The global fish sauce market is poised to surpass USD 18.4 billion in 2023, surging at a remarkable CAGR of 6.0% through 2033 to reach USD 31.6 billion.
Growth in the market for fish sauce is attributed to a rising preference for ethnic and spicy flavors among consumers. Moreover, shifting preference to more natural and healthy eating habits is likely to propel the demand for fish sauce.
These sauces are naturally fermented and rich in nutrients derived from fish and fish organs. It is beneficial for enhancing overall health, encouraging a legion of health-conscious populations from across the globe to opt for the same, in turn surging the overall demand.
This growth can be owed to:
| Attribute | Details |
|---|---|
| Fish Sauce Market Size (2023) | USD 18.4 billion |
| Fish Sauce Market Projected Size (2033) | USD 31.6 billion |
| Fish Sauce Market Value-based CAGR (2023 to 2033) | 6.0% |
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Fish sauce sales grew exponentially between 2018 and 2022, where the fish sauce industry was valued at USD 16.14 billion in 2018 reaching USD 17.73 billion in 2022.
In recent years, to improve the flavor of cuisine, consumers are increasingly substituting fish sauce for soy sauce.
Other factors facilitating the market are:
The global market for fish sauce is forecast to witness growth at a CAGR of 6% over the forecast period, from USD 18.4 billion in 2023 to USD 31.6 billion in 2033.
| Attribute | Details |
|---|---|
| Fish Sauce Market Size (2018) | USD 16.14 billion |
| Fish Sauce Market Size (2022) | USD 17.73 billion |
| Fish Sauce Market Size (2023) | USD 18.4 billion |
| Fish Sauce Market Size (2033) | USD 31.6 billion |
Consumers are inclined toward fish meat as a replacement for chicken and red meat owing to the numerous nutrients found in fish such as omega-3, vitamin D and B2. This is compelling manufacturers to launch a wide range of packaged ready-to-prepare fish gravies.
These are largely available in powder forms in sachets to offer optimal taste and convenience to consumers. Especially in developing countries where consumers have busier lifestyles, thereby fostering the growth of the market even further.
The demand for fish sauce, which is an important ingredient in the preparation of these dishes, is surging. Moreover, consumers in developed countries are more willing to experiment with their food choices and new flavors, which in turn are surging the sales of fish sauces.
Apart from these, the following are also expected to foster the market:
The market for fish sauce in the United States of America was expected to hold a value share of 17.8% globally.
Sales in the United States of America are expected to gain traction on the back of the rising need for convenience food items such as ready-to-prepare mixes. Moreover, the presence of a robust food & beverage sector in the country is boosting demand for fish sauce.
The presence of well-known brands such as Red Boat, Mega Chef, 3 Crabs, and Golden Boy is expected to bode well for the growth of the market in the United States.
In Asia, Vietnam is one of the prominent markets for fish sauce. As the country is widely dependent on seafood as its daily source of protein. Consumers in the country are using fish sauce to remove the pungent smell in fish-based dishes.
Natural and healthy ingredients like anchovies, mackerel, scabbard fish, and salt are used to make Vietnamese fish sauces. This has a high nutritional value and numerous health benefits. Driven by this, sales in the Vietnam market for fish sauce are forecasted to remain high over the forecast period.
Consumers in China are replacing soy sauce with fish sauce as it is more beneficial for health and contains nutrients such as iodine and vitamins. It is also used as a replacement for salt to cut down on sodium intake. These trends are anticipated to boost sales in the China market.
With rising disposable income and urbanization in China, fish sauce is not just used as a table sauce. It is widely used in traditional dishes ranging from broths, and soups to casseroles.
Backed by the aforementioned factors, China is anticipated to account for a dominant share of the East Asia fish sauce industry over the assessment period. Moving forward with a CAGR of 6.6% from 2023 to 2033.
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Based on the flavor, sales of plain fish sauce were anticipated to account for more than 56% of the total market share by 2022.
Plain fish sauces are packed with vital minerals and nutrients found in fish organs, which are further enhanced during the fermentation process. A few of these nutrients include iodine, vitamin A, and vitamin D which are beneficial for overall health.
Plain fish sauce is often considered the authentic and traditional form of fish sauce. It is the purest expression of the natural fermentation process and retains the original essence and character of the fish used in its production, contributing to the sales of plain fish sauce.
In terms of technology, the traditional method of making fish sauce holds a prominent share of the market as it is widely used in preparing casseroles and soups in East and South Asia. However, recently, the industrial method of making fish sauce has gained traction to meet the rising demand from the HoReCa sector for ready-to-eat food products. Requiring fast and bulk production of fish sauces.
As per the FMI study, the traditional method was predicted to hold a 67.6% value share in the global market in 2022.
Traditional fermentation techniques have been used for centuries to produce a fish sauce, resulting in a distinct and authentic flavor profile.
This traditional method preserves the unique umami and savory notes that are characteristic of fish sauce, satisfying consumers' taste preferences and culinary expectations.
Key players operating in the global market are focusing on both organic and inorganic strategies such as mergers and acquisitions or new product innovation to expand their geographical footprint.
The competition in the fish sauce industry is intensifying, driven by current trends. The market is primarily dominated by local and regional manufacturers originating from East Asia and South Asia as they offer a wide range of products.
Manufacturers are also paying attention to the packaging of their products. As it plays an important role in maintaining the product quality, color, taste, texture, nutritional value, and shelf life.
Prominent Players:
Developments in the Market:
The fish sauce market CAGR for 2033 is 6.0%.
The market is estimated to reach USD 31.6 billion by 2033.
Masan Group, ThaiPreeda Group, and Keya Sangyo Co. are key market players.
The market is estimated to secure a valuation of USD 18.4 billion in 2023.
The fish sauce market trends are increasing demand for premium fish sauce.
| Estimated Industry Size (2024E) | USD 305.1 million |
|---|---|
| Projected Industry Value (2034F) | USD 414.0 million |
| Value-based CAGR (2024 to 2034) | 3.9% |
| Market CAGR (2023 to 2033) | 5% |
|---|---|
| Market Valuation (2023) | USD 1.4 billion |
| Market Valuation (2033) | USD 16.7 billion |
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