Fish Sauce Market Size to surge at 3.51% CAGR is expected to reach $19.50 Billion in 2025 | Market Research Report
The global fish sauce market size is expected to reach USD 19.50 billion by 2025 registering a CAGR of 3.51%, according to a new report by Grand View Research, Inc. Fish sauce contains numerous vital nutrients and minerals including iodine and vitamins A & D. Rising cases of thyroid problems and related diseases have led to an increased demand across the globe, thereby augmenting market growth.
Fish sauce is widely used as a substitute for soy sauce in many countries as it has a numerous health benefits. It is also used as an ingredient for casseroles and soups, which is propelling its demand further. In addition, manufacturers are using natural fermentation processes by using anchovies and sea salt to retain the product’s nutritional value. This is likely to contribute to the market growth.
Fish sauce is a staple ingredient in many cuisines, which is also expected to spur the demand in future. Moreover, print and media advertisements have played a big role in creating awareness about the product, thereby supporting the overall market growth. U.S. being the largest consumer, North America is expected to be the dominant regional market over the forecast period. The market in Central & South America is projected to register the fastest CAGR of 3.8% from 2019 to 2025.
Some of the key companies in the global market are Teo Tak Seng Fish-Sauce Factory Co. Ltd, Pichai Fish Sauce Co., Masan Consumer Corporation, Rayong Fish Sauce Industry Co., Ltd., Shantou Fish Sauce Factory Co., TANG SANG HAH CO., Ltd., Thai Fishsauce Factory (Squid Brand) Co. Ltd., Fish Sauce Co., Ltd., Halcyon Proteins Pty. Ltd., and Hung Thanh Co. Ltd.
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Further key findings from the study suggest:
- Traditional fish sauce is projected to be the fastest-growing, as well as the largest, product type segment over the forecast years
- The restaurants application segment is likely to lead the global market expanding at the fastest CAGR of 3.6% from 2019 to 205
- North America led the global fish sauce market in 2018 and accounted for a market share of 45%. The region is estimated to grow further at a steady CAGR during the forecast years
- Key companies in the market focus on new product development and capacity and portfolio expansion to estimate existing and future demand patterns from upcoming application segments
Grand View Research has segmented the global fish sauce market on the basis of product type, application, and region:
Fish Sauce Product Type Outlook (Revenue, USD Billion, 2015–2025)
Fish Sauce Application Outlook (Revenue, USD Billion, 2015–2025)
- Foodservice Industry