The fish sauce market is set for impressive growth, with a projected value of USD 18.4 billion in 2023. This positive trend is expected to persist, with the market anticipated to expand at a steady 6% CAGR throughout the forecast period.
By 2033, the market is expected to achieve a significant valuation of USD 31.69 billion. This notable growth is driven by the rising global popularity of fish sauce and its expanding use in diverse culinary applications and food products.
Demand for the product is expected to surge due to its rich content of essential minerals and nutrients, including iodine and vitamins A and D. Additionally, it serves as a viable alternative to soy sauce.
The fish sauce market is experiencing growth driven by increased demand for its health benefits, particularly in addressing thyroid-related issues. However, the industry’s dependence on fish stocks poses risks; overfishing and environmental challenges could affect the availability and sustainability of fish resources. Concerns about unsustainable fishing practices and environmental impact might lead to regulations or shifts in consumer preferences towards more sustainable alternatives.
The cost and availability of fish, a crucial ingredient in fish sauce production, can fluctuate. This volatility in fish prices and other raw materials may influence production costs, potentially affecting the pricing and profitability of fish sauce products and thereby impacting the market.
There is an opportunity to broaden the variety of fish sauce products to appeal to diverse consumer tastes and market segments. This could involve creating flavored fish sauces, infusing them with herbs and spices, and developing specialty blends with unique taste profiles and culinary versatility. Additionally, the market presents expansion potential in untapped regions. Rising populations and shifting consumer preferences in emerging markets offer a promising opportunity for fish sauce manufacturers to introduce their brands and establish a presence in new areas.
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.
Major Key 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
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.
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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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