During the forecast period 2022-2032, the fish sauce market is expected to grow at a value of 6% CAGR, according to Fact.MR. By the year 2032, the global market for fish sauce is expected to rise to a market valuation of US$ 30.5 Billion. An amber-colored liquid made from the fermented, salt-coated fish is referred to as “fish sauce.” It is used as a sauce in many different types of food. In abundance in the cuisines of Cambodia, the Philippines, Vietnam, Thailand, and Laos, fish sauce is a common ingredient in many Asian civilizations. It is a crucial component in Thai cuisine.
A combination of sugars, fish essence, preservatives, coloring, and flavoring are used in their factory-made production. Fish sauce is far more nutritious and beneficial to health since it has a greater nitrogen concentration. They are used as salt in Western cooking, however they are substituted for soy sauce in Chinese food. In southern China, people use it as an ingredient. The main uses for fish sauce are as a dipping sauce and as a seasoning. Therefore, the key factor driving market development is the extensive usage of the product in various cuisines.
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To maintain nutritional and vitamin levels, manufacturers are also making fish sauce using a more natural way of fermenting fish rather than a chemical process. For instance, a shop in Saigon’s fish sauce section offers a range of fish sauce brands. Stores like Whole Foods don’t stock Megachef, but they do carry Red Boat, a superb artisanal brand from Vietnam. People may easily buy food in Asian countries since there are many convenience stores. However, fish sauce is acidic in nature since it includes acid. Consumed food breaks down creating an ash deposit that might be acidic, neutral, or alkaline. Minerals like calcium, potassium, magnesium, zinc, copper, sodium, silver, and iron leave behind alkaline ashes, whereas foods like coffee, meat, dairy, and alcohol that include sulfur, chlorine, phosphorus, and iodine leave behind acidic ashes. During the predicted period, these variables will hinder the worldwide demand.
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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Key Takeaways from the Market Study
- In 2022, the global fish sauce market is estimated to have a global market size of US$ 17.1 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.
- Asia is forecast to have a CAGR of 5.5% over the projection period of 2022- 2032.
Prominent Players in The Global Fish Sauce 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
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Competitive Landscape
- Masan Group Corporation is focusing on integrating technology as well as artificial intelligence into its daily operations and customer experience in order to fully transform into a consumer-tech ecosystem in 2022. Concurrently convened in HCM City, the 2022 annual general meeting of Masan Group and two of its significant publicly listed companies, Masan Consumer and Masan MEATLife, covered the same topic.
- Fresh anchovies and salt are used to make Teo Tak Seng Fish Factory Co. Ltd.’s unique silver pomfret sauce. The sauce’s robust flavor makes it ideal for stir-frying and makes an excellent dip for a variety of foods.