The vegan fish sauce market is predicted to be worth US$ 67.8 million in 2023 and rise to US$ 146.5 million by 2033. Demand initially expanded with a CAGR of 8.1% from 2018 to 2022.
Conscious eating and the “plant-forward” movement are two new trends constantly being considered while analyzing the rising demand for alternative proteins. Thus, during the forecast period, these two trends change consumer tastes and preferences and dominate the larger food industry.
The market has grown due to millennials’ increasing acceptance of vegan products. Recently, market rivals have introduced various types and varieties of vegan fish sauces to attract new clients and provide consumers with distinctive experiences.
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Market Opportunities
As fish sauce is a prominent component in many Asian meals, which are growing in popularity worldwide, manufacturers have a critical focus on innovations. People experience the mouth-watering aromas of Asian cuisine without utilizing animal-based ingredients, thanks to the vegan fish sauce. Also, many people look for methods to consume less salt, which raises the demand for 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)
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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.
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