Fish Sauce Market Outlook by Key Players, Industry Overview, Supply and Consumption Demand Analysis By 2032
The global fish sauce market is set to witness growth at a CAGR of 5.8% and is anticipated to reach a valuation of around US$ 30.5 Bn by 2032.
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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On the production front, consistent nominal fish prices have resulted in increasing production of fish and fish sauce products. According to a joint OECD-FAO report, nominal fish prices are predicted to rise at a rate of 1.5-2.1 % per year over the next decade. This means that major manufacturers of fish sauce will have lower production costs, allowing them to produce on a larger scale.
“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.
Key Takeaways:
China will emerge as an attractive market for fish sauce. Demand in the East Asia fish sauce market is expected grow at a 5.0%.
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. The following are some noteworthy market developments:
Fish Sauce Market By Category
By Flavor:
By Technology:
By Sales Channel:
By Region:
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Key Questions Answered in the Report
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Aug 08, 2022