The global fish sauce market size is estimated to register a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing demand for fish sauce from Southeast Asia.
Fish sauce is a rancid earthy colored fluid, which is used as a vital flavoring ingredient in Thai cooking. This sauce is produced using fermented fish and salt. It is utilized as a topping in various cooking styles. Fish sauces are a blend of the fish embodiments, seasonings, additives, colors, and sugars. It is a staple in seaside districts of East Asia and Southeast Asia. Fish sauce is consumed in high amount in Vietnam. Individuals in Vietnam accept that home-made fish sauces, as they are more nutritious and beneficial for wellbeing, as it contains significant level of nitrogen.
Growing health consciousness has inclined population toward consumption of fish sauces. This type of sauce is utilized as soy sauce in Chinese cuisine and as a salt in western cooking. It is utilized as a crucial add-on for goulashes and soups in pieces in Southern China.
Market Trends, Drivers, Restraints, and Opportunities
- Rising awareness about various benefits of fish sauce is expected to drive the market growth.
- Increasing utilization of fish sauce in different variety of dishes and expanding popularity of Asian cooking styles across the globe is estimated to spur the market growth in the projected timeline.
- The easy accessibility of other substitute sauces coupled with the time and cost associated with the preparation of fish sauce is expected to create challenges for the market growth during the forecast period.
- Growing adoption of high nourishing food in daily diet is anticipated to stimulate the market expansion.
Key Players
- Thai Fishsauce Factory (Squid Brand) Co. Ltd
- Red Boat Fish Sauce
- Masan Group
- Hung Thanh Fish Sauce
- Unilever Food Solutions
Competitive Landscape
Key players competing in the fish sauce market are Thai Fishsauce Factory (Squid Brand) Co. Ltd; Red Boat Fish Sauce; Masan Group; Hung Thanh Fish Sauce; and Unilever Food Solutions.
Some of these companies are engaging in several marketing strategies, such as new product development and mergers and acquisitions to expand their geographical reach. For instance, in October 2016, Masan Group launched a Vietnamese fish sauce to the Thai market. Aside from product development, manufacturers are additionally focusing on packaging as it has a crucial part in determining the item quality, dietary benefit, color, surface, taste, and brand image.
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