The fish sauce market is expected to grow at a value of 6% CAGR, according to Fact.MR. By the year 2032, the global market for fish sauce is expected to rise to a market valuation of US$ 30.5 Billion. An amber-colored liquid made from the fermented, salt-coated fish is referred to as “fish sauce.” It is used as a sauce in many different types of food. In abundance in the cuisines of Cambodia, the Philippines, Vietnam, Thailand, and Laos, fish sauce is a common ingredient in many Asian civilizations. It is a crucial component in Thai cuisine.
The enormous demand for convenience goods like ready-to-prepare powdered mixes in the U.S. will likely support North America’s continued dominance in the fish sauce industry.
Fast-paced professional lifestyles and a hankering for new cuisines have opened up new opportunities for the region’s top seafood producers. Additionally, the presence of well-known US brands like Red Boat, Mega Chef, 3 Crabs, Hn Phan Thit, and Golden Boy boosts fish sauce sales in the area.
Mackerel, anchovies, salt, and scabbard fish are used to make Vietnamese fish sauces, which have an unusually high amount of nutrients and several health advantages. Consequently, the market appears prospective as a result of the increasing demand for seafood in the area. Hence, such developments will propel the regional demand during the forecast period with a 6.5% CAGR.
Key Takeaways from the Market Study
- In 2022, the global fish sauce market is estimated to have a global market size of US$ 17.1 Billion
- In 2022, the plain fish sauce segment by flavor type is expected to occupy a 65% market share
- The traditional segment is projected to hold a global market share of 30% in 2022.
- The US is predicted to acquire 45% of the global market share in 2022 and grow with a 6.5% CAGR during 2022-2032.
- Asia is forecast to have a CAGR of 5.5% over the projection period of 2022- 2032.
Competitive Landscape
Masan Group Corporation is focusing on integrating technology as well as artificial intelligence into its daily operations and customer experience in order to fully transform into a consumer-tech ecosystem in 2022. Concurrently convened in HCM City, the 2022 annual general meeting of Masan Group and two of its significant publicly listed companies, Masan Consumer and Masan MEATLife, covered the same topic.
Fresh anchovies and salt are used to make Teo Tak Seng Fish Factory Co. Ltd.’s unique silver pomfret sauce. The sauce’s robust flavor makes it ideal for stir-frying and makes an excellent dip for a variety of foods.
