Fish Sauce Market Insights and Assessment of Growth Factors Analyzed until the End of 2022
The global fish sauce market is expected to experience steady growth. The market is estimated to register 5.0% CAGR during the forecast period from 2017 to 2022.
[UKPRwire, Fri Jul 19 2019] The global fish sauce market is expected to experience steady growth. The market is estimated to register 5.0% CAGR during the forecast period from 2017 to 2022. Owing to the health benefits and various nutrients offered by the fish sauce, increasing number of people are using fish sauce while preparing various dishes and as a dip. Manufacturers are also producing fish sauce by using more natural way for fermenting fish instead of the chemical fermentation process to maintain the levels of nutrients and vitamins. Below are the insights on how the global fish sauce market will perform in the next five years.
The fish sauce is a pungent condiment made using fermented fish and salt. The fermentation process takes place where the fishes are placed in a container with salt and are kept for several days and months to ferment. After this, the fermentation results in the light brown liquid. This fish sauce includes various nutrients and vitamins as it uses whole fish and is undiluted. Meanwhile, the chemically fermented fish sauce loses its nutritional value. Fish sauce is largely used as an ingredient in different cuisines to enhance the taste and is also consumed as a dip.
To improve the flavor of the food, people are replacing soy sauce with fish sauce. Manufacturers are also making a fish sauce that leads to reduced sodium intake, thereby offering the healthy product. Moreover, shifting trend towards natural food products is also resulting in the growth of the customers opting for the quality product that has been made using the natural process of fermentation without adding any chemicals. Also, a fish sauce made using natural process last for a long time.
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The global fish sauce market is likely to experience steady growth. The market is projected to reach US$ 1,316.5 million revenue by 2022 end. Consumer demand for fish sauce will continue to grow due to the various health benefits offered by fish sauce and it also boosts the taste of the food. Increasing health-consciousness among the consumers, manufacturers are making a fish sauce by fermenting the fish using natural ingredients such as salt and water.
Compared to the spiced fish sauce, the plain fish sauce is likely to gain maximum revenue share by 2017 end. The plain fish sauce is projected to exceed US$ 800 million revenue towards 2022 end. On the other hand, the spiced fish sauce is also likely to experience moderate growth throughout the forecast period.
Industrial method is likely to be one of the most preferred methods for producing a fish sauce. Industrial method is projected to create more than US$ 200 million incremental opportunity during 2017-2022.
Among various distribution channels in the global fish sauce market, modern trade is likely to be the biggest distribution channel during 2017-2022. By 2022 end, modern trade is projected to exceed US$ 400 million revenue.
Basic fish Sauce to Account for More Than Half of the Revenue Share
The basic fish sauce is projected to create more than US$ 100 million incremental opportunity between 2017 and 2022. Although the premium fish sauce is also likely to experience significant growth throughout the forecast period.
The report also profiles companies that are expected to remain active in the expansion of global fish sauce market through 2022, which include TANG SANG HAH CO., Ltd, Masan Consumer Corporation, Thai Preeda Group, Shantou Fish Sauce Factory Co., Ltd, Teo Tak Seng Fish-Sauce Factory Co. Ltd, Thai Fishsauce Factory (Squid Brand) Company Limited, Rayong Fish Sauce Industry Co., Ltd, Pichai Fish Sauce Co., Ltd, Halcyon Proteins Pty., Ltd, and Hung Thanh Co.LTD.
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