Fish Sauce Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 5.76 % |
| Fastest Growing Market | North America |
| Largest Market | Asia |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Fish Sauce Market Analysis
The Fish Sauce Market is expected to register a CAGR of 5.76% during the forecast period.
Fish sauce is the most popular fermented fish product regarded as an indispensable condiment in the culinary cultures of many Asian countries. It is produced using Halophilic bacteria with a characteristic flavor and aroma. It contains abundant amino acids, peptides in salt-soluble form, and vitamins and minerals, including sodium, calcium, and vitamin B12. Therefore, the rising awareness about the high nutritional value of fish sauce is propelling the global market growth.
- Additionally, the rise in demand for fortified products drives the global fish sauce market. For instance, the Government of Cambodia has recognized the growing importance of food fortification as one of the successful strategies that improved the nutritional security of its people. The introduction of iron-fortified fish sauce has resulted in the improvement of health status among individuals. Many Asian countries, such as Indonesia, China, and Thailand, produce industrial fish sauces fortified with iron. Seasonings are better sources to infuse micronutrients in dietary practices, according to the bioavailability of nutrients, such as vitamin A, iron, folic acid, and zinc. The expanding food services industry, such as full-service restaurants, café, pubs, street kiosk fast food, and 100% home delivery, further increased the consumption of fortified fish sauce in customary and personalized food offerings.
- Furthermore, the distribution channels play a crucial role in the market growth, as fish sauce is generally exported from Southeast Asian countries. As a well-established distribution channel is required to effectively sell these products, the market witness fierce competition among the existing brands manufacturing traditional and industrial fish sauce.
Fish Sauce Market Trends
Nutrient Deficiency Among a Large Section of the Population
- Fish sauce is a potential source of vital nutrients and minerals derived from fish and fish organs and enhanced by fermentation during its production. These nutrients are associated with health benefits, such as supporting sleep, boosting the digestive system and metabolism, reducing blood cholesterol, and improving brain and heart function. Therefore, there has been a significant rise in the demand for fish sauce in recent years due to the increasing prevalence of dietary nutrient deficiency among a large section of the population globally.
- The World Health Organization (WHO) estimates that over two billion people, representing 30% of the global population, suffer from micronutrient deficiency. However, pregnant women, lactating women, and young children are the most vulnerable groups to micronutrient deficiencies, mainly because they have a relatively greater need for vitamins and minerals and are more susceptible to the harmful consequences of deficiencies.
- As a result, efforts have been made by researchers from the South Australian Health and Medical Research Institute (SAHMRI) and the University of Adelaide to use fish sauce as a source for providing better nutrition for moms and babies in Cambodia. Moreover, players focus on fortifying fish sauce with iron and other minerals to increase the nutritional value of their products. Such efforts and initiatives are anticipated to create a positive outlook for the market during the study period.
Asia-Pacific is the Largest market for Fish Sauce
- Fish sauce is widely consumed in Southeast Asian countries, including Thailand, Vietnam, Cambodia, Myanmar, and Indonesia. For instance, per the National Office of Statistics, the average monthly consumption of fish and dipping sauce per capita in Vietnam is 0.3 liters. Moreover, Thailand, Vietnam, and Singapore are the top exporters of fish sauce, with Red Boat Fish Sauce, Squid, and Viet Phu Inc. being some of the prominent brands in the market.
- Fish sauce is predominately used to balance the taste in recipes for marinades, dipping sauces, and stir-fries. Besides improving flavor, fish sauce provides several health benefits due to its high nutritional content. Therefore, the rising health consciousness drives the market towards growth. Apart from this, the preference for seafood across the region has escalated the demand for fish sauce. According to the Department of Fisheries (Thailand), about 1.6 million tons of fish products were imported into Thailand in 2021.
- Furthermore, the demand for gluten-free products rises with increased cases of gluten intolerance among individuals. Brands are capitalizing on customers' needs to keep up with the evolving trends and uphold their market position. For instance, in 2023, Thai fish sauce firm Squid Brand launched two new products, Mala Spicy Fish Sauce and Truffle Fish Sauce. These products are free from gluten, artificial colors, and preservatives.
Fish Sauce Industry Overview
The global fish sauce market is consolidated and highly competitive, with the dominance of several global players. Masan Consumer, Thanh Hung Co., Ltd, Red Boat, Unilever PLC, and Rayong Fish Sauce Industry Co. Ltd are some of the leading players in the market. Expansions and strategic agreements are some crucial strategies adopted by these players to maintain their position in the global market. Additionally, innovations in products have been essential for the players to retain their customer base and brand image.
Fish Sauce Market Leaders
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Masan Group
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Unilever PLC
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Thanh Hung Co., Ltd
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Viet Phu Inc. (Red Boat Fish Sauce)
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Rayong Fish Sauce Industry Co. Ltd
*Disclaimer: Major Players sorted in no particular order
Fish Sauce Market News
- May 2023: Red Boat fish sauce launched its new kho sauce. The company claimed the sauce was made with Red Boat's premium fish sauce and a blend of black pepper, shallots, and ginger.
- March 2023: Nam O fishing village in Da Nang City's Lien Chieu launched a fish sauce called the 'Huong Lang Co' (Ancient Village Savour) brand, a hand-made fish sauce produced by people in the village displayed in the Tokyo exhibition. According to the Japan-Vietnam Gastronomy Association (JVGA), Da Nang-based fish sauce and unique products from 62 provinces and cities of Vietnam have been selected to display at the international food and beverage exhibition in Tokyo.
- May 2022: The Industrial University of Ho Chi Minh City hosted the official launch of Ca Ty fish sauce products. The research and development for this product were carried out by the Industrial University of Ho Chi Minh, Thuan Hung Fish Sauce Manufacturing Co., Ltd., and Tatsuya Co., Ltd.
Fish Sauce Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Nutrient Deficiency Among a Large Section of the Population
4.1.2 Ethnic Diversity and Multiculturalism
4.2 Market Restraints
4.2.1 High Salt Content Limiting the Consumption of Fish Sauce
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Industrial
5.1.2 Traditional
5.2 Composition
5.2.1 Mass
5.2.2 Premium
5.3 End-User
5.3.1 Food Manufacturers
5.3.2 Retail
5.3.3 Food Service
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.1.4 Rest of North America
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 Spain
5.4.2.4 France
5.4.2.5 Italy
5.4.2.6 Russia
5.4.2.7 Rest of Europe
5.4.3 Asia Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 Rest of Asia-Pacific
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle-East and Africa
5.4.5.1 United Arab Emirates
5.4.5.2 South Africa
5.4.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Amalysis
6.3 Company Profiles
6.3.1 Viet Phu Inc. (Red Boat Fish Sauce)
6.3.2 Thai Fishsauce Factory (Squid Brand) Co. Ltd
6.3.3 Unilever PLC
6.3.4 Masan Group
6.3.5 Rayong Fish Sauce Industry Co. Ltd
6.3.6 Rungroj Fish Sauce Co. Ltd
6.3.7 Pichai Fish Sauce Co. Ltd
6.3.8 Tang Sang Ha Co.
6.3.9 Sozye
6.3.10 Thanh Hung Co., Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Fish Sauce Industry Segmentation
Fish sauce is made from brackish water, seawater, and freshwater fish with a salt concentration of 22-26%, w/v. It is mainly used as a condiment to flavor rice and other cereal dishes, especially in Thai dishes.
The global fish sauce market is segmented by product type, composition, end-user, and geography. By product type, the market is segmented into industrial and traditional. By composition, the market is segmented into mass and premium. The market is segmented by end-users into food manufacturers, retail, and food service. The market is segmented by geography into North America, Europe, Asia-Pacific, South America, Middle East, and Africa.
The market sizing has been done in value terms in USD for all the abovementioned segments.
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| Industrial | |
| Traditional |
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| Mass | |
| Premium |
| End-User | |
| Food Manufacturers | |
| Retail | |
| Food Service |
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Fish Sauce Market Research FAQs
What is the current Fish Sauce Market size?
The Fish Sauce Market is projected to register a CAGR of 5.76% during the forecast period (2024-2029)
Who are the key players in Fish Sauce Market?
Masan Group, Unilever PLC, Thanh Hung Co., Ltd, Viet Phu Inc. (Red Boat Fish Sauce) and Rayong Fish Sauce Industry Co. Ltd are the major companies operating in the Fish Sauce Market.
Which is the fastest growing region in Fish Sauce Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Fish Sauce Market?
In 2024, the Asia accounts for the largest market share in Fish Sauce Market.
What years does this Fish Sauce Market cover?
The report covers the Fish Sauce Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Fish Sauce Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the major factors driving the Fish Sauce Market?
The major factors driving the Fish Sauce Market are a) The rising popularity of Asian cuisines b) Growing demand for fish sauce as a seasoning and a dipping sauce in numerous staple dishes to give a meaty aroma and flavor
Fish Sauce Industry Report
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Fish Sauce Market Report Snapshots
