Fish Sauce Market to Reach $9.3 Billion, Globally, by 2032 at 4.6% CAGR: Allied Market Research
The global fish sauce market growth is attributed to several factors, including an increase in demand for unique and exotic flavors, people exploring diverse cuisines and flavors, and health consciousness and nutrition trends
Portland, Sept. 08, 2023 (GLOBE NEWSWIRE) —
Allied Market Research published a report, titled, “Fish Sauce Market by Nature (Conventional and Premium), by Type (Korean Fish Sauce, Japanese Fish Sauce, Southeast Asian Fish Sauce, and Others), by Application (Food and Beverages, Household, Hotels and Restaurants, and Others) by distribution channel (Hypermarkets and Supermarkets, Specialty Stores, Online Retail, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032.” According to the report, the global fish sauce industry was estimated at $5.9 billion in 2022 and is anticipated to generate $9.3 billion by 2032, registering a CAGR of 4.6% from 2023 to 2032.
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Fish sauce is a type of condiment made of fermented fish or byproducts of fermented fish. Fish sauce is commonly used as flavoring in different cuisines around the world. Traditionally, fish sauce is a common ingredient in Southeast Asian cuisine, especially in Thailand, Vietnamese, Cambodian, and Laotian cuisine. However, the popularity of fish sauce has spread beyond Southeast Asia and is now being used in many cuisines all over the globe.
Prime Determinants of Growth:
The global fish sauce market growth is attributed to several factors, including an increase in demand for unique and exotic flavors, people exploring diverse cuisines and flavors, and health consciousness and nutrition trends. However, the market growth is being hampered by concerns related to allergens, environmental issues, and sustainability. On the other hand, an increase in demand for ethnic cuisine and global market expansion are expected to create lucrative growth opportunities for the market.
Report Coverage & Details:
|Market Size in 2022||$5.9 Billion|
|Market Size in 2032||$9.3 Billion|
|No. of Pages in Report||320|
|Segments covered||Nature, Type, Application, Distribution Channel, and Region|
|Drivers||Increase in demand for unique and exotic flavors
Cultural and culinary traditions
Health consciousness and nutrition trends
|Opportunities||Increase in demand for ethnic cuisine
International market expansion
Environmental and sustainability concerns
- The outbreak of COVID-19 had a negative impact on the global fish sauce industry. Due to the severely affected countries, their retail & production activities were suspended. Strict lockdown policies and a certain degree of restrictions were applied with multiple time duration across several countries and regions.
- Supply chain disruptions and low production volumes coupled with low demand significantly hampered the market. Moreover, the closure of international boundaries resulted in low export–import across the globe. Hence, the fall in the value of imports adversely impacted the revenues of the fish sauce market.
- However, the pandemic has been released now, and use of fish sauce has witnessed a remarkable surge in market demand through international market expansion.
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The conventional segment maintains its leadership status throughout the forecast period-
By nature, the conventional segment held the highest market share in 2022, accounting for nearly three-fourths of the global fish sauce market revenue and is estimated to maintain its leadership status throughout the forecast period. As urbanization increases, busy lifestyles drive the demand for convenience foods and pre-prepared ingredients. Fish sauce’s ability to enhance flavors quickly makes it an attractive option for busy consumers seeking to add complexity to their meals. However, the premium segment would display the fastest CAGR of 5.3% during the forecast period. Premium is the fastest-growing segment of the market. Premium fish sauce is often made from high-quality fish, such as whole anchovies or select fish varieties.
The Southeast Asian fish sauce segment to retain its dominance by 2032-
By type, the Southeast Asian fish sauce segment held the major share in 2022, generating more than half of the global fish sauce market revenue, and is estimated to maintain its dominance throughout the forecast period. The proliferation of Southeast Asian restaurants and eateries across the world has exposed more people to the flavors of the region. These establishments often incorporate fish sauce in their dishes, familiarizing customers with its taste and encouraging them to use it in their home cooking. Moreover, the power of social media and food blogging has played a role in popularizing Southeast Asian fish sauce. On the other hand, the Japanese fish sauce segment would cite the fastest CAGR of 5.4% during the forecast period. Japanese fish sauce is known for its potential health benefits due to its natural fermentation process. It contains essential amino acids, minerals, and vitamins that enhance the nutritional value of dishes in which it is used.
The food and beverages segment to rule the roost by 2032-
By application, the food and beverages segment held the major share in 2022, contributed to nearly half of the global fish sauce market revenue, and is projected to rule the roost by 2032. As culinary enthusiasts embrace their adventurous spirit and crave a world of delightful tastes, their journey leads them to the captivating allure of fish sauce, especially as a prominent feature in Southeast Asian cuisines. This heightened sense of culinary exploration ignites a fervent demand for infusing fish sauce into an array of delectable food and beverage creations. However, the household segment would portray the fastest CAGR of 4.9% during the forecast period. Fish sauce is packed with important nutrients and minerals. Some types have less salt than other seasonings. As folks become more health-conscious, they look for healthier alternatives to the usual seasonings they use. Plus, fish sauce is simple to use – just a few drops make a dish taste amazing.
Asia-Pacific to maintain its dominance by 2032-
Based on region, Asia-Pacific region held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global fish sauce market, and is estimated to maintain its dominance throughout the forecast period. Fish sauce holds immense cultural significance in many Asian countries, and it has been an integral part of their culinary tradition for centuries. As a result, the demand for fish sauce remains consistently high in the Asia-Pacific region. Economic growth in many Asia-Pacific countries has led to an increase in disposable income among consumers. Moreover, the LAMEA region is expected to showcase the fastest CAGR of 5.5% during the forecast period. The popularity of Asian cuisines, such as Thai, Vietnamese, and Japanese, is on the rise in the LAMEA region. As a staple ingredient in these culinary traditions, fish sauce has gained attention and usage among consumers looking to recreate authentic Asian flavors.
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Leading Market Players:
- Rungroj Fish Sauce Co., Ltd.
- Viet Phu, Inc.
- Rayong Fish Sauce Industry Co., Ltd.
- Teo Tak Seng Fish Sauce Factory Co., Ltd.
- Pichai Fish Sauce Co. Ltd.
- Tang Sang Ha Company Limited
- Thai Fish Sauce Factory (Squid Brand) Co., Ltd.
- Marine Resources Development Co., Ltd.
- Halcyon Proteins Pty. Ltd.
- Thai Preeda Trading Co., Ltd.
The report analyzes these key players in the global fish sauce market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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