Fish Sauce Market Will Grow at 5.8% CAGR through 2032 Amid Rising Seafood Consumption Worldwide: FMI
DUBAI, United Arab Emirates, March 30, 2022 (GLOBE NEWSWIRE) — The global Fish Sauce Market is set to witness growth at a CAGR of 5.8% and is anticipated to reach a valuation of around US$ 30.6 Bn by 2032.
Global fish production reached 179 million metric tons in 2018, according to the United Nations, with 23 million metric tons going to human consumption. This is due to several factors, the most significant of which is increasing awareness of the health benefits of seafood.
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Fish Sauce Market Size (2022E) |
US$ 17.7 Bn |
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Fish Sauce Market Projected Size (2032F) |
USD 30.6 Bn |
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Fish Sauce Market Value-based CAGR (2022-2032) |
5.8% |
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Fish Sauce Market Top 3 Countries Market Share |
35.8% |
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Seafood is low in saturated fats, high in protein and nutrients such omega-3 fatty acids, vitamin A, and vitamin B. Regular seafood consumption has been shown to improve cardiovascular health and reduce the risk of heart attacks and strokes. Furthermore, consumers are willing to try new foods, which is boosting the demand for various flavored fish sauces, such as hot sauce and soy sauce.
On the production front, consistent nominal fish prices have resulted in increasing production of fish and fish sauce products. According to a joint OECD-FAO report, nominal fish prices are predicted to rise at a rate of 1.5-2.1 % per year over the next decade. This means that major manufacturers of fish sauce will have lower production costs, allowing them to produce on a larger scale.
“Increasing inclination towards ethnic and exotic food, along with wide availability of a hufe variety of sauces and condiments at online retail channels is expected to broaden the scope of fish sauce applications over the assessment period,” says an FMI analyst.
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Scope of the Report
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Attribute |
Details |
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Forecast Period |
2022-2032 |
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Historical Data Available for |
2017-2022 |
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Market Analysis |
US$ Bn for Value and Units for Volume |
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Key Regions Covered |
North America, Latin America, Europe, East Asia, South Asia, Oceania and the Middle East & Africa |
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Key Countries Covered |
The U.S., Canada, Brazil, Mexico, Germany, the U.K., France, Italy, Spain, Nordic, Russia, Poland, China, Japan, South Korea, India, Thailand, Indonesia, Malaysia, Singapore, Australia, New Zealand, GCC countries, North Africa, South Africa. |
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Key Segments Covered |
Flavour, Technology, Sales Channel and Region |
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Key Companies Profiled |
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Report Coverage |
Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
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Customization & Pricing |
Available upon Request |
Key Takeaways:
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Based on product type, demand in the plain fish sauce segment will command more than 50% of the total fish sauce sales.
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In terms of technique, sales in the traditional method segment will account for a lion’s share in the global fish sauce market.
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By sales channel, the offline segment will remain highly lucrative through 2032.
China will emerge as an attractive market for fish sauce. Demand in the East Asia fish sauce market is expected grow at a 5.0%.
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Competitive Landscape
Leading fish sauce makers are attempting to expand their footprint across attractive pockets by introducing new products, developing strategic partnerships with existing players, and purchasing small-scale producers. The following are some noteworthy market developments:
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Masan Consumer Holdings, situated in Vietnam, is a well-known fish sauce producer. Chin-Su Fish Sauce, Chin-Su Nam Ngu, and Nam Ngu Fish Sauce are among the company’s offerings. While the first two products are aimed at premium and high-end customers, the latter is designed exclusively for mid-tier customers and those looking for good value.
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Teo Tak Seng Fish Factory Co. Ltd., likewisw, sells its signature silver pomfret sauce, which is produced with fresh anchovies and salt. The sauce’s strong taste makes it great not just for stir-frying, but also as a delightful dip for a range of food.
Explore FMI’s Extensive ongoing Coverage on Food and Beverage Domain
Fish Meal Alternative Market – Fish meal alternative are environment-friendly and sustainable options over the conventional fish meal which are produced from small marine fish, cultured fishes, and processed fish by-products.
Fish Processing Market – Fish processing is the practice allied with fishes and its products, which is carried out between the timespan when fishes are caught and continues till the final product made out of them is shipped to customer.
Fish hydrolysate Market – Growing demands for organic food products has fuelled the demand for organic fertilizers. Fish hydrolysate is one such organic fertilizer which is used to enhance the nourishment of plants by a chemical-free process.
Microencapsulated Fish Oil Market – The global demand for microencapsulated fish oil is anticipated to increase at a CAGR of around 5% to 6% between 2022 and 2032, generating considerable revenues by the end of the forecast period.
Fish Collagen Market – Fish collagen also known as marine collagen, is a form of fibrous protein extracted from the scale, skin, and muscle of fish. It is the purest and most effective form of collagen extracted from salmon and red snapper.
Fishless Fillets Market – Fishless Fillets are the replacement of fish and its products, created with all plant-based products with similar taste and texture as of fish. Nutrition is important feature of fish as considerable consumer of fish and its product consume it owing to its high protein content.
Smoked Fish Market – The demand for smoked fish has been rising at a higher rate with significant growth rates over the previous few years, and it is expected to increase constantly in the forecasted period, i.e. 2021 to 2031.
Fish peptones Market – Fish peptones, a protein decomposition product, is obtained from different marine fish species, such as marmorata and silver carp. Market available products are brown yellow or light-yellow powders with a low molecular weight category.
Hot Sauce Powder Market – Hot sauce powder is an orange/red powder that is prepared using aged red peppers. The peppers used provide a rich, flavourable, and red hot sauce powder. The hot sauce powder can be used in sauces, glazes, dry mixes, topical applications, coatings, seasoning blends, etc.
Culinary Sauces Market – Culinary Sauce is a textured creamy and liquid used in food preparation. These sauces boost the food products by adding flavours and moisture to enhance the aesthetic quality.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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