The vegan fish sauce market is anticipated to expand at a CAGR of 8.9% during the projected period from 2023 to 2033. The market is likely to exceed USD 67.8 million in 2023, and shoot up to USD 146.5 million by 2033.
According to the FMI market report, the worldwide sales of all types of vegan fish sauce are estimated to be around USD 598.6 million for the present year 2023.
Presently vegan alternative packaged foods and delicacies that incorporate various plant-based condiments as well, such as soy, pea, or novel cultured meat, are in vogue. In response to all of such commercial factors and customer concerns, vegan fish sauce market leaders are introducing a variety of plant-based protein and ingredients
The growing demand for alternative protein should always be understood against the backdrop of two emerging trends: conscientious eating and the plant-forward movement. So, over the forecast years, FMI predicts these two tendencies evolve the taste and preferences of consumers and capture the greater food sector.
Vegetarianism and animal welfare activities are gaining momentum, especially in advanced countries, driving the popularity of plant-based diets. However, concerns have been raised about potential nutritional deficits associated with vegan or plant-based food options.
To address these concerns, customers are increasingly seeking guidance from healthcare specialists to develop balanced vegan diets based on the vegan-food pyramid. These emerging trends are expected to foster the use of vegan fish sauce in the current market and reinforce its position.
Numerous companies are producing and promoting plant-based alternatives to animal-based products, but the costs of these items are often higher. Additionally, plant-based food items, including vegan fish sauce, differ significantly in terms of flavor and texture compared to their traditional counterparts. This makes them less appealing to some consumers. Consequently, the vegan fish food sector is anticipated to experience a delayed market penetration as these challenges are addressed and overcome.
What are the Lucrative Opportunities Present in the Vegan Fish Sauce Industry?
| Attributes | Details |
|---|---|
| Vegan Fish Sauce Market CAGR (2023 to 2033) | 8.9% |
| Vegan Fish Sauce Market Size (2023) | USD 67.8 million |
| Vegan Fish Sauce Market Size (2033) | USD 146.5 million |
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In 2018, the sales of vegan fish sauce were estimated at only USD 44.4 million. The awareness of plant-based alternatives to animal-based condiments started gaining traction in the last decade. This is driven by factors such as increasing consumer focus on wellness, pricing considerations, and ethical concerns.
By the end of 2022, the market value had reached USD 62.3 million, according to the FMI report. This indicated a CAGR of 8.1% during 2018 to 2022.
Currently, the commercial base for plant-based protein sources is approximately USD 12,000 million, while the global market for plant-based milk stands at around USD 15,000 million. Despite the substantial consumption of vegan condensed milk globally, the sales of vegan fish sauce account for only about 1.5% of the market. This relatively low percentage signifies that the growth rate of vegan condiments in the overall plant-based protein market is relatively insignificant.
As the plant-based protein market continues to expand, there is an opportunity for the vegan fish sauce segment to grow and capture a larger share. With increasing consumer interest in plant-based alternatives and a growing emphasis on sustainability, market players leverage these trends to drive the adoption of vegan fish sauce and increase its sales in the coming years.
While the offline sector currently dominates the sales of vegan fish sauce, with supermarkets and specialty stores contributing to approximately 81.4% of total sales, the online distribution channel for this product is experiencing a slower start. However, despite the initial challenges, the online distribution channel segment is showing significant growth potential.
As consumers increasingly embrace e-commerce and online shopping, the online sales of vegan fish sauce are projected to gain momentum over the forecast years. Market players are expected to prioritize and invest in this segment, as it holds the potential to become a preferred mode of sales for vegan fish sauce.
As technology and logistics continue to improve, online platforms offer convenience and accessibility to a wider customer base. With the ability to reach consumers globally, the online distribution channel opens up new opportunities for market players to expand their reach and increase sales volume.
In conclusion, although the online distribution channel for vegan fish sauce is currently witnessing a slower start compared to offline channels, its growth potential is promising. As more consumers embrace online shopping, this segment is expected to gain traction, presenting market players with an opportunity to tap into a wider customer base and drive sales in the coming years.
Principal Consultant
| Country | Market Share (2022) |
|---|---|
| United States | 27.1% |
| Germany | 8.4% |
| Japan | 4.9% |
| Australia | 1.6% |
In the United States, the global vegan fish sauce industry players have established a strong presence over the past two decades. Currently, the United States holds 28.5% of the global market, with an overall valuation of USD 17.8 million in 2022.
Market analysis suggests that the United States is expected to maintain its dominance in the vegan fish sauce segment and similar products. The United States offers a highly profitable market for vegan fish sauce and its ingredients, driven by the growing demand for all forms of plant-based alternative foods. Moreover, the market for vegan fish sauce replacements in the United States is highly competitive.
Some of the well-known market players in the country are expanding their businesses in Latin American and Asia Pacific countries, seeking better opportunities for growth and market expansion.
Europe has emerged as a promising market for various meat alternatives, including vegan fish sauce. Countries such as the United Kingdom, Germany, France, and others have witnessed a decline in per-capita meat consumption in recent years.
Among these nations, Germany stands out as the leading market, supplying the leading volume of vegan fish sauce substitutes in the European market.
In 2022, the German vegan fish sauce market reached a valuation of USD 10.3 million, representing approximately 8.4% of the global market. It holds the position as the second-leading market among other countries.
Meanwhile, the United Kingdom demonstrates the leading growth potential in terms of demand for vegan fish sauce worldwide. This market currently holds a 9.1% market share and is expected to register a CAGR of 6.9% from 2023 to 2033.
Overall, the United States and European nations, especially the United Kingdom and Germany, present significant opportunities for market players in the vegan fish sauce industry. Expanding into these regions allows companies to tap into growing demand and establish a stronger foothold in the global market.
Plant-based protein food production enterprises in China, on the other hand, have emerged as fierce rivals in the international market in recent years. Furthermore, the entire market for a vegetarian replacement for fish sauce in China is expected to expand at a CAGR of 7.4% through 2033, reaching an overall size of USD 13.8 million.
Though China holds the leading market for a vegan option for fish sauce, Japan's market is anticipated to remain significant in this region. Nuoc mam chay vegetarian fish sauce in particular is very famous in this part of the globe.
So, Japan acquired a substantial market share of 4.9% and generated a total revenue of USD 3.2 million in the previous year. The market players in this country are also famous for the supply of vegan alternatives to Thai fish sauces, receiving higher demand.
The quantity and kind of protein consumed by different nationals and ethnic cultures in the Asia Pacific region vary greatly. Soybean and animal products provide the bulk of protein, whereas Indian people primarily consume pulses.
So the plant-based protein alternatives market players are yet to create a profitable consumer base of higher scale. However, India has recently positioned itself as one of the most promising regions for the production and consumption of vegan fish sauce recently.
As per the vegan fish sauce market statistics figures, the overall valuation of the Indian market was nearly USD 2.5 million. The report further predicts that the demand for vegan fish sauce is likely to register a CAGR of 8.2% in India through 2033.
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Market players in the vegan fish sauce industry are capitalizing on the growing trend towards health and wellness to drive their success. They are actively promoting the health benefits of vegan fish sauce to consumers, emphasizing factors such as its low calorie and cholesterol content. These advantages serve as compelling selling points for vegan fish sauce producers, as they cater to health-conscious consumers.
Expanding market reach beyond domestic borders and tapping into overseas customers presents significant growth prospects for new entrants in the vegan fish sauce market. With the global rise in demand for plant-based alternatives, reaching international consumers contributes to the success of these players and helps them establish a strong foothold in the industry.
Digital media and social networking platforms have proven to be invaluable tools for market players in the vegan fish sauce industry, surpassing their earlier expectations. Prominent examples include the rapid customer adoption of start-up food firms like Beyond Meat and Impossible Foods, largely facilitated by their strategic digital marketing efforts.
By leveraging the power of digital marketing and social media, market players effectively promote their vegan fish sauce products, reach a wider audience, and establish a strong brand presence. This approach enables them to capitalize on the health and wellness trend while carving out a competitive position in the market.
Recent Development:
From 2018 to 2022, the market developed at an 8.1% HCAGR.
In 2023, the market is anticipated to be worth USD 67.8 million.
The United States governs 28.5% of the global market.
Through 2033, the market is projected to develop at a CAGR of 8.9%.
By 2033, the size of the global market stands to be USD 146.5 million.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Soy 5.2. Almond 5.3. Wheat 5.4. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Packaged Food Industries 6.2. Hotels and Restaurants 6.3. Retail Food Shops 6.4. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Follow Your Heart 17.2. Primal Kitchens 17.3. Sir Kingstons 17.4. The Vegan Mayo Co. 17.5. Danone S.A 17.6. The Archer Daniels Midland Company 17.7. Daiya Foods Inc. 17.8. Ripple Foods Inc 17.9. Vegenaise 17.10. Impossible Foods Inc. 17.11. Eat Just, Inc. 17.12. Beyond Meat, Inc. 17.13. Amy’s Kitchen 17.14. Tofutti Brands Inc. 17.15. Earth’s Own Food Company 18. Assumptions & Acronyms Used 19. Research Methodology
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Vegan Fish Sauce Market
