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Industry Insights, Market Size, CAGR, High-Level Analysis: Fish Sauce MarketThe global fish sauce market size was estimated at USD 15.32 billion in 2018 and is projected to expand further at a CAGR of 3.51% over the forecast period. It is used as a dipping sauce, as well as for seasoning. Thus, wide product usage in different cuisines is the key factor responsible for market growth. Moreover, rising awareness about the various health benefits of fish sauce is likely to contribute to the product demand. It is also used as a substitute for soy sauce as it contains numerous vital nutrients and minerals including iodine and vitamins A & D. Growing cases of thyroid-related problems are likely to contribute to the product demand. In addition, it is a staple ingredient in different cuisines, which is expected to spur the demand. Manufacturers are using natural fermentation process by using anchovies and sea salt to retain the nutritional value of final products. Companies are also developing attractive packaging solutions, which, in turn, is driving the net sales. Print and media advertisements also play a major role in creating awareness about the product and its health benefits, thereby augmenting the market growth. 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 from 2019 to 2025. Product
Type Insights of Fish Sauce MarketBased on product type, the market has been classified into traditional and industrial. Traditional segment led the market in 2018. Fish sauces that are manufactured in industries are usually a combination of flavoring, preservatives, sweeteners, fish essence, and coloring, due to which traditional sauces have a higher demand. In addition, it is used as an ingredient for casseroles and soups in several regions, which will fuel the demand. The industrial product type segment is also estimated to witness a significant growth over the next few years. This growth is due to the high demand across the globe and increased consumer spending on premium and high-quality products.
Application Insights of Fish Sauce MarketBased on application, the fish sauce market has been divided into domestic/household, food service industry, and restaurants. The restaurants segment is anticipated to hold the largest share of the global market by 2025. It is projected to be the fastest-growing segment from 2019 to 2025 as fish sauce is widely used as a seasoned product to enhance the food taste. The domestic/household application is estimated to be the second-largest segment as it is a staple ingredient in many cuisines. Moreover, product usage in curries and other foods, instead of salt, as it provides essential nutrients along with iodine will also boost demand in the segment.
Regional Insights of Fish Sauce MarketNorth America is expected to dominate the global market over the forecast period. U.S., in particular, is the major consumer in this regional region. High product demand from restaurants and food service industry in the region is the key factor propelling the growth. The market in Central & South America is projected to register the fastest CAGR of 3.8% from 2019 to 2025. Asia Pacific is also expected to have a steady growth due to rising product popularity and the fact that it is a staple ingredient in most of the cuisines in countries, such as China and Japan. Moreover, increasing disposable income levels and rapid urbanization are likely to support the market growth in this region.
Market Share Insights of Fish Sauce MarketSome of the key companies in the market are Teo Tak Seng Fish-Sauce Factory Co. Ltd., Pichai Fish Sauce Co., Masan Consumer Corp., 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. These companies have undertaken several marketing strategies, such as M&A and new product development, to expand their geographical reach. For instance, in October 2016, Masan Consumer Corporation introduced new Vietnamese fish sauce to the Thai market. Apart from product innovation, manufactures are also focusing on packaging as it plays a vital role in retaining the product quality, nutritional value, color, texture, taste, and shelf life.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Fish Sauce Market Research ReportThis report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global fish sauce market report on the basis of product type, application, and region: Product Type Outlook (Revenue, USD Billion, 2019 - 2030) Traditional Industrial Application Outlook (Revenue, USD Billion, 2019 - 2030) Domestic/Household Foodservice Industry Restaurants
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Market Definition 1.3. Information Procurement 1.3.1. Purchased Database 1.3.2. GVR’s Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1.5. Market Formulation & Data Visualization 1.6. Data Validation & P | read more...