Vegan Fish Sauce to Witness a Constant Growth through 2033: Report by FMI

In the present year 2023, the global vegan fish sauce market size is valued at US$ 598.6 Mn as per the survey conducted by the FMI. Further, the market is expected to register a CAGR of % between 2023 and 2033 as per the market analysis by experts. Ultimately the total sales of vegan fish sauce in the international market are projected to reach US$ 146.5 Mn by 2033.

Nowadays, animal slaughter and its negative impact on the environment are getting more broadly acknowledged by citizens of all major economies. So adoption of any type of meat replacement as well as alternative condiments is projected to drive the sales of vegan fish sauce in the contemporary market.

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Furthermore, greater acceptance of vegan goods among millennial has also aided in market expansion. To entice prospective customers and deliver unique experiences to their consumers, many kinds and variations of vegan fish sauce are released by the market competitors recently.

Key Takeaways from the Vegan Fish Sauce Market Study

• Through the sales of vegan fish sauce throughout the preceding year 2022, the United States market generated revenue to be worth roughly US$ 17.8 Mn. According to the market study report, the US market accounts for about 28.5% of total vegan fish sauce sales worldwide.
• Germany is the next most important market for vegan fish sauce, accounting for almost 16.5% of total sales. It is also the main market inside the European Union for vegan fish sauce substitutes, with an annual revenue of 10.3 Mn in 2022.
• In contrast, the Uk is the fastest developing nation when it comes to embracing the vegan version of fish sauce, with a 9.9% annual growth rate through 2033. This remarkable growth rate is expected to increase the UK’s vegan fish sauce market share from US$ 5.7 Mn in 2023 to US$ 16 Mn by 2033.
• Japan seems to be the primary marketplace in the Asia Pacific region for the cultivation and distribution of a variety of plant-based protein food items. According to the market survey data for 2022, the overall sales of vegan fish sauce in Japan reached a staggering 3.2 Mn.
• Surprisingly, India is the better-performing country in terms of the increasing popularity of all forms of plant-based protein alternatives. According to the market analysis, the Indian market for fish sauce vegan alternatives is expected to develop at a CAGR of 8.9% through 2033.

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• Lately, Australia has become well-known among international market participants for incorporating a variety of plant-based protein alternatives into their daily diets. It earned total earnings of US$ 1.7 Mn in 2022, accounting for around 2.8% of the said global market.
• Depending on the many technologies for the production of vegan fish sauce utilized by suppliers today, the traditional method is the dominant sector, accounting for over 45.6% of the total production.

Competitive Landscape for the Vegan Fish Sauce Market Players

Follow Your Heart, Primal Kitchens, Sir Kingstons, The Vegan Mayo Co., Danone S.A, The Archer Daniels Midland Company, Daiya Foods Inc., Ripple Foods Inc, Vegenaise., Impossible Foods Inc., Eat Just, Inc., Beyond Meat, Inc., Amy’s Kitchen, Tofutti Brands Inc., and Earth’s Own Food Company Inc. are some of the major players in the global vegan fish sauce market.

Although there is tremendous leeway in the vegan fish sauce market for plant-based protein and condiment producers, many lack the essential manufacturing capacity to capitalize on this market potential. For instance, Target, which is a US retail giant, confirmed the establishment of its new subsidiary called ‘Good & Gather Plant-Based’ in May 2021. Under this brand, the business intends to introduce 30 new plant-based protein food products and condiments.

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Key Segments

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