According to the latest report by IMARC Group, titled “Fish Sauce Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global fish sauce market size reached US$ 15.9 Billion in 2022. Fish sauce is an amber-colored liquid condiment that is prepared through the fermentation of salt-coated fish for a longer duration. It is further mixed with sweeteners, preservatives, fish essence, coloring, and flavoring. Fish sauce is enriched with a high content of nitrogen, iron, omega-3, vitamins, and amino acids. These elements provide multiple health benefits, such as improving appetite, controlling blood sugar levels, maintaining body warmth, reducing the risks associated with high cholesterol levels, and increasing calcium absorption. Additionally, it improves the resilience of an individual and helps in the hematopoiesis process, keeping a stable nervous system and supporting cell multiplication. Based on these properties, fish sauce is widely used as a staple ingredient and souring agent instead of soy sauce. Apart from this, fish sauce is extensively utilized as a base for dipping condiments and for cooking various dishes to provide them with a distinct meaty aroma and flavor.
Global Fish Sauce Market Trends:
The growing use of fish sauce as a seasoning in the food and beverage (F&B) sector to prepare various dishes, especially Asian cuisines, due to its unique flavor and taste, represents one of the prime factors driving the market growth. Additionally, the shifting consumer inclination towards high-nutritional foods and condiments due to the growing health consciousness among individuals is acting as another growth-inducing factor. This is further supported by the increasing demand for fish sauce in households and the hotel/restaurant/catering (HoReCa) industry across the globe. Moreover, the extensive consumption of meat and seafood products due to their purported health benefits is favoring the market growth. In line with this, the escalating demand for numerous packaged ready-to-use fish gravies to provide optimal taste and convenience to consumers and their availability across online and offline distribution channels are propelling the market growth. Furthermore, the advent of clean-label fish sauce due to the rising prevalence of lifestyle diseases, such as high blood pressure and diabetes, is contributing to the market growth. Besides this, recent innovative launches in the fish sauce line-up and the continuous development of salt- and preservative-free product variants to cater to constantly evolving consumer preferences are supporting the market growth. Apart from this, extensive celebrity endorsements, large-scale product diversifications, and ongoing research for manufacturing fish sauce fortified with additional nutrients are positively stimulating the market growth. Looking forward, the market value is projected to reach US$ 19.5 Billion by 2028, expanding at a CAGR of 3.2% during 2023-2028.
- On the basis of the type, the market has been divided into Korean, Japanese, Southeast Asian, Western, and other fish sauce.
- Based on the composition, the market has been bifurcated into basic and premium.
- On the basis of the distribution channel, the market is segregated into supermarkets and hypermarkets, convenience stores, specialty stores, online stores, and others.
- Based on the industry vertical, the market is categorized into food and beverages, household, hotels and restaurants, and others.
- On a regional basis, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Halcyon Proteins Pty Ltd., Masan Group, Pichai Fish Sauce Co. Ltd., Rayong Fish Sauce Industry Co. Ltd., Red Boat Fish Sauce, Rungroj Fish Sauce Co. Ltd., Teo Tak Seng Fish Sauce Factory Co. Ltd., Thai Fishsauce Factory (Squid Brand) Co. Ltd., Thaipreeda Group and Unilever plc.
|Base Year of the Analysis
||Type, Composition, Distribution Channel, Industry Vertical, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Halcyon Proteins Pty Ltd., Masan Group, Pichai Fish Sauce Co. Ltd., Rayong Fish Sauce Industry Co. Ltd., Red Boat Fish Sauce, Rungroj Fish Sauce Co. Ltd., Teo Tak Seng Fish Sauce Factory Co. Ltd., Thai Fishsauce Factory (Squid Brand) Co. Ltd., Thaipreeda Group and Unilever plc
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