Market Size of Fish Sauce Industry
| 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 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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| Food Manufacturers | |
| Retail | |
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Fish Sauce Market Size Summary
The fish sauce market is experiencing significant growth, driven by its status as a staple condiment in many Asian culinary traditions and its high nutritional value. Produced through fermentation with Halophilic bacteria, fish sauce is rich in amino acids, peptides, and essential vitamins and minerals, making it a popular choice for those seeking fortified food options. The increasing awareness of these health benefits, coupled with the rise in demand for fortified products, is propelling the market forward. Governments in countries like Cambodia are actively promoting the fortification of fish sauce with iron to combat nutritional deficiencies, further boosting market demand. The expanding food services industry, including restaurants and home delivery services, is also contributing to the increased consumption of fish sauce, as it is used to enhance the flavor and nutritional content of various dishes.
The global fish sauce market is characterized by intense competition among established brands, with Southeast Asian countries like Thailand, Vietnam, and Singapore leading in production and export. The market is consolidated, with major players such as Masan Consumer, Unilever PLC, and Red Boat Fish Sauce Industry Co. Ltd. employing strategies like product innovation and strategic partnerships to maintain their market positions. The rising health consciousness and preference for gluten-free products are driving new product developments, such as the introduction of Mala Spicy Fish Sauce and Truffle Fish Sauce by Squid Brand. These trends, along with ongoing efforts to enhance the nutritional value of fish sauce, are expected to sustain the market's positive outlook in the coming years.
Fish Sauce Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Nutrient Deficiency Among a Large Section of the Population
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1.1.2 Ethnic Diversity and Multiculturalism
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1.2 Market Restraints
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1.2.1 High Salt Content Limiting the Consumption of Fish Sauce
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Product Type
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2.1.1 Industrial
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2.1.2 Traditional
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2.2 Composition
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2.2.1 Mass
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2.2.2 Premium
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2.3 End-User
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2.3.1 Food Manufacturers
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2.3.2 Retail
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2.3.3 Food Service
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.1.4 Rest of North America
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 Spain
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2.4.2.4 France
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2.4.2.5 Italy
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2.4.2.6 Russia
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2.4.2.7 Rest of Europe
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2.4.3 Asia Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 Rest of Asia-Pacific
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2.4.4 South America
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2.4.4.1 Brazil
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2.4.4.2 Argentina
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2.4.4.3 Rest of South America
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2.4.5 Middle-East and Africa
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2.4.5.1 United Arab Emirates
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2.4.5.2 South Africa
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2.4.5.3 Rest of Middle-East and Africa
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Fish Sauce Market Size 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.
