Fish Sauce Market Synopsis

Fish Sauce Market Size Was Valued at USD  18.50 Billion in 2023, and is Projected to Reach USD  28.94 Billion by 2032, Growing at a CAGR of 5.10% From 2024-2032.

Fish sauce is a type of South East Asian sauce made from fish and salt and goes through the process of fermentation. In its preparation, fish is placed on layers of salt on a barrel and left to ferment for several months to years and results in a smelly amber fluid. Umami-rich fish sauce is used to add more flavor to the dishes – always enhancing the taste of soups, marinades, and sauces based on fish. Used extensively in South-East Asian cuisine especially Thailand, Vietnam and Philippines, fish sauce forms a part and parcel of South – East Asian ethnic pallet.

• The market of fish sauce that plays an important role in many Asian delicacies has expanded and developed in recent years. Fish sauce, which originates from anchovies and salt, is frequently used everywhere as addition in cooking, especially in Southeast Asian countries. The distinctive taste of umami has been widely acclaimed and this has increased its acceptability in the global markets other than its traditional ones. Depending on the type and quality of the Fish Sauces there are traditional, premium and artisan Fish Sauces , and Fish Sauces with regional connotation.

• Specific factors include the increasing demand for Asian cuisine in the global market, the shift of food aficionados in Western countries to umami-rich food products and the consumers’ preference for . . organic, natural and fermented goods. Also, diaspora communities across North America and Europe have been attributed to increased demand of fish sauce in these areas. , health considerations also play a significant part on the market and customers look for fish sauce as it is natural and there are reports that it has contents like probiotics due to the fermentation process.

• Some of the classification emerging with the fish sauce market include the one based on the type of products, distribution channel and region. These include the normal and the high-end fish sauces as well as specialized fish sauces meant for certain recipes. Targets markets area grocery stores and supermarkets, specialty stores, online players and food service players. Regionally, the concerns of the market are segmented into Asia-Pacific, North America, Europe and others.

• The Asia-Pacific has the highest market share of fish sauce, and countries such as Vietnam, Thailand, and the Philippines are the major producers as well as consumers. These nations have a tradition of fish sauce manufacturing, and there are popular brands for fish sauce: Red Boat, Mega Chef, Three Crabs. In North America and Europe market is growing as tendency to cook more diverse meals and use Asian products appears more frequently. Some of the significant players of fish sauce are Huy Fong Foods and Kikkoman that have popularized fish sauce in the market.

• Nevertheless, this fish sauce market, just as any other, is not without some problems as is discussed below. Another notable challenge is the reliability of fish raw material since the natural sources are over-exploited and the environment is increasingly becoming a huge concern. Buyers are thus seeking for more responsible sourcing strategies, and other species of fish to solve these issues. It can also be threatened by similar umami-containing sauces and seasonings like soy sauce and oyster sauce, which can in one way or another be integrated into a recipe.

•  But at the same time it is packed with a lot of opportunities as well. On this basis, an changes to production technologies and tastes may help attract new audience and satisfy the existing one. One opportunity for the manufacturers is in the higher-value segments due to higher interest rates in the premium fish sauces that are high quality, artisanal, and region-specific. Further, healthy products, especially natural products, are gaining more popularity and traditional fish sauce fully corresponds with them.

• The market trends linked to fish sauce reveal that there are great opportunities to expand the market both in the countries traditionally consuming this product and in the new ones. Growth will be bolstered by the growing global popularity of Asian cuisine together with the trend towards natural and fermented foods. To overcome the challenges on the background of new trends, market players will have to concentrate on the sustainable market actions, proper development of new products and effective marketing management. 

•  In conclusion, fish sauce market is a rather developing segment with a long history and huge perspectives for expansion on the international level. With time, the market demands get higher and the culture of using umami products such as fish sauce increases gradually, fish sauce is set to become a universally essential ingredient.

Fish Sauce Market Trend Analysis

Growing Demand for Premium and Organic Fish Sauces

• The prospects for the growth of the consumption of the niche Premium and organic fish sauces supplemented by the trends associated with the rising popularity of the focus on health and quality of the food ingredients. The high-quality fish sauces, which are usually different by the special, rather dense and the deeperose umame taste, and which are produced during longer periods of the use of fish for fermentation, are successfully supplemented into the modern kitchen for gourmet and chefs. The organic variants are gradually creating a market among the population concerned with the use of chemicals and artificial additives in their food products. The following is given further boost by growth in the consumption of Asian foods searingly across the world where fish sauce is employed frequently.

•  The market is also being spurred on by rising disposable income and the shift in diets, most especially because most of these changes are being recorded in the urban areas where consumers relatively have a higher propensity to consume particularly when it comes to expensive or organic foods. Also, the factors such as the impact of the social media and cooking shows have also contributed towards providing sufficient awareness to the consumers about the unique taste and other advantages related to the superior quality fish sauces for setting up further growth of the market.

Expansion into Untapped Markets

• The opportunity for expansion to new related markets especially in the fish sauce industry is huge since the world of cooking is expanding into the discovery of new flavors. Southeast Asia being a main area where fish sauce is cultured, its culture is gradually growing around the global markets where the customers are starting to experiment with different tastes and flavors. Major market players should take advantage of this trend especially with reference to areas where there is interest on ethnic foods and other natural foods consumed by people with a consciousness on healthy living.

• A market entry strategy can include establishment of a link with local distributors, undertaking market promotion and awareness campaigns that aim at sensitizing the consumer on the uses of fish sauce in culinary, and flexibility in product choice to suit certain areas’ palate and nutritional needs. Moreover, by using such e-commerce platforms, it is also possible to expand the outlet to the respected niches to enhance the brand recognition. Thus, considering these unexplored markets as the global food market remains in a state of flux, may provide a viable avenue for growth for the fish sauce producers.

Fish Sauce Market Segment Analysis:

Fish Sauce Market Segmented based on  Type, Application, and End User.

By   Product Type,  Industrial  segment is expected to dominate the market during the forecast period

• Global market segmentation by product type involves industrial as well as traditional fish sauces categorization of the fish sauce market. Industrial fish sauces are produced in large quantities and with the aid of machinery, recipes that are standard and production line methods that keep the product for a prolonged period. These sauces are generally applied in big proportions in food-service industry, manufacturing and as component of prepared, packaged foods.

•  Conventional fish sauces, however, are manufactured using craftsmanship whereby fish and salt are allowed to ferment for relatively longer periods than most modern fish sauces, and hence, they have a richer taste. The sauces that are characterized in this way are considered as artisanal and are usually positioned as very expensive. Ontario made traditional fish sauces are typically aimed at the gourmet market or consumers who wish to get genuine or localized taste. The division between these two types is related to other tendencies popular as among modern customers, industrial based sauces offer easy usage and affordable price, whereas traditional sauces are associated with authentic tastes and improved quality of the product.

By End User , Food Manufacturers segment held the largest share in 2023

• In the Fish Sauce Market, the application of the end-users one will find different uses and preferences from the food manufacturing company, retail, and the food service industry. Manufacturers of food products are a major segment of the market, using fish sauce as a flavoring agent in processed and packaged foods because of the rich taste which gives food the correct taste. This demand is indicative of the continually increasing global interest in global cuisines and the requirement of genuine intensifiers in various products.

• On the other hand, retail is a business that targets directly the consumer, for instance, the fish sauce is a common thing in many households and homes especially in regions where the Asian influence is felt. Both the traditional and the premium versions are served to cover different segments based on supermarkets, specialty stores, and online sales. Foodservice business such as restaurants and caterers use the fish sauce as a critical ingredient to meet the customers’ expectations of well-prepared delicious food when presenting meals from different cultures. This sector has the tendency to be affected by the direction or patern of eating out and the growing trend of ethnic foods around the world. All these classified end-users influence the fish sauce market and its development as each of them contributes to the relevant trends.

Fish Sauce Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast period

• Region wise the Asia Pacific is expected to be the largest consumer of fish sauce throughout the forecast period due the factors such as high consumption tendency, urbanization and improving disposable income of the consumers. Southeast Asia is well versed with the fish sauce incorporation in their foods for many centuries now which can be seen in Thai Vietnamese and Filipino food. The increase of middle income group to a large extent is driving the demand for high-end and specialty fish sauces, and increasing urban population which is shifting consumption pattern and making fish sauces move into supermarkets and hypermarkets.

•  Moreover, globalisation of foods also favours the region due to the rising desire to sample new foods where consumer choices have expanded beyond their own countries’ traditional meals. The market is also expanding in terms of product innovation and introduction of new and modified packaging solution suiting the new trends of consumers hence making Asia pacific as the leader in fish sauce market across the globe.

Active Key Players in the Fish Sauce Market

• TANG SANG HA CO. Ltd (Thailand)
• Masan Group (Vietnam)
• ThaiPreeda Group (Thailand)
• Shantou Haimao Foodstuff Factory Co., Ltd. (China)
• Teo Tak Seng Fish Sauce Factory Co., Ltd.(Thailand)
• Thai Fishsauce Factory (Squid Brand) Company Limited (Thailand)
• Rayong Fish Sauce Industry Co. Ltd (Thailand)
• Pichai Fish Sauce Co. Ltd (Thailand)
• Halcyon Proteins (Australia)
• Hung Thanh Co. Ltd (Vietnam), Other Active Players

Key Industry Developments in the Fish Sauce Market

• 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.

Chapter 1: Introduction
 1.1 Scope and Coverage
Chapter 2:Executive Summary
Chapter 3: Market Landscape
 3.1 Market Dynamics
  3.1.1 Drivers
  3.1.2 Restraints
  3.1.3 Opportunities
  3.1.4 Challenges
 3.2 Market Trend Analysis
 3.3 PESTLE Analysis
 3.4 Porter's Five Forces Analysis
 3.5 Industry Value Chain Analysis
 3.6 Ecosystem
 3.7 Regulatory Landscape
 3.8 Price Trend Analysis
 3.9 Patent Analysis
 3.10 Technology Evolution
 3.11 Investment Pockets
 3.12 Import-Export Analysis

Chapter 4: Fish Sauce Market by Product Type
 4.1 Fish Sauce Market Snapshot and Growth Engine
 4.2 Fish Sauce Market Overview
 4.3 Industrial & Traditional
  4.3.1 Introduction and Market Overview
  4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.3.3 Key Market Trends, Growth Factors and Opportunities
  4.3.4 Industrial & Traditional: Geographic Segmentation Analysis

Chapter 5: Fish Sauce Market by Composition
 5.1 Fish Sauce Market Snapshot and Growth Engine
 5.2 Fish Sauce Market Overview
 5.3 Mass & Premium
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Mass & Premium: Geographic Segmentation Analysis

Chapter 6: Fish Sauce Market by End-User
 6.1 Fish Sauce Market Snapshot and Growth Engine
 6.2 Fish Sauce Market Overview
 6.3 Food Manufacturers
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Food Manufacturers: Geographic Segmentation Analysis
 6.4 Retail
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 Retail: Geographic Segmentation Analysis
 6.5 & Food service
  6.5.1 Introduction and Market Overview
  6.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.5.3 Key Market Trends, Growth Factors and Opportunities
  6.5.4 & Food service: Geographic Segmentation Analysis

Chapter 7: Company Profiles and Competitive Analysis
 7.1 Competitive Landscape
  7.1.1 Competitive Benchmarking
  7.1.2 Fish Sauce Market Share by Manufacturer (2023)
  7.1.3 Industry BCG Matrix
  7.1.4 Heat Map Analysis
  7.1.5 Mergers and Acquisitions
  
 7.2 TANG SANG HA CO LTD (THAILAND)
  7.2.1 Company Overview
  7.2.2 Key Executives
  7.2.3 Company Snapshot
  7.2.4 Role of the Company in the Market
  7.2.5 Sustainability and Social Responsibility
  7.2.6 Operating Business Segments
  7.2.7 Product Portfolio
  7.2.8 Business Performance
  7.2.9 Key Strategic Moves and Recent Developments
  7.2.10 SWOT Analysis
 7.3 MASAN GROUP (VIETNAM)
 7.4 THAIPREEDA GROUP (THAILAND)
 7.5 SHANTOU HAIMAO FOODSTUFF FACTORY CO LTD (CHINA)
 7.6 TEO TAK SENG FISH SAUCE FACTORY CO LTD (THAILAND)
 7.7 THAI FISHSAUCE FACTORY (SQUID BRAND) COMPANY LIMITED (THAILAND)
 7.8 RAYONG FISH SAUCE INDUSTRY CO LTD (THAILAND)
 7.9 PICHAI FISH SAUCE CO LTD (THAILAND)
 7.10 HALCYON PROTEINS (AUSTRALIA)
 7.11 HUNG THANH CO LTD (VIETNAM)
 7.12 OTHER ACTIVE PLAYERS

Chapter 8: Global Fish Sauce Market By Region
 8.1 Overview
 8.2. North America Fish Sauce Market
  8.2.1 Key Market Trends, Growth Factors and Opportunities
  8.2.2 Top Key Companies
  8.2.3 Historic and Forecasted Market Size by Segments
  8.2.4 Historic and Forecasted Market Size By Product Type
   8.2.4.1 Industrial & Traditional
  8.2.5 Historic and Forecasted Market Size By Composition
   8.2.5.1 Mass & Premium
  8.2.6 Historic and Forecasted Market Size By End-User
   8.2.6.1 Food Manufacturers
   8.2.6.2 Retail
   8.2.6.3 & Food service
  8.2.7 Historic and Forecast Market Size by Country
   8.2.7.1 US
   8.2.7.2 Canada
   8.2.7.3 Mexico
 8.3. Eastern Europe Fish Sauce Market
  8.3.1 Key Market Trends, Growth Factors and Opportunities
  8.3.2 Top Key Companies
  8.3.3 Historic and Forecasted Market Size by Segments
  8.3.4 Historic and Forecasted Market Size By Product Type
   8.3.4.1 Industrial & Traditional
  8.3.5 Historic and Forecasted Market Size By Composition
   8.3.5.1 Mass & Premium
  8.3.6 Historic and Forecasted Market Size By End-User
   8.3.6.1 Food Manufacturers
   8.3.6.2 Retail
   8.3.6.3 & Food service
  8.3.7 Historic and Forecast Market Size by Country
   8.3.7.1 Bulgaria
   8.3.7.2 The Czech Republic
   8.3.7.3 Hungary
   8.3.7.4 Poland
   8.3.7.5 Romania
   8.3.7.6 Rest of Eastern Europe
 8.4. Western Europe Fish Sauce Market
  8.4.1 Key Market Trends, Growth Factors and Opportunities
  8.4.2 Top Key Companies
  8.4.3 Historic and Forecasted Market Size by Segments
  8.4.4 Historic and Forecasted Market Size By Product Type
   8.4.4.1 Industrial & Traditional
  8.4.5 Historic and Forecasted Market Size By Composition
   8.4.5.1 Mass & Premium
  8.4.6 Historic and Forecasted Market Size By End-User
   8.4.6.1 Food Manufacturers
   8.4.6.2 Retail
   8.4.6.3 & Food service
  8.4.7 Historic and Forecast Market Size by Country
   8.4.7.1 Germany
   8.4.7.2 UK
   8.4.7.3 France
   8.4.7.4 Netherlands
   8.4.7.5 Italy
   8.4.7.6 Russia
   8.4.7.7 Spain
   8.4.7.8 Rest of Western Europe
 8.5. Asia Pacific Fish Sauce Market
  8.5.1 Key Market Trends, Growth Factors and Opportunities
  8.5.2 Top Key Companies
  8.5.3 Historic and Forecasted Market Size by Segments
  8.5.4 Historic and Forecasted Market Size By Product Type
   8.5.4.1 Industrial & Traditional
  8.5.5 Historic and Forecasted Market Size By Composition
   8.5.5.1 Mass & Premium
  8.5.6 Historic and Forecasted Market Size By End-User
   8.5.6.1 Food Manufacturers
   8.5.6.2 Retail
   8.5.6.3 & Food service
  8.5.7 Historic and Forecast Market Size by Country
   8.5.7.1 China
   8.5.7.2 India
   8.5.7.3 Japan
   8.5.7.4 South Korea
   8.5.7.5 Malaysia
   8.5.7.6 Thailand
   8.5.7.7 Vietnam
   8.5.7.8 The Philippines
   8.5.7.9 Australia
   8.5.7.10 New Zealand
   8.5.7.11 Rest of APAC
 8.6. Middle East & Africa Fish Sauce Market
  8.6.1 Key Market Trends, Growth Factors and Opportunities
  8.6.2 Top Key Companies
  8.6.3 Historic and Forecasted Market Size by Segments
  8.6.4 Historic and Forecasted Market Size By Product Type
   8.6.4.1 Industrial & Traditional
  8.6.5 Historic and Forecasted Market Size By Composition
   8.6.5.1 Mass & Premium
  8.6.6 Historic and Forecasted Market Size By End-User
   8.6.6.1 Food Manufacturers
   8.6.6.2 Retail
   8.6.6.3 & Food service
  8.6.7 Historic and Forecast Market Size by Country
   8.6.7.1 Turkey
   8.6.7.2 Bahrain
   8.6.7.3 Kuwait
   8.6.7.4 Saudi Arabia
   8.6.7.5 Qatar
   8.6.7.6 UAE
   8.6.7.7 Israel
   8.6.7.8 South Africa
 8.7. South America Fish Sauce Market
  8.7.1 Key Market Trends, Growth Factors and Opportunities
  8.7.2 Top Key Companies
  8.7.3 Historic and Forecasted Market Size by Segments
  8.7.4 Historic and Forecasted Market Size By Product Type
   8.7.4.1 Industrial & Traditional
  8.7.5 Historic and Forecasted Market Size By Composition
   8.7.5.1 Mass & Premium
  8.7.6 Historic and Forecasted Market Size By End-User
   8.7.6.1 Food Manufacturers
   8.7.6.2 Retail
   8.7.6.3 & Food service
  8.7.7 Historic and Forecast Market Size by Country
   8.7.7.1 Brazil
   8.7.7.2 Argentina
   8.7.7.3 Rest of SA

Chapter 9 Analyst Viewpoint and Conclusion
9.1 Recommendations and Concluding Analysis
9.2 Potential Market Strategies

Chapter 10 Research Methodology
10.1 Research Process
10.2 Primary Research
10.3 Secondary Research