Fish Sauce Market Size, Share, Trends, Growth and Forecast 2030

Fish Sauce Industry Perspective:    

The global Fish Sauce market size was worth around USD 16.5 billion in 2022 and is predicted to grow to around USD 22.7 billion by 2030 with a compound annual growth rate (CAGR) of roughly 4.1% between 2023 and 2030.

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The report analyzes the global Fish Sauce market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the fish sauce industry.          

Fish Sauce Market: Overview

Fish that has been salted and fermented yield a liquid that is amber in color, known as fish sauce. It is used as a condiment in many different types of food. In many Asian cultures, fish sauce is a staple ingredient. Filipino, Cambodian, Thai, Vietnamese, and Laotian cuisines all use it significantly. It is a very important component of Thai cuisine. The ingredients that go into their production include sugars, preservatives, fish essence, coloring, and flavor. The fish sauce is more nutritious and healthier since it has a greater nitrogen content. In Western cookery, they are used as salt, while in Chinese cooking, they are used as soy sauce.

Key Insights

• As per the analysis shared by our research analyst, the global Fish Sauce market is estimated to grow annually at a CAGR of around 4.1% over the forecast period (2023-2030).
• In terms of revenue, the global Fish Sauce market size was valued at around USD 16.5 billion in 2022 and is projected to reach USD 22.7 billion, by 2030.
• The worldwide fish sauce market is being driven by Southeast Asian nations' substantial demand as well as an increase in demand for fortified fish sauce.
• Based on the product type, the traditional segment is expected to dominate the market over the forecast period.
• Based on the distribution channel, supermarkets & hypermarkets are expected to capture a significant market share over the forecast period.
• Based on region, the Asia Pacific is expected to hold the largest market share over the forecast period.

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Fish Sauce Market: Growth Drivers

Increasing demand for fish sauces as seasonings and the health advantages drive the market growth

In many parts of the world, fish sauce is used as a flavoring and has gained popularity as a table component. Due to the health advantages of non-vegetarian meals and the availability of traditional fish sauces in a variety of packaging, flavors, and price ranges to suit diverse preferences throughout the world, the global fish sauce market is expanding. In addition, the minerals in fish and fish sauces are very beneficial to human health. Furthermore, customers are substituting fish meat for chicken and red meat due to the abundance of minerals in fish, including omega-3, vitamin D, and vitamin B2. This has led to the introduction of several pre-packaged, ready-to-use fish gravies by manufacturers. To provide consumers with the finest flavor and convenience, especially in industrialized nations where people lead busier lives, they are typically offered in powder form in sachets. Fish sauce, a necessary ingredient in the creation of these meals, is thus in great demand. Additionally, consumers in developed nations are increasingly ready to sample novel meals and flavors, which boosts the demand for fish sauce.

Fish Sauce Market: Restraints

Stringent regulations limiting the market growth

Different nations have different laws and rules. All sauces sold in the US must go by rules set out by the US Food and Drug Administration (FDA) and the United States Department of Agriculture (USDA). Vendors are required by the European Union (EU) regulations to declare all the allergenic substances used in the sauce products they sell. When one of the 14 allergens on the EU's list is used as an ingredient in a food product, it must be disclosed on the label. The Derbyshire County Council states that all names of components in sauces sold by catering businesses must be correct and that labels must identify any substances that have been exposed to radiation or that have undergone genetic modification. Thus, this is expected to hamper the fish sauce market growth during the forecast period.

Fish Sauce Market: Opportunities

New product launch offers a lucrative opportunity for the market growth

The fish sauce industry has a lot of prospective competitors that are always inventing to provide better fish sauces with natural components. For instance, in January 2022, Sozy, a sauce company located in the United Kingdom, announced the release of a new line of plant-based, soy-free fish and oyster sauces. They were given the names Nish, Noyster, and Noya by the firm. The new goods were marketed as soy-free, allergy-free, and ecologically friendly alternatives to traditional fish, oyster, and soy products. Similarly, in May 2022, Ca Ty fish sauce products were officially launched at Ho Chi Minh City's Industrial University. The Industrial University of Ho Chi Minh, Thuan Hung Fish Sauce Manufacturing Co., Ltd., and Tatsuya Co., Ltd. worked together to create this product. Thus, this kind of product launch in the market is expected to drive revenue growth over the projected period.

Fish Sauce Market: Challenges

Concerns related to quality and authenticity act as a major challenge to the market growth

The fish sauce market has become overwhelmed with a variety of brands and goods due to the popularity of fish sauce. However, it can be difficult to ensure the quality and authenticity of fish sauce since certain substandard or fake goods might not adhere to the accepted manufacturing standards, which could cause consumer dissatisfaction and loss of confidence. Thus, the concerns related to quality and authenticity might be a major obstacle to the market growth over the forecast period.

Fish Sauce Market: Segmentation

The global Fish Sauce industry is segmented based on product type, composition, end user, distribution channel, and region.

Based on the product type, the global market is bifurcated into industrial and traditional. The traditional segment is expected to dominate the market over the forecast period. Traditional sauces are more widely used since fish sauces produced in factories are often a blend of flavorings, preservatives, sweeteners, fish essence, and coloring. Thus, this is expected to drive the segment growth over the forecast period.

Based on the composition, the global fish sauce industry is divided into mass and premium.

Based on the end user, the global fish sauce market is divided into food manufacturers, retail, and food service.

Based on distribution channel, the market is segmented into supermarkets & hypermarkets, convenience stores, specialty stores, online stores, and others. Supermarkets and hypermarkets are expected to capture a significant market share over the forecast period. Fish sauces are being offered at supermarkets and hypermarkets due to the population's growing need for convenience. Supermarkets and hypermarkets are gaining market share as a result of modern trade methods taking center stage. This channel has an extra benefit due to the wide range of product possibilities offered under one roof. There are several fish sauce brands on the shelves in the fish sauce area of a Saigon supermarket. Megachef is not available in stores like Whole Foods, but they do carry Red Boat, a fantastic artisanal brand from Vietnam. Asian nations have a large number of convenience stores, making it simpler for customers to purchase food items. For instance, Vietnam's General Statistical Office reports that despite COVID-19's extensive impacts on Vietnam throughout the entire year of 2021, total retail sales were about USD 172 billion, slightly higher than in 2020. Thus, the aforementioned facts support the segment expansion over the forecast period.

Fish Sauce Market: Report Scope

Fish Sauce Market: Regional Analysis

Asia Pacific is expected to hold the largest market share over the forecast period

Thailand, Vietnam, and Singapore are the top exporters of fish sauce. Red Boat Fish Sauce, Squid, and Viet Phu Inc. are some of the prominent brands in the area. Due to the product's numerous health advantages as well as the fact that it enhances the flavor of food, the demand from consumers for the fish sauce will keep rising. Manufacturers create fish sauces by fermenting the fish with natural components like salt and water due to rising health concerns among customers. Asian-made fish and oyster sauces are in high demand and frequently used in Asian-inspired dishes including stir-fries, curries, and soups. Additionally, this region's expansion, which has been fueled by rapidly increasing domestic income and wealth, has been expedited by the existence of the world's greatest producers of fish, such as China, which is also perhaps the world's largest consumer of fish. Thus, this is expected to drive the revenue growth of the fish sauce market in the region.

Fish Sauce Market: Competitive Analysis

The global Fish Sauce market is dominated by players like:

• Teo Tak Seng Fish Sauce Factory Co. Ltd.
• TANG SANG HA CO. Ltd
• ThaiPreeda Group
• Masan Group
• Shantou Haimao Foodstuff Factory Co. Ltd.
• Thai Fish sauce Factory (Squid Brand) Company Limited
• Rayong Fish Sauce Industry Co. Ltd
• Pichai Fish Sauce Co. Ltd
• Halcyon Proteins
• Hung Thanh Co. Ltd.

The global Fish Sauce market is segmented as follows:

By Product Type

• Industrial
• Traditional

By Composition

• Mass
• Premium

By End User

• Food Manufacturers
• Retail
• Food Service

By Distribution Channel

• Supermarkets and Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Stores
• Others

By Region

• North America
• The U.S.
• Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa