The vegan fish sauce market is poised for remarkable expansion, with a projected CAGR of 8.9% from 2023 to 2033. Valued at US$ 67.8 million in 2023, the market is expected to surge to US$ 146.5 million by 2033, driven by the rising demand for plant-based alternatives and increasing awareness of sustainability.
Industry Growth Drivers:
- Demand for Plant-Based Alternatives: As consumers embrace plant-based diets and seek alternatives to traditional fish sauce, the market for vegan fish sauce experiences significant growth. This trend is fueled by conscientious eating habits and the plant-forward movement, shaping consumer preferences in the food sector.
- Sustainability and Environmental Concerns: Growing concerns about the environmental impact of traditional fishing practices drive consumers to seek sustainable alternatives. Vegan fish sauce, made from plant-based ingredients, offers an eco-friendly option that resonates with environmentally conscious consumers, presenting a lucrative opportunity for market players.
- Collaboration with Chefs and Restaurants: Strategic partnerships with chefs and restaurants help introduce vegan fish sauce to a wider audience and demonstrate its versatility in culinary applications. By collaborating with professionals in the food industry, manufacturers enhance brand visibility and drive demand for their products.
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Lucrative Opportunities:
- Increasing Demand for Plant-Based Alternatives: The rising popularity of plant-based diets creates a growing demand for vegan fish sauce, presenting an opportunity for market players to cater to this expanding customer base and capture a larger market share.
- Rising Awareness of Sustainability: With increasing awareness of environmental issues, consumers are actively seeking sustainable options, including plant-based condiments like vegan fish sauce. Manufacturers can capitalize on this trend by promoting the eco-friendly aspects of their products.
- Collaboration with Chefs: Partnering with chefs and restaurants allows market players to showcase the versatility of vegan fish sauce in various culinary creations, driving consumer interest and adoption.
- Educating Consumers: Addressing misconceptions about vegan food products, such as taste and nutritional concerns, presents an opportunity to educate consumers and foster greater acceptance of vegan fish sauce.
Key Takeaways
- By 2033, the vegan fish sauce market in the United Kingdom is likely to expand, with a CAGR of 6.9%.
- In 2022, the United States dominated the vegan fish sauce market with a share of 27.1%.
- The vegan fish sauce market was significantly expanding, with a size of US$ 62.3 million in 2022.
- The vegan fish sauce sector expanded at a CAGR of 7.6% from 2016 to 2021.
- By 2033, China’s vegan fish sauce market is projected to expand, with a CAGR of 7.5%.
- In 2022, Germany expanded significantly in the vegan fish sauce business, with a share of 8.4%.
- By 2033, India is projected to grow considerably in the vegan fish sauce market, with a share of 8.2%.
- In 2022, Australia developed substantially in the vegan fish sauce business, with a share of 1.6%.
- Japan’s vegan fish sauce industry share expanded significantly, with a 4.9% share in 2022.
- It is noticeable that the offline distribution channel for vegan fish sauce sales is growing, and the online distribution channel segment is expanding faster.
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Competitors Winning Strategies
Several industry start-ups are already launching cutting-edge methods and goods, while others are attempting to build an online presence. Contemporary food manufacturers more accurately simulate the consumer experience of tasting plant-based fish sauce. Aggressive digital marketing campaigns are used in conjunction with this to promote the products. This provides fresh opportunities for the market players to have a competitive edge in the global industry.
Key Players
- Follow Your Heart
- Primal Kitchens
- Sir Kingston
- 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.
Recent Developments:
- The American retail behemoth Target declared 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 sauces under this brand.
- Nestle Vietnam made the first-ever Maggi fish sauce announcement in July 2018. The item is created without preservatives using natural components, including Ba Ria sea salt and Phu Quoc black anchovy flavor.
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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
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and the Pacific
- Middle East and Africa (MEA)
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
