The fish sauce market is poised for remarkable growth in the coming years, with an expected market value of USD 18.4 billion in 2023. This upward trajectory is projected to continue, as the market is anticipated to advance at a steady rate of 6% throughout the forecast period.
By 2033, the market is projected to reach a substantial valuation of USD 31.69 billion. This significant growth is attributed to the increasing popularity of fish sauce among consumers worldwide. As well as the expanding applications of fish sauce in various culinary creations and food products.
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Demand for the product is anticipated to soar due to the presence of various necessary minerals and nutrients like iodine and vitamins A and D. This can also be used as a substitute for soy sauce.
The market size of fish sauce is further proliferated by the rising demand for the medication on account of an increase in thyroid-related problems. The fish sauce industry relies heavily on fish stocks, and overfishing or environmental challenges could impact the availability and sustainability of fish resources. Concerns about unsustainable fishing practices and environmental degradation may lead to regulations or consumer preferences favoring more sustainable alternatives.
The cost and availability of fish, a key ingredient in fish sauce production, can be subject to fluctuations. Price volatility of fish and other raw materials can impact production costs and potentially affect the pricing and profitability of fish sauce products, impacting the market.
There is an opportunity to diversify the range of fish sauce products to cater to different consumer preferences and market segments. This includes developing flavored fish sauces, infused variations with herbs and spices, and specialty blends that offer unique taste profiles and culinary versatility.
The market provides expansion opportunities in untapped geographical regions. Growing populations and evolving consumer preferences in emerging markets create a promising space for fish sauce manufacturers. To introduce their brands and establish a presence in new territories.
Key Takeaways:
- The fish sauce market in the United Kingdom is anticipated to advance at a rate of 6.7% from 2023 to 2033.
- During the forecast period, the market size of fish sauce in China is to be expanding at 6.7% CAGR.
- The United States of America fish sauce industry was forecasted to be holding a value share of 17.8% in 2022.
- Traditional fish sauce holds a substantial market share, accounting for around 67.6% of the overall market.
- By flavor, plain fish is expected to take over the market with a value share of 56.5% in 2022.
Competition Landscape
Key players in the global market are strategically emphasizing both organic and inorganic approaches such as mergers, acquisitions, and new product innovations to broaden their geographic presence.
Competition within the fish sauce industry is intensifying, spurred by current trends. The market is predominantly led by local and regional manufacturers from East Asia and South Asia, known for their diverse product offerings.
Manufacturers are also focusing on product packaging, recognizing its critical role in preserving product quality, color, flavor, texture, nutritional content, and shelf life.
Developments in the Market:
- In 2018, Nestle ventured into the market in Vietnam by launching their Maggi fish sauce. The company claims to make the sauce from natural products like black anchovy, Phu Quoc, and sea salt which are free of preservatives.
- Chin-Su Yod Thong fish sauce was launched in the Thai market by Masan Group and its business partner, the Thai conglomerate Singha Group.
- Unilever purchased a controlling stake in Nutrafol, a well-known supplier of hair wellness products, on May 30, 2022. Through Unilever Ventures, Unilever now owns a minority (13.2%) interest in Nutrafol.
Prominent Players:
- Red Boat
- TANG SANG HA CO. Ltd
- Masan Consumer Corporation
- Thai Preeda Group
- Nestle
- Squid Brand
- Teo Tak Seng Fish Sauce Factory Co., Ltd.
- Rayong Fish Sauce
- Pichai Fish Sauce
- Halcyon Proteins
- Hung Thanh
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Fish Sauce Industry By Category
By Flavor:
- Plain Fish Sauce
- Spiced Fish Sauce
By Technology:
- Traditional Method
- Industrial Method
By Sales Channel:
- Offline Sales Channel
- Supermarkets/Hypermarkets
- Departmental Stores
- Convenience Store
- Other Sales Channel
- Online Sales Channel
- Company Website
- E-commerce Platform
By Region:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
- South Asia
- Oceania
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