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Fish Sauce Market

Fish Sauce Market Size, Share, Trends Analysis Report by Flavour (Plain, Spiced), by Technology (Traditional, Industrial Preparation Method), By Price (Basic Fish Sauce, Premium Fish Sauce), by Distribution Channel and Region Forecast- 2022 To 2032

Analysis of Fish Sauce market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Fish Sauce Market Outlook (2022-2032)

The global fish sauce market is projected to expand steadily at a CAGR of 6% during the forecast period 2022-2032. In the year 2022, the market size is projected to expand and gain a global market valuation of US$ 17.1 Billion. Considering this steady growth along with the booming demand in the global market, the fish sauce market is expected to reach US$ 30.5 Billion by 2032.

The term "fish sauce" relates to a fluid of amber color derived from the fermented salt-coated fish. It is used as a sauce in a variety of cuisines. This fish sauce is a staple in many Asian cultures, appearing in great quantities in Cambodian, Filipino, Vietnamese, Thai, as well as Laotian cuisines. It's an essential element in Thai cookery.

They are made in factories and contain a blend of sugars, fish essence, preservatives, coloring, along with flavoring. Since fish sauce have higher nitrogen content, it is much more nutritious and helpful to health. In Western cookery, they are utilized as salt, whereas in Chinese cooking, these are used instead of soy sauce. It is used as an ingredient by people in southern China. Fish sauce is primarily utilized as a dipping sauce and for flavoring. Thus, widespread product use in various cuisines is the primary driver of market expansion.

Furthermore, increased consumer knowledge of the different health advantages of fish sauce is expected to boost product demand. This also serves as a soy sauce alternative since it includes several essential minerals and nutrients such as iodine and vitamin A and D. Growing occurrences of thyroid-related issues are projected to drive product demand.

Report Attributes

Details

Anticipated Base Year Value (2021)

US$ 16.5 Billion

Expected Market Value (2022)

US$ 17.1 Billion

Projected Forecast Value (2032)

US$ 30.5 Billion

Global Growth Rate (2022-2032)

6%

Expected Growth Rate of the US Market (2022-2032)

6.5% CAGR

Anticipated Growth Rate of UK Market (2022-2032)

5.5% CAGR

Prominent Players in The Global Market

  • TANG SANG HA CO. Ltd
  • Masan Consumer Corporation
  • Thai Preeda Group
  • Shantou Fish Sauce Factory Co. Ltd
  • Teo Tak Seng Fish-Sauce Factory Co. Ltd
  • Thai Fish Sauce Factory (Squid Brand) Company Limited
  • Rayong Fish Sauce Industry Co. Ltd
  • Pichai Fish Sauce Co. Ltd
  • Halcyon Proteins Pty. Ltd
  • Hung Thanh Co. Ltd

Rising seasonings demand and expanding product options by makers of the fish sauces ranging in different varieties and sizes are important drivers boosting the client base for the fish sauces. Rising consumer knowledge of the health advantages of using fish sauce, as well as an increase in thyroid-related issues, are leading to enhanced market penetration. This is expected to drive the industry further in the future. There are various constraints and problems that might stymie market expansion. The increased availability of replacement sauce products may limit market expansion.

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2017-2021 Fish Sauce Market Demand Analysis vs. Forecast 2022-2032

According to market research and competitive intelligence provider Fact.MR- the market for fish sauce reflected a value CAGR of 4.5% during the historical period, 2017-2021. The ever-increasing tendency of customers ready to broaden their gastronomic horizons is attributable to growth. This fish sauce is quickly becoming a standard in customers' table sauce choice as they experiment with new flavored dishes.

With the advent of COVID-19, there was a surge in vegetarian and fish-based diets. According to survey statistics provided in the BMJ Nutrition Prevention & Health, vegetable and fish-based diets were linked with 73% and 59% reduced probabilities of serious infections, respectively. As a result, sales of fish condiments, fish sauce replacements, and other sauces and condiments increased.

To increase food flavor, consumers are more frequently substituting fish sauce for soy sauce. Furthermore, the rising trend of eating organically derived foods is expanding the manufacture and availability of naturally pickled fish sauces, with some of them explicitly aimed at lowering excessive salt consumption. The worldwide market for fish sauce is predicted to have a favorably sloping curve with a CAGR of 6% between 2022 and 2032.

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Prominent Growth Drivers influencing Fish Sauce Market

Increasing demand for ready to prepare foods are boosting the demand

Due to the multiple nutrients present in fish, such as vitamin D, omega-3, and vitamin B2, consumers are gravitating toward fish food products as an alternative for chicken as well as red meat. This is forcing producers to introduce a variety of packed ready-to-use fish gravies. These are mostly supplied in powder form in sachets to provide best flavor and convenience to people, particularly in industrialized nations with busy lives.

As a result, the market for fish sauce, a key component in the production of these meals, is increasing. Furthermore, customers in developed nations are increasingly eager to try new foods and flavors, which is expected to drive sales of fish sauces during the forecast period.

Manufacturers are also preparing fish sauce utilizing a more natural method of fermenting fish rather than a chemical procedure for fermentation to preserve nutritional and mineral levels. For instance, a store in Saigon's fish sauce aisle sells a variety of brands of fish sauce. Megachef is not available in stores like Whole Foods, however they carry Red Boat, a fantastic artisanal brand in Vietnam. In Asian nations, there are numerous convenience stores, which makes it simple for individuals to buy food.

Increased seafood consumption to accelerate demand

According to the United Nations, worldwide seafood output will reach 185 million metric tons in 2021, with 24 million metric tons heading to human consumption. Such an increase in consumption level is being driven by a number of causes, the most significant of which is increased knowledge of the health advantages of seafood eating.

Seafood is low in saturated fat, high in protein, and packed in vitamins A and B, omega-3 fatty acid extracts, and other nutrients. Additionally beneficial to cardiovascular health, regular seafood eating lowers the danger of cardiac arrests and strokes. Additionally, consumers are willing to try new dishes, which is boosting the appeal of fish sauces with a variety of flavours, including hot sauce and soy sauce.

Production has increased as a result of stable nominal fish price over extended periods of time for both fish and fish sauce products. Nominal fish prices are expected to increase over the next ten years at a rate of 1.6-2.2% per year, according to a joint OECD-FAO study. That suggests that significant producers will see a decrease in production costs, enabling them to produce on a far larger scale. During the projected period, these advancements are anticipated to fuel the expansion of fish sauces.

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What Could Possibly Hinder Fish Sauce Market Demand?

Negative Health Concerns to impede Market Growth

The market for fish sauce is anticipated to be constrained by the various negative health effects brought on by the presence of hazardous artificial preservatives within the fish sauces along with the lack of nutritive benefits in chemically pickled fish sauce. In contrast, the market for fish sauce is anticipated to be challenged by the accessibility of many alternative solutions as well as the increasing health concerns about added preservatives.

In addition, fish sauce contains acid and is thus acidic in nature. Food that has been consumed decomposes into an ash residue that may be acidic, neutral, or alkaline. Alkaline ashes are left behind by minerals like calcium, potassium, magnesium, zinc, copper, sodium, silver, and iron, whereas acid ashes are left behind by foods like coffee, meat, dairy, and alcohol that include sulfur, chlorine, phosphorus, and iodine. Such factors will stymie the global demand during the forecast period.

Category-wise Insights

Which Flavor Type is forecast to gain the Maximum Market Share?

The plain fish sauce segment will continue to dominate the global market during the forecast period

The plain fish sauce category is expected to lead the global fish sauce market in 2022 and is likely to retain its dominance throughout the forecast period. The segment is predicted to gain a global market share of 65% by 2022.

By 2032, the plain fish sauce is anticipated to have a market share that is greater than 70% when contrasted to the spiced fish sauce. Simple fish sauce, strengthened by fermentation, preserves the essential nutrients and minerals found in fish and fish organs. This comprises vitamins A and D, iodine, and other nutrients for the thyroid.

Due to its umami flavor-the earthy, savory flavor spectrum that gives foods like roasted tomatoes, mushrooms and soy sauce it's complex, crave-inducing flavors—plain fish sauce is favored for its flavor. Squid Fish Sauce, Red Boat Fish Sauce, and Three Crabs Fish Sauce are a few of the well-known sauces. Such types are expected to propel the demand of this segment during the 2022-2032.

What would be the outlook of the technology segment during the forecast period?

The traditional category is being highly preferred by the customers

In 2022, the traditional segment is expected to hold the major portion of the fish sauce market by technology type, accounting for almost 30% of the global market share.

Due to its use in several places as a component of soups and casseroles, the traditional sector is predicted to command the largest market share in terms of technology. Over US$ 185 Million in additional potential is anticipated to be generated via traditional methods between 2022 and 2032.

Traditional sauces are more in demand since industrially produced fish sauces typically contain a combination of preservatives, fish essence, flavoring, sweeteners, and coloring. The demand for fish sauce made in factories is also projected to increase significantly at the same time. The demand for ready-to-eat food items is on the rise, which makes it necessary to produce components in big quantities quickly.

What would be the outlook of the distribution channel segment during the forecast period?

Modern Trade to gain a significant position

Modern trade is anticipated to be the largest distribution channel in the global fish sauce market between 2022 and 2032. Modern commerce is anticipated to generate more than US$ 450 Million in income by 2022's end. The category is anticipated to grow at a CAGR of about 5% through 2032.

Supermarkets and hypermarkets are seeing their market shares grow rapidly as a result of modern commerce methods taking centre stage. This channel has an extra benefit due to the wide range of product possibilities offered under one roof.

Region-wise Analysis

What is the outlook of the North American Fish Sauce Market?

Increasing usage of convenience products will boost the market demand

The US market will be the most lucrative market for fish sauce during the forecast period. As per Fact.MR, the US market is expected to gain a market share of 45% in 2022.

The enormous demand for convenience goods like ready-to-prepare powdered mixes in the U.S. will likely support North America's continued dominance in the fish sauce industry.

Fast-paced professional lifestyles and a hankering for new cuisines have opened up new opportunities for the region's top seafood producers. Additionally, the presence of well-known US brands like Red Boat, Mega Chef, 3 Crabs, Hn Phan Thit, and Golden Boy boosts fish sauce sales in the area.

Mackerel, anchovies, salt, and scabbard fish are used to make Vietnamese fish sauces, which have an unusually high amount of nutrients and several health advantages. Consequently, the market appears prospective as a result of the increasing demand for seafood in the area. Hence, such developments will propel the regional demand during the forecast period with a 6.5% CAGR.

What can be expected from the Asian Market for Fish Sauce?

Increasing disposable incomes and rapid urbanization to boost the regional demand

The Asian region has emerged as one of the most profitable markets for the sales of fish sauce and is also expected to register the highest CAGR during 2022-2032. During the forecast period, the Asian market for fish sauce is expected to grow at a 5.5% CAGR.

With a CAGR of around 5.5%, China is among the top nations for fish sauce consumption worldwide. In Chinese cuisine, fish sauce replaces soy sauce, while in western cuisine, it replaces salt. In certain regions of Southern China, it is a component of soups and casseroles. In addition, and then served with it as a dipping sauce.

Furthermore, the market expansion in this area is anticipated to be supported by rising disposable income levels and fast urbanization. These nations produce around 53% of the world's catch, and the majority of that catch is consumed there. People in Southeast Asia get 60 to 70 percent of their protein from fish. Fresh fish is usually preserved traditionally by salting, followed by burning and sun-drying. Such factors are expected to boost the growth in various Asian countries.

Start-up Scenario

  • Fish oils are being made to order and to specified specifications are produced by the 2019 start-up brand, Supplement Manufacturing Partner Inc. Liquid and softgel capsule forms of encapsulation are available with them. Private labeling, encapsulation, formulation, bottling, inspection, and certification are among the capabilities they possess. Items in stock are offered that are FDA authorized and entirely produced in the USA.
  • Fish sauces and oils are produced by Makers Nutrition in both regular and customized forms. Suitable for pills, lotions, powders, tablets, and other items. Additional options include contract packing and private labeling. It serves the healthcare, grocery, retail, and fitness industries. The majority of goods are in stock. They have been certified by FDA, NSF, and NPA and thus offer services round-the-clock.

Competitive Landscape

  • The well-known fish sauce producer Masan Consumer Holdings is situated in Vietnam. The Chin-Su Nam Ngu Fish Sauce, Chin-Su Fish Sauce, and Nam Ngu Fish Sauce are some of its available products. The latter is especially made for mid-tier customers and those seeking value for money, whilst the first two goods are developed with premium and elevated consumers in mind. To fully become a consumer-tech ecosystem in 2022, Masan Group Corporation is concentrating on integrating technology and artificial intelligence across its everyday operations and customer experience. The 2022 annual general meeting of Masan Group and two of its important publicly traded companies, Masan Consumer and Masan MEATLife, was concurrently held in HCM City and had a common subject.
  • The silver pomfret sauce that is the signature of Teo Tak Seng Fish Factory Co. Ltd. is created using fresh anchovies and salt. The sauce's strong taste makes it perfect for stir-frying as well as serving as a wonderful dip for a variety of dishes.

Key Segments Covered In the Fish Sauce Market Report

  • By Flavour :

    • Plain
    • Spiced
  • By Technology :

    • Traditional Preparation Method
    • Industrial Preparation Method
  • By Price :

    • Basic
    • Premium
  • By Distribution Channel :

    • Modern Trade
    • Convenience Stores
    • Drug Stores
    • Traditional Groceries
    • Online Retailers
    • Other Distribution Channels
  • By Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • Middle East & Africa

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From 2017-2021, the fish sauce market grew at a CAGR of 4.5%.

The global fish sauce market is expected to grow with a 6% CAGR during 2022-2032.

The global fish sauce market is currently worth more than US$ 16.5 Billion.

By 2032, the global fish sauce market is projected to reach a market size of US$ 30.5 Billion.

In 2022, the plain fish sauce segment by flavor type is expected to occupy a 65% market share.

The traditional segment is projected to hold a global market share of 30% in 2022.

The US is predicted to acquire 45% of the global market share in 2022 and grow with a 6.5% CAGR during 2022-2032.

The Asian region is forecast to have a CAGR of 5.5% over the projection period of 2022- 2032.

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