Fish Sauce Market is Projected to Reach US$ 1,316.5 Million Revenue by 2031 End

Fish Sauce

The global market for fish sauce is expected to reach US$ 29.41 Bn by the end of the 2021-2031 forecast period, registering a CAGR of 5.8%, according to recently published estimates by Fact.MR. Growth is flourishing due to a combination of preference for spicy and ethnic flavors, as well as preference for naturally fermented and nutrient rich fish sauces to enhance overall health.

From 2016 to 2020, sales of fish sauce expanded at a CAGR of 5%. During the COVID-19 pandemic, fish sauce demand received further impetus, with several research studies documenting possible effectiveness of seafood in strengthening immunity against the virus. It was revealed that consuming fish based products, including sauces, could lead to 59% lower chances of contracting severe infection.

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Key Takeaways from the Market Study

  • Global fish sauce market revenue to reach US$ 16.74 Bn by 2021-end
  • By flavor, plain fish sauce sales likely to account for half of the global revenue
  • Traditional fish sauce production to yield an incremental opportunity worth US$ 180 Mn by 2031
  • Sales of fish sauce to rise the fastest across modern trade channels, clocking a CAGR of 5%
  • Asia to be the largest fish sauce consumer, registering a market share worth 47%
  • North America to emerge as an opportunistic market, flourishing at a CAGR of 5.4%

“Rising seafood consumption amid documented health benefits as well as an increased tilt towards inculcating exotic and ethnic food tastes are amongst the key drivers expected to broaden prospects for fish sauce demand across the forthcoming decade,” comments a Fact.MR analyst.

Key Segments Covered

  • Flavour

    • Plain Fish Sauce
    • Spiced Fish Sauce
  • Technology

    • Traditional Fish Sauce Preparation Method
    • Industrial Fish Sauce Preparation Method
  • Distribution Channel

    • Fish Sauce Sales via Modern Trade
    • Fish Sauce Sales via Convenience Stores
    • Fish Sauce Sales via Drug Stores
    • Fish Sauce Sales via Traditional Groceries
    • Fish Sauce Sales via Online Retailers
    • Fish Sauce Sales via Other Distribution Channels
  • Price

    • Basic Fish Sauce
    • Premium Fish Sauce

Competitive Landscape

The market for fish sauce is largely dominated by numerous regional level manufacturers, mostly originating from countries across South East Asia. These players offer a broad range of fish sauce products. Some prominent offerings are as follows:

  • Masan Consumer Holdings is a prominent fish sauce manufacturer, based in Vietnam. Its product offerings include the Chin-Su Fish Sauce, Chin-Su Nam Ngu and Nam Ngu Fish Sauce respectively. While the first two products are specifically targeted towards premium and high-end consumers, the latter is especially manufactured for mid-tier consumers and those seeking out value for money
  • Likewise, Teo Tak Seng Fish Factory Co. Ltd. offers its trademark silver pomfret sauce, made from fresh anchovies and salt. With its robust flavor, the sauce is not only ideal for stir-frying, but also as a tasty dip for various foods