As per Future Market Insights (FMI), Japan is estimated to account for 5.1% share in the global market right now. In 2022, vegan fish sauce sales in Japan were predicted to generate US$ 3.2 Mn in revenue.
The global vegan fish sauce market is poised to expand at a robust CAGR of 8.9% from 2023 – 2033. Japan is slated to hold a sizeable share in global vegan fish sauce market by 2033 end. Increasing demand for convenience and on-the-go food is driving the growth of vegan fish sauce’s popularity in Japan. This is due to the fact that vegan fish sauce has become a popular way to enhance the flavors of traditional Japanese meals and snacks.
According to a report published by food science & nutrition, fish sauce is a well-liked condiment in Southeast Asian nations due to its distinctive flavor. Japan is no different, as the country’s people tend to use fish sauce as a condiment as well.
Vegan fish sauce is made using plant-based ingredients, such as soybeans, sea salt, dried mushrooms, thai chili, garlic, miso, and seaweed. It has a distinct umami flavor that adds complexity to dishes. In addition, vegan fish sauce is healthier than traditional fish sauce as it contains no cholesterol or saturated fat.
People in Japan are increasingly looking for quick, easy, and healthy food options, and vegan fish sauce fits the bill perfectly. It can be used in various dishes such as sushi, salads, stir-fries, and noodles. Furthermore, vegan fish sauce is an excellent source of plant-based protein, making it a healthy and nutritious alternative to animal proteins.
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Food companies are also recognizing the potential of this product and investing in research and development for new vegan fish sauce products. In the years ahead, FMI predicts rapid expansion of the Japan market as more vegan fish sauce companies are set to present their offerings to the country’s people.
Key Takeaways from the Vegan Fish Sauce Market
- The global vegan fish sauce market was valued at US$ 62.3 Mn revenue in 2022.
- In 2023, the global vegan fish sauce market is projected to reach at a total of US$ 67.8 Mn.
- An impressive 9% CAGR is anticipated for the global market from 2023 – 2033.
- The global vegan fish sauce market is expected to generate revenue of 5 Mn by the end of 2033.
- Growing demand for convenience and on-the-go food trends are likely to stimulate the demand for vegan fish sauce in Japan.
“As the Japanese are preferring convenience and ready-to-eat food options, the demand for vegan fish sauce is anticipated to rise continuously and consistently during the forecast period. Major competitors in the market are investing in research and development to innovate new vegan fish sauces to capitalize on the growing veganism trend in Japan.”– Says an FMI Analyst.
Competition Landscape in The Vegan Fish Sauce Market
To remain competitive in Japanese vegan fish sauce market, key players are introducing 100% vegan products along with mild flavors. These companies are also collaborating with other companies to strengthen their footholds in the market.
Mizkan Group, Kikkoman Corporation, and Pringles are major companies in Japan vegan fish sauce market.
Recent Developments:
- In April 2022, Kikkoman Corporation, the world’s largest manufacturer of organically brewed soy sauce, announced the debut of its new 100% vegetarian Kikkoman Oyster Flavored Sauce. The new sauce is suited for both vegetarians and non-vegetarians.
- In February 2020, Mizkan Group introduced its Mizkan brand of Japanese sauces to the US market with the launch of its Mizkan America products. The sauces have mild flavors and are entirely natural.
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Key Segments of vegan fish sauce
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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