of veganism and vegetarianism in Europe has opened up a growing market for vegan fish sauce products, as consumers seek out plant-based alternatives to traditional fish-based sauces. As well as offering vegan options on menus, restaurants and hotels are now specifically labelling vegan dishes so customers know what they are getting. This is anticipated to spur the demand for vegan fish sauce in U.K.
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By providing vegan alternatives to traditional fish sauce, restaurants and hotels are able to cater to customers who are looking for more plant-based options while also providing guests with allergies and sensitivities a safe and tasty option. As such, the demand for vegan fish sauce will continue to grow in Europe.
Companies operating in vegan fish sauce market are experimenting with new flavors and recipes to meet customer demands. These companies are also introducing new ingredients such as mushrooms, nuts, and even fruit to create unique flavors that would appeal to different palates. Additionally, they are offering various packaging sizes that provide convenience and affordability. This makes vegan fish sauce easy to purchase, store, and use in recipes.
Key Takeaways from the Vegan Fish Sauce Market
- The Germany vegan fish sauce market was valued at US$ 10.3 Mn in 2022
- Germany has a 5% share in the global vegan fish sauce market.
- The U.K. market is predicted to have a 1% market share at present and expected to grow at an impressive CAGR of 9.9% from 2023 – 2033.
- In 2022, the global vegan fish sauce market was valued at US$ 62.3 Mn.
- The global market is anticipated to reach at a revenue of US$ 67.8 Mn by 2023 end.
- The global vegan fish sauce market is poised to be valued around 5 Mn by the end of 2033.
- Growing usage of vegan fish sauce in restaurants and hotels is slated to increase the demand for vegan fish sauce products in Europe.
“Rising demand for vegan fish sauce in the hospitality industry will provide an impetus to the growth in Europe. Key players are introducing new products with added vitamins and minerals without artificial colors and flavors.”– Says an FMI Analyst.
Competition Landscape in The Vegan Fish Sauce Market
To increase their share in the global market, the key players in Europe vegan fish sauce market are introducing new lines of vegetarian fish sauces. Additionally, these companies are also manufacturing products that are rich in vitamin, proteins, and iron for appealing to consumers.
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Sozye, Thai Taste, and Read Boat are major companies in Europe vegan fish sauce market.
Recent Developments:
In January 2022, a new line of sauces made from plants was introduced by UK-based sauce company Sozye. The new sauces were named Nish, Noyster, and Noya. Each sauce is a sustainable substitute for conventional fish, oyster, and soy goods. They are also devoid of allergens and soy.
Key Segments Vegan Fish Sauce Market
By Source:
- Soy
- Almond
- Wheat
- Others
By Distribution Channel:
- Supermarkets/Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Platforms
- Others
By End User:
- Packaged Food Industries
- Hotels and Restaurants
- Retail Food Shops
- Domestic Consumers
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa (MEA)
Frequently Asked Questions
- What is the Growth Outlook of the Vegan Fish Sauce Market?
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- What was the Historical Size of the Vegan Fish Sauce Market?
- Which Country is the Dominant Share Holder in the Vegan Fish Sauce Market?
- Which Country has the Highest Growth Potential in the Vegan Fish Sauce Market?
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About Future Market Insights (FMI)
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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