According to Future Market Insights, the U.S. vegan fish sauce market reached US$ 17.8 Mn in 2023. The U.S. currently holds around 28.5% share in the global vegan fish sauce market and it is likely to retain its supremacy during the forecast period as well amid growing trend of veganism.
With the global vegan fish sauce market set to expand at 8.9% CAGR between 2023 and 2033, the U.S. will play a key role in accelerating overall vegan fish sauce sales. Growth is attributed to a number of factors such as the increasing number of health-conscious consumers who prefer vegan fish sauces to conventional ones.
Similarly, growing number of people with allergies and sensitivities to fish, who require a viable alternative that contains no animal-derived ingredients will generate high demand for vegan fish sauces. Vegan fish sauce does not contain any preservatives, which makes it beneficial for those looking for an all-natural condiment.
Moreover, increasing demand for vegan alternatives to animal products due to the rising awareness of animal welfare and sustainability issues will bode well for the U.S. vegan fish sauce market. Further, as sea-food delicacies gains traction, food industry giants such as Burger King, KFC, and others are introducing vegan-based sea food sauces and products to cater to the vegan consumers need. This is anticipated to boost the demand for vegan fish sauces in the U.S.
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Rising number of vegans in the U.S., coupled with the increasing demand for all-natural condiments and vegan alternatives is expected to boost the vegan fish sauce market in the U.S. during the upcoming years. Moreover, various players in the industry are recognizing the potential opportunity and have started introducing new flavors and varieties into the market.
They are also expanding their product lines and entering into strategic partnerships to tap into untapped markets and expand their customer base. This will further aid in the expansion of the U.S. vegan fish sauce industry.
Key Takeaways from the Vegan Fish Sauce Market
- The global vegan fish sauce market is poised to be valued at around 5 Mn by the end of 2033.
- In 2023, the market is forecast to reach a valuation of US$ 67.8 Mn.
- The U.S. vegan fish sauce market size reached US$ 17.8 Mn in 2022 and it is anticipated to grow at a robust pace over the next ten years.
- Increasing number of vegans and vegetarians in the U.S. will provide an opportunity for the growth of vegan fish sauce market.
“Rising inclination towards vegan food options is likely to increase the sales of vegan fish sauce in the U.S. Key companies are introducing novel products made up entirely from plant based ingredients to make profit.”– Says an FMI Analyst.
Competition Landscape in The Vegan Fish Sauce Market
With the increased demand for vegan fish sauce, major market participants in this industry may expect profitable development prospects in near future. Hence, they are introducing novel vegan fish products that perfectly mimic the taste and flavor of fish.
NONA Vegan Foods, Royal DSM, and Sozye are major companies in the U.S. vegan fish sauce market.
Recent Developments:
- In November 2022, top equity crowdfunding platform in Canada, FrontFundr, announced a new US$ 300,000 crowdfunding campaign for NONA Vegan Foods, a Canadian sauce manufacturer. The business, which offers vegan Italian cream and meat sauces, intends to utilize the money to increase its market share in the U.S. and Canada.
- In March 2021, Maxavor® Fish YE, a new vegan, 100% allergen-free flavor option, was introduced by Royal DSM, a worldwide science-based corporation involved in nutrition, health, and sustainable living. This novel breakthrough, which is derived from algal oil, enables food makers to give a realistic fish flavor and texture in several applications, in addition to fish-based goods.
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Key Segments of 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?
- What is the projected Value of Vegan Fish Sauce Market By 2033?
- 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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