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.
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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.
Regional Insights:
North 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.
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Grand View Research has segmented the global fish sauce market on the basis of product type, application, and region:
Fish Sauce Product Type Outlook
Traditional
Industrial
Fish Sauce Application Outlook
Domestic/Household
Foodservice Industry
Restaurants
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