Latest report by Technavio estimated that the global fish sauce market is projected to grow by another US$726.6 million between 2021 to 2026 with a CAGR rate of 6.4%. Based on a rough estimate, the global fish sauce market is valued at around US$2 billion in 2021. In 2022 alone, the market is forecast to grow at 4.31%.
Technavio classified this market as fragmented due to presence of both local and foreign players. Some of the major players mentioned in the report include Blue Elephant International, Marine Resources Development Co. Ltd., Nestle SA, Phu Quoc Fish Sauce Manufacturer Hung Thanh, and Thai Fishsauce Factory (Squid Brand) Co. Ltd amongst others.
This market is expected to grow considerably due to growing preference for conveniently prepared home cooking as consumers spent more time at home. In addition, the wide applications of fish sauce in simple menu preparations will boost this growth.
Nevertheless, the report also mentioned stringent food safety and hygiene regulations, growing fish allergy among consumers and the declining krill population as major challenges to growth in this industry.
The industry can be categorised under Industrial and Traditional Fish Sauce Segments. With mechanisation, industrial fish sauce production is lower cost and more hygienic compared to traditional fish sauce production, and will surpass the latter in terms of growth in production and market share in the future. Industrial producers can sell their fish sauce at a cheaper price compared to traditional producers that use manual labour.
The Asia Pacific (APAC) region is the dominant market for fish sauce and is also the fastest growing region. According to the report, the surge in consumer preference for Southeast Asian food and sauces will fuel the growth of the fish sauce market in APAC during the forecast period. Vietnam, Thailand, China, Japan and South Korea are the key markets identified for fish sauce in APAC.
