Major players in the fish sauce market are Tang Sang Hah Co. Ltd., Masan Group, Thai Preeda Co. Ltd., Shantou Haimao Foodstuff Factory Limited Company, Teo Tak Seng Fish-Sauce Factory Co. Ltd, Thai Fishsauce Factory Squid Brand Co Ltd, Rayong Fish Sauce Industry Co.
New York, June 15, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Fish Sauce Global Market Report 2023” – https://www.reportlinker.com/p06466501/?utm_source=GNW
Ltd, Pichai Fish Sauce Co. Ltd, Halcyon Proteins PTY Ltd, Hung Thanh Co. Ltd, Unilever PLC, Nestle S.A., Louisiana Fish Fry, Pantainorasingh Manufacturer Co. Ltd., and Phu Nhi.
The global fish sauce market is expected to grow from $15.94 billion in 2022 to $17.18 billion in 2023 at a compound annual growth rate (CAGR) of 7.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market is expected to reach $22.22 billion in 2027 at a CAGR of 6.6%.
The fish sauce market consists of sales of bottled fish sauce, individual serving packets, seasoning blends, dipping sauces, and marinades.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Fish sauce is a flavoring created from fermented fish in salt for several months, resulting in a spicy, flavorful, and salty drink. It is used as a flavoring agent in various cuisines, to add depth and complexity to dishes.
North America was the largest region in the fish sauce market in 2022. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main product types of fish sauce are Korean fish sauce, Japanese fish sauce, Southeast Asian fish sauce, and western fish sauce.Korean fish sauce is a type of fish sauce that is made from anchovies and salt, which is a popular condiment in Korean cuisine and adds flavor to a wide range of dishes, such as soups.
It is available in plain and spiced flavors with basic and premium price range distributed by various channels include supermarket and hypermarket, convenience stores, specialty stores, and online retailers for domestic use, restaurants, and food industry applications.
The increasing seafood consumption is expected to propel the fish sauce market going forward.Seafood is a rich source of protein and minerals.
It is also a well-known international food popular for its distinct flavors and textures.Several popular seafood dishes include fish sauce.
Fish sauce demand is increasing as more people become acquainted with the taste and include it in their seafood preparation. For instance, in 2021, as per the Food and Agriculture Organization, an Italy-based international organization, global fish consumption is expected to rise by 16.3% by 2029, reaching 180 Mt. Additionally, in July 2022, as per Statistics Iceland, an Iceland-based government agency, the overall fish catch in June 2022 was nearly 35,000 tons, a 14 thousand tons rise over June 2021. Therefore, the increasing seafood consumption will drive the fish sauce market.
Product innovation is a popular trend in the fish sauce market.Innovations such as modern conventional fish sauces are being introduced using modern production methods and high-quality ingredients.
It has helped to popularize the use of fish sauce in non-traditional dishes and cuisines.For instance, in January 2022, Sozye, a UK-based sauce maker company, introduced its plant-based fish sauces named as nish, noyster, and noya.
These sauces are environmentally friendly and suitable for non-traditional dishes.
In August 2021, MidOcean Partners, a US-based private equity company, acquired Louisiana Fish Fry for an undisclosed amount.This acquisition enabled MidOcean Partners to focus on maintaining the brand’s strong heritage while expanding into new geographies, channels, and product lines.
Louisiana Fish Fry is a US-based food company that manufactures coatings, seafood sauces, spices, seasonings, marinades, and other food products.
The countries covered in the fish sauce market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The fish sauce market research report is one of a series of new reports that provides fish sauce market statistics, including fish sauce industry global market size, regional shares, competitors with a fish sauce market share, detailed fish sauce market segments, market trends, and opportunities, and any further data you may need to thrive in the fish sauce industry. This fish sauce market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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