Plain Fish Sauce to Dominate the Global Landscape, Yielding 50% of Total Revenue: Fact.MR
Published : 03 Dec 2021 Industry: Food & Beverage
The global market for fish sauce is expected to reach US$ 29.41 Bn by the end of the 2021-2031 forecast period, registering a CAGR of 5.8%, according to recently published estimates by Fact.MR. Growth is flourishing due to a combination of preference for spicy and ethnic flavors, as well as preference for naturally fermented and nutrient rich fish sauces to enhance overall health.
From 2016 to 2020, sales of fish sauce expanded at a CAGR of 5%. During the COVID-19 pandemic, fish sauce demand received further impetus, with several research studies documenting possible effectiveness of seafood in strengthening immunity against the virus. It was revealed that consuming fish based products, including sauces, could lead to 59% lower chances of contracting severe infection.
Consumer demand will continue to grow due to the various health benefits offered by fish sauce and it also boosts the taste of the food. Increasing health-consciousness among the consumers, manufacturers are making a fish sauce by fermenting the fish using natural ingredients such as salt and water.
Key Takeaways from the Market Study
- Global fish sauce market revenue to reach US$ 16.74 Bn by 2021-end
- By flavor, plain fish sauce sales likely to account for half of the global revenue
- Traditional fish sauce production to yield an incremental opportunity worth US$ 180 Mn by 2031
- Sales of fish sauce to rise the fastest across modern trade channels, clocking a CAGR of 5%
- Asia to be the largest fish sauce consumer, registering a market share worth 47%
- North America to emerge as an opportunistic market, flourishing at a CAGR of 5.4%
“Rising seafood consumption amid documented health benefits as well as an increased tilt towards inculcating exotic and ethnic food tastes are amongst the key drivers expected to broaden prospects for fish sauce demand across the forthcoming decade,” comments a Fact.MR analyst.
The market for fish sauce is largely dominated by numerous regional level manufacturers, mostly originating from countries across South East Asia. These players offer a broad range of fish sauce products. Some prominent offerings are as follows:
- Masan Consumer Holdings is a prominent fish sauce manufacturer, based in Vietnam. Its product offerings include the Chin-Su Fish Sauce, Chin-Su Nam Ngu and Nam Ngu Fish Sauce respectively. While the first two products are specifically targeted towards premium and high-end consumers, the latter is especially manufactured for mid-tier consumers and those seeking out value for money
- Likewise, Teo Tak Seng Fish Factory Co. Ltd. offers its trademark silver pomfret sauce, made from fresh anchovies and salt. With its robust flavor, the sauce is not only ideal for stir-frying, but also as a tasty dip for various foods
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the fish sauce market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.
The study divulges essential insights on the market based on flavor (plain and spiced), technology (traditional method and industrial method), price (basic and premium) and distribution channel (modern trade, convenience stores, drug stores, traditional groceries, online retailers and others) and price (basic and premium) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
About the Food & Beverages Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemical & material team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed food & beverage industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.
Nandini Roy Choudhury
Sr. Consultant – Food and Beverages