By 2032, the global Fish Sauce Market is expected to grow at a CAGR of 5.8%, reaching a market value of roughly US$ 30.6 billion. According to the United Nations, global fish production reached 179 million metric tonnes in 2018, with 23 million metric tonnes going to human consumption. This is attributable to several factors, the most important of which is a growing understanding of the health advantages of seafood.
Seafood is high in protein and nutrients such as omega-3 fatty acids, vitamin A, and vitamin B, and is low in saturated fats. Consumption of seafood regularly has been found to promote cardiovascular health and lower the risk of heart attacks and strokes.
Additionally, customers are more ready to try new dishes, which is driving up demand for flavored fish sauces like hot sauce and soy sauce. Consistent nominal fish prices have resulted in increased output of fish and fish sauce items on the production front. Nominal fish prices are expected to climb at a rate of 1.5-2.1 percent per year over the next decade, according to a joint OECD-FAO analysis. This means that large fish sauce producers will have lower production costs, allowing them to produce on a more consistent basis.
Key Takeaways:
- Based on product type, demand in the plain fish sauce segment will command more than 50% of the total fish sauce sales.
- In terms of technique, sales in the traditional method segment will account for a lion’s share in the global fish sauce market.
- 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 to grow at 5.0%.
- North America is expected to emerge as a prominent market for fish sauce, dominated by the U.S. over the forecast period.
Competitive Landscape
By introducing new products, forming strategic agreements with existing companies, and purchasing small-scale producers, leading fish sauce producers are aiming to expand their footprint across appealing pockets. The following are some recent market developments to keep an eye on:
Masan Consumer Holdings is a well-known fish sauce manufacturer based in Vietnam. The company’s products include Chin-Su Fish Sauce, Chin-Su Nam Ngu, and Nam Ngu Fish Sauce. While the first two goods are aimed at premium and high-end clients, the third is focused solely on mid-tier and value-conscious customers.
Likewise, Teo Tak Seng Fish Factory Co. Ltd. sells its signature silver pomfret sauce made with fresh anchovies and salt. The powerful flavor of the sauce makes it ideal not only for stir-frying but also as a tasty dip for a variety of foods.
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