Produced by fermenting whole fish with water and salt, fish sauce is commonly used in Asian foods. However, offering various health benefits along with vitamins, minerals, and protein, fish sauce is gaining popularity in various cuisines. Manufacturers are also producing fish sauce by adding some sweeteners to enhance its flavor. Meanwhile, consumer’s preference for spicy and ethnic flavors is also creating an opportunity in the fish sauce market as the manufacturers are using onion, garlic, cumin, tomato, bell pepper, and oregano to enhance the flavor of the fish sauce and at the same time offer variety to the consumers. With the consumers becoming more health conscious, manufacturers are focusing on new methods and techniques to reduce the sodium content in the fish sauce, without compromising on the taste.
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According to a study by Fact.MR, the global fish sauce market is expected to experience steady growth. The market is estimated to register 5.0% CAGR during the forecast period from 2017 to 2022. Owing to the health benefits and various nutrients offered by the fish sauce, increasing number of people are using fish sauce while preparing various dishes and as a dip. Manufacturers are also producing fish sauce by using more natural way for fermenting fish instead of the chemical fermentation process to maintain the levels of nutrients and vitamins. Below are the insights on how the global fish sauce market will perform in the next five years.
6 Forecast Highlights on Global Fish Sauce Market
- Asia Pacific Excluding Japan (APEJ) is expected to dominate the global fish sauce market. By the end of 2017, APEJ fish sauce market is estimated to account for nearly half of the revenue share on global revenue. Various countries in APEJ such as Vietnam, China, and Indonesia are some of the biggest markets for the fish sauce as it is one of the staple ingredients used in various cuisine in these countries.
- Europe is also expected to witness above-average growth in the fish sauce market. Europe fish sauce market is estimated to reach nearly US$ 300 million revenue by the end of 2022.
- Plain fish sauce flavor is expected to be one of the highly preferred fish sauce flavor. Accounting for more than half of the revenue share by the end of 2017, plain fish sauce flavor is estimated to create an incremental opportunity of more than US$ 100 million between 2017 and 2022.
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- Compared to the traditional method of producing fish sauce, an industrial method is expected to emerge as the widely used method of producing a fish sauce. By the end of 2022, an industrial method is estimated to reach nearly US$ 1,000 million revenue. Meanwhile, the traditional method is also expected to witness above-average growth.
- Sales of fish sauce is expected to be highest through modern trade. Modern trade as a distribution channel is estimated to create an incremental opportunity of nearly US$ 100 million between 2017 and 2022.
- The basic fish sauce is expected to account for maximum revenue share by the end of 2017. The basic fish sauce is estimated to surpass US$ 800 million revenue by the end of 2022.
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The report has also profiled leading players in the global market for fish sauce, which will remain active through 2022. These include companies such as Masan Consumer Corporation, TANG SANG HAH CO., Ltd, Thai Preeda Group, Teo Tak Seng Fish-Sauce Factory Co. Ltd, Shantou Fish Sauce Factory Co., Ltd, Hung Thanh Co.LTD, Thai Fishsauce Factory (Squid Brand) Company Limited, Pichai Fish Sauce Co., Ltd, Rayong Fish Sauce Industry Co., Ltd, and Halcyon Proteins Pty., Ltd.
Sneha Varghese is an experienced food & beverage consultant. She covers the latest trends and analysis impacting the food & beverages industry, informing and educating audiences through her writing.