Global Fish Sauce Market, By Product Type (Korean Fish Sauce, Japanese Fish Sauce, Southeast Asian Fish Sauce, Western Fish Sauce, Others), Composition (Basic, Premium), Application (Domestic Use, Restaurants, Food Industries), Distribution Channel (Supermarket and Hypermarket, Convenience Stores, Specialty Stores, Online Retailers) – Industry Trends and Forecast to 2029
Market Analysis and Size
Seasoning has become an essential component of many cultures around the world's dining tables. Among all seasonings, fish sauce is expected to be popular in the coming years. The rising demand for seasoning is driving the growth of the fish sauce market.
Data Bridge Market Research analyses that the fish sauce market was growing at a value of USD 15.38 billion in 2021 and is expected to reach the value of USD 20.79 billion by 2029, at a CAGR of 3.84% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and consumer behaviour.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product Type (Korean Fish Sauce, Japanese Fish Sauce, Southeast Asian Fish Sauce, Western Fish Sauce, Others), Composition (Basic, Premium), Application (Domestic Use, Restaurants, Food Industries), Distribution Channel (Supermarket and Hypermarket, Convenience Stores, Specialty Stores, Online Retailers)
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Countries Covered
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U.S., Canada, Mexico, Germany, U.K., Italy, France, Spain, Russia, Turkey, Switzerland, Belgium, Netherlands, Denmark, Sweden, Poland, Turkey, rest of Europe, Japan, China, South Korea, India, Australia, Singapore, Japan, Thailand, Indonesia, New Zealand, Vietnam, Thailand, Indonesia, Malaysia, Philippines, rest of Asia-Pacific, South Africa, Kuwait, Qatar, Oman, Saudi Arabia, U.A.E., and rest of the Middle East and Africa, Brazil, Argentina & rest of South America
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Market Players Covered
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TANG SANG HA CO. Ltd (Thailand), Masan Group (Vietnam), ThaiPreeda Group (Thailand), Shantou Haimao Foodstuff Factory Co., Ltd. (China), Teo Tak Seng Fish Sauce Factory Co., Ltd. (Thailand), Thai Fish sauce Factory (Squid Brand) Company Limited (Thailand), Rayong Fish Sauce Industry Co. Ltd (Thailand), Pichai Fish Sauce Co. Ltd (Thailand), Halcyon Proteins (Australia), Hung Thanh Co. Ltd (Vietnam)
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Opportunities
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Market Definition
The term "fish sauce" refers to an amber-coloured liquid derived from the fermentation of salt-coated fish. It is used as a condiment in a variety of cuisines. It's an essential ingredient in Thai cooking. They are made in factories and contain a blend of sweeteners, preservatives, fish essence, colouring, and flavouring. As fish sauce is a good source of nitrogen, it is nutritious and beneficial to health.
Fish Sauce Market Dynamics
Drivers
- Wide availability of fish sauces due to growing popularity
The growing population's desire for convenience has resulted in the availability of fish sauces in supermarkets/hypermarkets. Modern trade channels have taken centre stage, resulting in growing market shares for supermarkets and hypermarkets. The variety of product options available under one roof has given this channel an advantage.
- High demand from various end-user industries
Due to the numerous nutrients found in fish, such as omega-3, vitamin D, and B2, consumers are gravitating toward fish meat as a replacement for chicken and red meat. This is compelling manufacturers to introduce a variety of packaged ready-to-use fish gravies. These are primarily available in powder form in sachets to provide optimal taste and convenience to consumers, particularly in developed countries with busier lifestyles.
As a result, the demand for fish sauce, a key ingredient in the preparation of these dishes, is increasing. Furthermore, consumers in developed countries are more willing to try new foods and flavors, increasing sales of fish sauces.
Opportunity
Manufacturers have been attempting to include more products in the fish sauce line-up because people all over the world use it as a seasoning in various foods. With people's eating habits changing and fish sauce replacing salt on the dinner table, market leaders are developing sauces that can be used directly in food. Customers are more sensitive to genuine products and are willing to pay higher prices for them. This raises the global demand for premium fish sauces.
Restraints
However, the various adverse health effects caused by the presence of harmful artificial preservatives in fish sauce, as well as the lack of nutritional content in chemically fermented fish sauce, are expected to act as a restraint on the growth of the fish sauce market, whereas the easy availability of many alternatives to fish sauce, as well as growing health concerns related to added preservatives, are expected to challenge the growth of the fish sauce market.
This fish sauce market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the fish sauce market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Fish Sauce Market
Over the last 18 months, almost every industry in the world has suffered a setback. This is due to significant disruptions in their respective manufacturing and supply-chain operations as a result of various precautionary lockdowns and other restrictions imposed by governing authorities around the world. The same is for the global market for fish sauce. Furthermore, consumer demand has subsequently decreased as people are now more focused on eliminating non-essential expenses from their respective budgets as the general economic status of most people has been severely impacted by this outbreak. These factors are expected to weigh on the revenue trajectory of the global fish sauce market over the forecast period.
Recent Development
- Masan launched Chin-Su Yod Thong fish sauce in the Thai market in 2016, which was considered an audacious move given that Thailand is a traditional fish sauce market that exports a variety of fish sauce products to many countries around the world.
- Nestlé introduced its first Maggi fish sauce products in Vietnam in 2018. It is also the company's first foray into the global fish sauce market.
Global Fish Sauce Market Scope
The fish sauce market is segmented on the basis of product type, application and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product type
- Korean Fish Sauce
- Japanese Fish Sauce
- Southeast Asian Fish Sauce
- Western Fish Sauce, Others
Application
- Domestic Use
- Restaurants
- Food Industries
Distribution channel
- Supermarket and Hypermarket
- Convenience Stores
- Specialty Stores
- Online Retailers
On the basis of distribution channels, the fish sauce market is segmented into direct and indirect. Direct distribution channel is dominating the fish sauce market since the direct purchase of both food and feed products is preferred by the consumers.
Fish Sauce Market Regional Analysis/Insights
The fish sauce market is analyzed and market size insights and trends are provided by country, product type, application, and distribution channel as referenced above.
The countries covered in the fish sauce market report are U.S., Canada, Mexico, Germany, U.K., Italy, France, Spain, Russia, Turkey, Switzerland, Belgium, Netherlands, Denmark, Sweden, Poland, Turkey, rest of Europe, Japan, China, South Korea, India, Australia, Singapore, Japan, Thailand, Indonesia, New Zealand, Vietnam, Thailand, Indonesia, Malaysia, Philippines, rest of Asia-Pacific, South Africa, Kuwait, Qatar, Oman, Saudi Arabia, U.A.E., and rest of the Middle East and Africa, Brazil, Argentina & rest of South America.
North America leads the fish sauce market due to rising consumer demand as well as high product demand from restaurants and the food service industry in this region. Asia-Pacific is expected to grow at a significant rate from 2022 to 2029, owing to rising product popularity in most cuisines in countries such as China and Japan, as well as rising disposable income levels and rapid urbanisation within this region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Fish Sauce Market Share Analysis
The fish sauce market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to fish sauce market.
Some of the major players operating in the fish sauce market are:
- TANG SANG HA CO. Ltd (Thailand)
- Masan Group (Vietnam)
- ThaiPreeda Group (Thailand)
- Shantou Haimao Foodstuff Factory Co., Ltd. (China)
- Teo Tak Seng Fish Sauce Factory Co., Ltd.(Thailand)
- Thai Fishsauce Factory (Squid Brand) Company Limited (Thailand)
- Rayong Fish Sauce Industry Co. Ltd (Thailand)
- Pichai Fish Sauce Co. Ltd (Thailand)
- Halcyon Proteins (Australia)
- Hung Thanh Co. Ltd (Vietnam)
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