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Despite the COVID-19 Pandemic, Fish Sauce Market Forecast with Potential Impact, Finds FMI 2022–2032

The market for fish sauce is anticipated to increase at a CAGR of 5.8% from 2016 to 2032, reaching a size of about US$ 30.6 billion.
The United Nations estimates that 23 million metric tonnes of the world’s 179 million metric tonnes of fish produced in 2018 were used for human consumption. This can be attributed to a lot of things, but the most significant one is that people are becoming more aware of the benefits seafood has for their health.

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Seafood is high in protein, omega-3 fatty acids, vitamin A, and vitamin B, and low in saturated fats. It has been demonstrated that regular seafood eating enhances cardiovascular health and lowers the risk of heart attacks and strokes. Additionally, consumers’ willingness to explore new foods is increasing 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.

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 grow at a 5.0%.

  • North America is expected to emerge as a prominent market for fish sauce, dominated by the U.S. over the forecast period.

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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:

  • 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.
  • 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.

Fish Sauce Market By Category

By Flavor:

  • Plain Fish Sauce
  • Spiced Fish Sauce

By Technology:

  • Traditional Method
  • Industrial Method

By Sales Channel:

  • Offline Sales Channel
    • Supermarkets/Hypermarkets
    • Departmental Stores
    • Convenience Store
    • Other Sales Channel
  • Online Sales Channel
    • Company Website
    • E-commerce Platform

By Region:

  • North America
  • Latin America
  • Europe
  • Middle east and Africa
  • East Asia
  • South Asia
  • Oceania

About FMI             

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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