The global vegan fish sauce market is valued at US$ 68.7 million in 2023 and is projected to grow at a rate of 8.9% annually, reaching US$ 146.5 million by 2033. Increasing environmental awareness and a shift towards animal-free alternatives are expected to drive this growth in sales.
In the present year 2023, the global vegan fish sauce market size is estimated to be worth US$ 68.7 million based on an FMI survey. According to specialists’ market estimate, the market is anticipated to grow at a compound annual growth rate (CAGR) of 8.9% from 2023 to 2033. It is anticipated that by 2033, the global market for vegan fish sauce will have generated sales of US$ 146.5 million.
People are become more conscious of the harm that animal slaughter does to the environment in all major economies. Thus, it is expected that the market’s current sales of vegan fish sauce will rise with the acceptance of any kind of animal substitute along with other condiments.
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The growing popularity of vegan products among millennials has also increased the market. In an effort to draw in new customers and give them unique experiences, industry rivals have recently released a number of vegan fish sauce varieties.
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.
- 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.
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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 a huge amount of room in the vegan fish sauce industry for manufacturers of plant-based proteins and condiments, many don’t have the necessary manufacturing capabilities to take advantage of this market opportunity. For instance, the US retail behemoth Target announced the launch of its new subsidiary, Good & Gather Plant-Based, in May 2021. The company plans to launch 30 new plant-based protein snack items and condiments under this brand.
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
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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