The global fish sauce market is set to exceed USD 18.4 billion in 2023, projecting a significant growth rate of 6.0% annually until 2033, aiming to achieve USD 31.6 billion.

Global fish production reached 179 million metric tons in 2018, according to the United Nations, with 23 million metric tons going to human consumption. This is due to several factors, the most significant of which is increasing awareness of the health benefits of seafood.

Seafood is low in saturated fats, high in protein and nutrients such omega-3 fatty acids, vitamin A, and vitamin B. Regular seafood consumption has been shown to improve cardiovascular health and reduce the risk of heart attacks and strokes. Furthermore, consumers are willing to try new foods, which is boosting the demand for various flavored fish sauces, such as hot sauce and soy sauce.

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Attribute

Details

Fish Sauce Market Size (2023)

US$ 18.4 billion

Fish Sauce Market Projected Size (2033)

US$ 31.6 billion

Fish Sauce Market Value-based CAGR (2023 to 2033)

6.0%

 

“Increasing inclination towards ethnic and exotic food, along with wide availability of a hufe variety of sauces and condiments at online retail channels is expected to broaden the scope of fish sauce applications over the assessment period,” says an FMI analyst.

Competitive Landscape

Leading fish sauce makers are attempting to expand their footprint across attractive pockets by introducing new products, developing strategic partnerships with existing players, and purchasing small-scale producers.

Prominent Players:

  • Red Boat
  • TANG SANG HA CO. Ltd
  • Masan Consumer Corporation
  • Thai Preeda Group
  • Nestle
  • Squid Brand
  • Teo Tak Seng Fish Sauce Factory Co., Ltd.
  • Rayong Fish Sauce
  • Pichai Fish Sauce
  • Halcyon Proteins
  • Hung Thanh

Developments in the Market:

  • In 2018, Nestle ventured into the market in Vietnam by launching their Maggi fish sauce. The company claims to make the sauce from natural products like black anchovy, Phu Quoc, and sea salt which are free of preservatives.
  • Chin-Su Yod Thong fish sauce was launched in the Thai market by Masan Group and its business partner, the Thai conglomerate Singha Group.
  • Unilever purchased a controlling stake in Nutrafol, a well-known supplier of hair wellness products, on May 30, 2022. Through Unilever Ventures, Unilever now owns a minority (13.2%) interest in Nutrafol.

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Fish Sauce Industry By Category

By Flavor:

  • Plain Fish Sauce
  • Spiced Fish Sauce

By Technology:

  • Traditional Method
  • Industrial Method

By Sales Channel:

  • Offline Sales Channel
    • Supermarkets/Hypermarkets
    • Departmental Stores
    • Convenience Store
    • Other Sales Channel
  • Online Sales Channel
    • Company Website
    • E-commerce Platform

By Region:

  • North America
  • Latin America
  • Europe
  • The Middle East and Africa
  • East Asia
  • South Asia
  • Oceania

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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