The global fish sauce market is poised to surpass US$ 18.4 billion in 2023, surging at a remarkable CAGR of 6.0% through 2033 to reach US$ 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) | US$ 18.4 billion |
| Fish Sauce Market Projected Size (2033) | US$ 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 US$ 16.14 billion in 2018 reaching US$ 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 US$ 18.4 billion in 2023 to US$ 31.6 billion in 2033.
| Attribute | Details |
|---|---|
| Fish Sauce Market Size (2018) | US$ 16.14 billion |
| Fish Sauce Market Size (2022) | US$ 17.73 billion |
| Fish Sauce Market Size (2023) | US$ 18.4 billion |
| Fish Sauce Market Size (2033) | US$ 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:
Principal Consultant
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 US$ 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 US$ 18.4 billion in 2023.
The fish sauce market trends are increasing demand for premium fish sauce.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Flavor
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Flavor, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Flavor, 2023 to 2033
5.3.1. Plain Fish Sauce
5.3.2. Spiced Fish Sauce
5.4. Y-o-Y Growth Trend Analysis By Flavor, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Flavor, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Technology
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Technology, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Technology, 2023 to 2033
6.3.1. Traditional Method
6.3.2. Industrial Method
6.4. Y-o-Y Growth Trend Analysis By Technology, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Technology, 2023 to 2033
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Sales Channel, 2018 to 2022
7.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Sales Channel, 2023 to 2033
7.3.1. Offline
7.3.1.1. Supermarkets/Hypermarkets
7.3.1.2. Departmental Stores
7.3.1.3. Convenience Store
7.3.1.4. Others
7.3.2. Online
7.3.2.1. Company Website
7.3.2.2. E-commerce Platform
7.4. Y-o-Y Growth Trend Analysis By Sales Channel, 2018 to 2022
7.5. Absolute $ Opportunity Analysis By Sales Channel, 2023 to 2033
8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Region, 2018 to 2022
8.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Region, 2023 to 2033
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. MEA
8.4. Market Attractiveness Analysis By Region
9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
9.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Country
9.2.1.1. U.S.
9.2.1.2. Canada
9.2.2. By Flavor
9.2.3. By Technology
9.2.4. By Sales Channel
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Flavor
9.3.3. By Technology
9.3.4. By Sales Channel
9.4. Key Takeaways
10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Country
10.2.1.1. Brazil
10.2.1.2. Mexico
10.2.1.3. Rest of Latin America
10.2.2. By Flavor
10.2.3. By Technology
10.2.4. By Sales Channel
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Flavor
10.3.3. By Technology
10.3.4. By Sales Channel
10.4. Key Takeaways
11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Country
11.2.1.1. Germany
11.2.1.2. U.K.
11.2.1.3. France
11.2.1.4. Spain
11.2.1.5. Italy
11.2.1.6. Rest of Europe
11.2.2. By Flavor
11.2.3. By Technology
11.2.4. By Sales Channel
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Flavor
11.3.3. By Technology
11.3.4. By Sales Channel
11.4. Key Takeaways
12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
12.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Country
12.2.1.1. China
12.2.1.2. Japan
12.2.1.3. South Korea
12.2.1.4. Singapore
12.2.1.5. Thailand
12.2.1.6. Indonesia
12.2.1.7. Australia
12.2.1.8. New Zealand
12.2.1.9. Rest of Asia Pacific
12.2.2. By Flavor
12.2.3. By Technology
12.2.4. By Sales Channel
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Flavor
12.3.3. By Technology
12.3.4. By Sales Channel
12.4. Key Takeaways
13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
13.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
13.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
13.2.1. By Country
13.2.1.1. GCC Countries
13.2.1.2. South Africa
13.2.1.3. Israel
13.2.1.4. Rest of MEA
13.2.2. By Flavor
13.2.3. By Technology
13.2.4. By Sales Channel
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Flavor
13.3.3. By Technology
13.3.4. By Sales Channel
13.4. Key Takeaways
14. Key Countries Market Analysis
14.1. U.S.
14.1.1. Pricing Analysis
14.1.2. Market Share Analysis, 2022
14.1.2.1. By Flavor
14.1.2.2. By Technology
14.1.2.3. By Sales Channel
14.2. Canada
14.2.1. Pricing Analysis
14.2.2. Market Share Analysis, 2022
14.2.2.1. By Flavor
14.2.2.2. By Technology
14.2.2.3. By Sales Channel
14.3. Brazil
14.3.1. Pricing Analysis
14.3.2. Market Share Analysis, 2022
14.3.2.1. By Flavor
14.3.2.2. By Technology
14.3.2.3. By Sales Channel
14.4. Mexico
14.4.1. Pricing Analysis
14.4.2. Market Share Analysis, 2022
14.4.2.1. By Flavor
14.4.2.2. By Technology
14.4.2.3. By Sales Channel
14.5. Germany
14.5.1. Pricing Analysis
14.5.2. Market Share Analysis, 2022
14.5.2.1. By Flavor
14.5.2.2. By Technology
14.5.2.3. By Sales Channel
14.6. U.K.
14.6.1. Pricing Analysis
14.6.2. Market Share Analysis, 2022
14.6.2.1. By Flavor
14.6.2.2. By Technology
14.6.2.3. By Sales Channel
14.7. France
14.7.1. Pricing Analysis
14.7.2. Market Share Analysis, 2022
14.7.2.1. By Flavor
14.7.2.2. By Technology
14.7.2.3. By Sales Channel
14.8. Spain
14.8.1. Pricing Analysis
14.8.2. Market Share Analysis, 2022
14.8.2.1. By Flavor
14.8.2.2. By Technology
14.8.2.3. By Sales Channel
14.9. Italy
14.9.1. Pricing Analysis
14.9.2. Market Share Analysis, 2022
14.9.2.1. By Flavor
14.9.2.2. By Technology
14.9.2.3. By Sales Channel
14.10. China
14.10.1. Pricing Analysis
14.10.2. Market Share Analysis, 2022
14.10.2.1. By Flavor
14.10.2.2. By Technology
14.10.2.3. By Sales Channel
14.11. Japan
14.11.1. Pricing Analysis
14.11.2. Market Share Analysis, 2022
14.11.2.1. By Flavor
14.11.2.2. By Technology
14.11.2.3. By Sales Channel
14.12. South Korea
14.12.1. Pricing Analysis
14.12.2. Market Share Analysis, 2022
14.12.2.1. By Flavor
14.12.2.2. By Technology
14.12.2.3. By Sales Channel
14.13. Singapore
14.13.1. Pricing Analysis
14.13.2. Market Share Analysis, 2022
14.13.2.1. By Flavor
14.13.2.2. By Technology
14.13.2.3. By Sales Channel
14.14. Thailand
14.14.1. Pricing Analysis
14.14.2. Market Share Analysis, 2022
14.14.2.1. By Flavor
14.14.2.2. By Technology
14.14.2.3. By Sales Channel
14.15. Indonesia
14.15.1. Pricing Analysis
14.15.2. Market Share Analysis, 2022
14.15.2.1. By Flavor
14.15.2.2. By Technology
14.15.2.3. By Sales Channel
14.16. Australia
14.16.1. Pricing Analysis
14.16.2. Market Share Analysis, 2022
14.16.2.1. By Flavor
14.16.2.2. By Technology
14.16.2.3. By Sales Channel
14.17. New Zealand
14.17.1. Pricing Analysis
14.17.2. Market Share Analysis, 2022
14.17.2.1. By Flavor
14.17.2.2. By Technology
14.17.2.3. By Sales Channel
14.18. GCC Countries
14.18.1. Pricing Analysis
14.18.2. Market Share Analysis, 2022
14.18.2.1. By Flavor
14.18.2.2. By Technology
14.18.2.3. By Sales Channel
14.19. South Africa
14.19.1. Pricing Analysis
14.19.2. Market Share Analysis, 2022
14.19.2.1. By Flavor
14.19.2.2. By Technology
14.19.2.3. By Sales Channel
14.20. Israel
14.20.1. Pricing Analysis
14.20.2. Market Share Analysis, 2022
14.20.2.1. By Flavor
14.20.2.2. By Technology
14.20.2.3. By Sales Channel
15. Market Structure Analysis
15.1. Competition Dashboard
15.2. Competition Benchmarking
15.3. Market Share Analysis of Top Players
15.3.1. By Regional
15.3.2. By Flavor
15.3.3. By Technology
15.3.4. By Sales Channel
16. Competition Analysis
16.1. Competition Deep Dive
16.1.1. Red Boat
16.1.1.1. Overview
16.1.1.2. Product Portfolio
16.1.1.3. Profitability by Market Segments
16.1.1.4. Sales Footprint
16.1.1.5. Strategy Overview
16.1.1.5.1. Marketing Strategy
16.1.1.5.2. Product Strategy
16.1.1.5.3. Channel Strategy
16.1.2. TANG SANG HA CO. Ltd
16.1.2.1. Overview
16.1.2.2. Product Portfolio
16.1.2.3. Profitability by Market Segments
16.1.2.4. Sales Footprint
16.1.2.5. Strategy Overview
16.1.2.5.1. Marketing Strategy
16.1.2.5.2. Product Strategy
16.1.2.5.3. Channel Strategy
16.1.3. Masan Consumer Corporation
16.1.3.1. Overview
16.1.3.2. Product Portfolio
16.1.3.3. Profitability by Market Segments
16.1.3.4. Sales Footprint
16.1.3.5. Strategy Overview
16.1.3.5.1. Marketing Strategy
16.1.3.5.2. Product Strategy
16.1.3.5.3. Channel Strategy
16.1.4. Thai Preeda Group
16.1.4.1. Overview
16.1.4.2. Product Portfolio
16.1.4.3. Profitability by Market Segments
16.1.4.4. Sales Footprint
16.1.4.5. Strategy Overview
16.1.4.5.1. Marketing Strategy
16.1.4.5.2. Product Strategy
16.1.4.5.3. Channel Strategy
16.1.5. Nestle
16.1.5.1. Overview
16.1.5.2. Product Portfolio
16.1.5.3. Profitability by Market Segments
16.1.5.4. Sales Footprint
16.1.5.5. Strategy Overview
16.1.5.5.1. Marketing Strategy
16.1.5.5.2. Product Strategy
16.1.5.5.3. Channel Strategy
16.1.6. Squid Brand
16.1.6.1. Overview
16.1.6.2. Product Portfolio
16.1.6.3. Profitability by Market Segments
16.1.6.4. Sales Footprint
16.1.6.5. Strategy Overview
16.1.6.5.1. Marketing Strategy
16.1.6.5.2. Product Strategy
16.1.6.5.3. Channel Strategy
16.1.7. Teo Tak Seng Factory Co., Ltd.
16.1.7.1. Overview
16.1.7.2. Product Portfolio
16.1.7.3. Profitability by Market Segments
16.1.7.4. Sales Footprint
16.1.7.5. Strategy Overview
16.1.7.5.1. Marketing Strategy
16.1.7.5.2. Product Strategy
16.1.7.5.3. Channel Strategy
16.1.8. Rayong Fish Sauce
16.1.8.1. Overview
16.1.8.2. Product Portfolio
16.1.8.3. Profitability by Market Segments
16.1.8.4. Sales Footprint
16.1.8.5. Strategy Overview
16.1.8.5.1. Marketing Strategy
16.1.8.5.2. Product Strategy
16.1.8.5.3. Channel Strategy
16.1.9. Pichai Fish Sauce
16.1.9.1. Overview
16.1.9.2. Product Portfolio
16.1.9.3. Profitability by Market Segments
16.1.9.4. Sales Footprint
16.1.9.5. Strategy Overview
16.1.9.5.1. Marketing Strategy
16.1.9.5.2. Product Strategy
16.1.9.5.3. Channel Strategy
16.1.10. Halcyon Proteins
16.1.10.1. Overview
16.1.10.2. Product Portfolio
16.1.10.3. Profitability by Market Segments
16.1.10.4. Sales Footprint
16.1.10.5. Strategy Overview
16.1.10.5.1. Marketing Strategy
16.1.10.5.2. Product Strategy
16.1.10.5.3. Channel Strategy
16.1.11. Hung Thanh
16.1.11.1. Overview
16.1.11.2. Product Portfolio
16.1.11.3. Profitability by Market Segments
16.1.11.4. Sales Footprint
16.1.11.5. Strategy Overview
16.1.11.5.1. Marketing Strategy
16.1.11.5.2. Product Strategy
16.1.11.5.3. Channel Strategy
17. Assumptions & Acronyms Used
18. Research Methodology
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Fish Sauce Market
