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.
In all major economies, people are becoming more aware of the damage that animal slaughter causes to the environment. when a result, it is anticipated that when more and more condiments and animal substitutes are accepted, the market’s existing sales of vegan fish sauce will increase.
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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.
In the current year of 2023, the global vegan fish sauce market is estimated to be valued at US$ 68.7 million, with projections indicating a robust compound annual growth rate (CAGR) of 8.9% from 2023 to 2033. By 2033, the market is anticipated to achieve sales of US$ 146.5 million, reflecting a significant surge in demand for plant-based alternatives to traditional fish sauce.
Environmental concerns related to animal slaughter are fostering a shift towards plant-based condiments and substitutes globally, leading to an expected increase in sales of vegan fish sauce. The market is also gaining momentum due to the rising popularity of vegan products, particularly among millennials, prompting industry competitors to introduce a variety of vegan fish sauce options to attract new customers and provide unique experiences.
Key Takeaways from the Vegan Fish Sauce Industry Study:
- Market Landscape:
- The United States dominated the vegan fish sauce market in 2022, generating approximately US$ 17.8 million in revenue and accounting for 28.5% of global sales.
- Germany held the second-largest market share, contributing nearly 16.5% of total sales in 2022.
- The United Kingdom is expected to experience the fastest growth, with a projected 9.9% annual growth rate from 2023 to 2033, increasing its market share from US$ 5.7 million in 2023 to US$ 16 million by 2033.
- Japan leads the Asia Pacific region, with vegan fish sauce sales reaching 3.2 million in 2022.
- India is showing remarkable growth, expected to achieve a CAGR of 8.9% through 2033.
- Australia earned US$ 1.7 million in 2022, accounting for approximately 2.8% of the global market.
- Production Technologies:
- The traditional method remains the dominant sector, constituting over 45.6% of total production
Competitive Landscape for the Vegan Fish Sauce Industry Players:
Key players in the global vegan fish sauce industry include 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.
While the vegan fish sauce industry offers ample opportunities for manufacturers of plant-based proteins and condiments, some may lack the necessary manufacturing capabilities to capitalize on this market. For example, retail giant Target introduced its subsidiary, Good & Gather Plant-Based, in May 2021, aiming to launch 30 new plant-based protein snacks and condiments.
Competitive Landscape for the Vegan Fish Sauce Industry 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 Industry
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.
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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
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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