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Fish Sauce Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global fish sauce products market was valued at USD 8.4 billion in 2023 and is forecasted to expand at a CAGR of 7.5% from 2024 to 2031. Fish sauce is a condiment prepared from fermented fish and salt. It is widely popular in Southeast Asian and East Asian countries as a condiment, flavoring agent, and ingredient in various dishes. Growing demand for Asian cuisine and increasing health consciousness among consumers are the major factors driving the demand for fish sauce products. In addition, the increasing consumption of fish sauce as a dipping sauce and the rising popularity of sushi and sashimi dishes are further supporting the market growth.
Moreover, the rising demand for premium fish sauce products is fueling the market growth. Manufacturers are introducing premium fish sauces with a natural flavor and low sodium content to meet the changing preferences of consumers. For instance, in May 2021, Botticelli launched a premium fish sauce made from all-natural ingredients, without added sugar or preservatives. The product also contains low sodium and no MSG.
Furthermore, manufacturers are introducing fish sauce-based sauces and marinades to expand their product portfolio. For instance, in October 2021, Kikkoman launched a new seafood-based soy sauce line, which includes a fish sauce, oyster sauce, and a ponzu sauce. These products are made from naturally fermented fish sauce and feature a unique and distinct flavor.
At the same time, the rising health concerns related to the high sodium content in fish sauce products are likely to hinder the growth of the market. To address this issue, manufacturers are focusing on introducing low-sodium fish sauces to target health-conscious consumers. For instance, in June 2021, Red Boat launched a low-sodium fish sauce, which contains 40% less sodium than their traditional fish sauce.
In addition, the increasing adoption of natural preservatives and the growing demand for fish sauce-based products from foodservice and retail outlets are expected to open up new opportunities for the market in the coming years.
Product Insights
The main ingredient of fish sauce is fermented fish. It is commonly used as a condiment and can be used for a variety of dishes. The demand for fish sauce is expected to increase due to the rising health awareness among consumers and the increasing trend of veganism. The growing popularity of international cuisines, especially Asian and Latin American, is also driving the demand for fish sauce, which has become an integral part of such cuisines.
The demand for fish sauce is also driven by the rising trend of consumers opting for organic and natural ingredients. Furthermore, the increasing demand for convenience and ready-to-eat products is stimulating the demand for fish sauce as it is used as an ingredient in many canned and frozen products. Also, the increasing demand for exotic flavors is driving the demand for fish sauce as it is used to add flavor to various dishes.
Distribution Channel Insights
The supermarkets and hypermarkets segment held the largest market share in 2021. Supermarkets and hypermarkets are the most preferred outlets for purchasing fish sauce products due to their availability of various fish sauce products at one place. The shoppers are also able to avail discounts and promotional offers on fish sauce products in these outlets. Easy access, convenience, and wide range of products available at one place are some of the factors driving the growth of this segment.
The e-commerce segment is expected to register the highest CAGR over the forecast period. The availability of fish sauce products on e-commerce platforms has increased in recent years, which has driven the growth of the segment. The online retailers provide customers with a wider selection of fish sauce products from different brands and offer discounts and promotional offers to attract customers. Furthermore, the convenience of home delivery and cash on delivery options offered by online retailers has led to an increase in the demand for fish sauce products.
Type Insights
The conventional segment is anticipated to dominate the fish sauce products market in 2022, owing to its low cost and easy availability. Furthermore, manufacturers in this category are targeting the lower-income group by promoting their products through aggressive advertising and promotional campaigns. The fish sauce products are also gaining popularity in Asian countries such as Thailand, Vietnam, and Indonesia.
The organic segment is anticipated to expand at the highest CAGR over the forecast period. The increased demand for fish sauce products among health-conscious consumers is driving the market. Moreover, the rising environmental concerns and the increasing awareness of the health hazards related to the use of synthetic and artificial ingredients are also driving the demand for organic fish sauce products. Also, manufacturers are launching new organic variants of fish sauce products in the market, which is further driving the segment growth.
Regional Insights
Asia Pacific dominated the market and accounted for the largest revenue share of over 33.6% in 2022. The increasing consumption of fish sauce in the region has been a major factor driving the growth of the market. The growing popularity of fish sauce as a condiment in the countries in the region, such as China, India, Thailand, and Vietnam, is expected to drive the growth of the market in the region. Moreover, the rising demand from foodservice companies is also expected to contribute to the market growth.
Europe is anticipated to witness the second-fastest growth during the forecast period. The growing demand for fish sauce among health-conscious consumers is expected to drive the market in the region. The growing demand for fish sauce as a condiment from countries such as the UK, Germany, Italy, and France is further expected to drive the growth of the market in this region. Additionally, the increasing awareness regarding health benefits of fish sauce is expected to further drive market growth.
Financial Projections
In this part of the Fish Sauce Products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your fish sauce products. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a Fish Sauce Products business comes from sales of fish sauce products, such as sauces, marinades, dressings, and seasonings. Here you will find a list with a description of other possible sources of profit such as fundraising, food & beverage, the sale of merchandise, and leases.
Projecting Expenses
In this section, all the regular expenses related to keeping the Fish Sauce Products business running will be described. The list of operating expenses includes wages, raw material costs, maintenance and repairs, utilities, insurance policies, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the fish sauce market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Lee Kum Kee launched a new range of fish sauces for the Asian market.
– In August 2022, Thai Tastes launched a range of fish sauces made from anchovy and shrimp.
– In October 2022, Viet Huong launched a range of fish sauces including fish sauce paste and fish sauce powder.
Some of the prominent players in the fish sauce market include:
– Lee Kum Kee
– Viet Huong
– Thai Tastes
– Nam A
– Golden Boy
– Tiparos
– Three Crabs
– Squid Brand
– Megachef
– ABC
Global Fish Sauce Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global fish sauce products market based on product type, distribution channel, type, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Anchovy Fish Sauce
– Squid Fish Sauce
– Shrimp Fish Sauce
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Specialty Stores
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Key Players in the Fish Sauce Products Market?
[A]: Key players in the fish sauce products market include Nam Pla Prik Co Ltd., ABC Fruits & Vegetables Co. Ltd., Thai Fishsauce Factory Co. Ltd., Thai Union Group Public Company Limited, NutraFoods Inc., and Baidu Corporation.
[Q]: What is the Potential for Product Innovation?
[A]: Product innovation is expected to fuel the growth of the fish sauce products market. Manufacturers are focusing on developing new flavors and packaging varieties to attract consumer attention. Furthermore, the use of advanced technologies for processing and packaging fish sauce is expected to drive the market.
[Q]: What are the Major Trends in the Fish Sauce Products Market?
[A]: Increasing awareness regarding the health benefits of fish sauce and rising demand for organic and natural fish sauce are some of the major trends in the fish sauce products market. In addition, the rising popularity of fusion cuisine has increased the demand for fish sauce in western countries.
[Q]: Which Region Offers the Largest Opportunity for Sales of Fish Sauce Products?
[A]: Asia-Pacific is the largest region for the fish sauce products market and is expected to remain so over the forecast period. This is due to the large number of manufacturers and the presence of a large number of consumers in the region.
[Q]: What are the Factors Driving the Fish Sauce Products Market?
[A]: Factors such as the increasing demand for fish sauce from the foodservice industry, increasing health consciousness among consumers, and rising disposable income are driving the fish sauce products market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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