Fish Sauce Market: Introduction
The demand for different sauces varies based on country and geographical region. Fish sauce is a smelly brown liquid made from fermented fish and salt which is very important flavoring ingredient in Thai cooking. It is used as a condiment in different cuisines. Fish sauces which are manufactured in industries are a combination of the fish essence, flavoring, preservatives, coloring, and sweeteners. It is a staple ingredient in various cultures in coastal regions of East Asia, Southeast Asia, and others.
Fish sauce has high consumption in Vietnam. People in Vietnam believe that traditionally made fish sauces are more nutritious and beneficial for health as it contains higher level of nitrogen. Nowadays people are more health conscious, so they prefer traditional fish sauce more. Fish sauce is used as soy sauce in Chinese cooking and as salt in western cooking. It is prepared in many different ways in each country for fish, pork, shrimp, and chicken. It is used as an ingredient for casseroles and soups in parts of Southern China. Fish sauce is also used as a base for a dipping condiment and added to dishes during the cooking process.
Fish Sauce Market: Dynamics
Seasoning has become an essential item on the dining table in many cultures around the world. Among all the other seasonings, fish sauce is expected to have high consumption over the years. The increasing demand for seasoning is the key factor driving the growth of fish sauce market. A series of food scandals happened in the past like in 2007, some local producers of fish sauce were found guilty of adding toxic chemicals and urea to raise the protein content in it. So, as per the recent trend, the traditional products are dominated by industrially produced products and consumers are more willing to pay for quality and safety and therefore shifted towards premium branded fish sauce products which can be the major factor towards the growth of fish sauce market. Another factor towards the growth of fish sauce market is the increase in product offerings by the manufacturers by offering new products in different bottle sizes and varying prices to appeal to a wider customer base. In addition, consumers increase usage of fish sauce not only as a dipping agent but also as a seasoning ingredient in cooking and also consumers eating non-vegetarian food are increasing day by day due to its high nutrition content. This will increase the consumer demand towards the growth of fish sauce market. However, availability of many substitutes to fish sauce, health concerns related to added preservatives along with the increasing popularity of vegan foods hinders the growth of fish sauce market.
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Fish Sauce Market: Segmentation
The fish sauce market has been segmented by the product type, price, application type, distribution channel, and region. On the basis of product type, the fish sauce market can be segmented into Korean fish sauce, Japanese fish sauce, Southeast Asian fish sauce, Western fish sauce and others. With regard to the price, the fish sauce market is segmented into basic and premium. On the basis of application type, the fish sauce market is classified as food industries, domestic use, restaurants and others. On the basis of a distribution channel, the fish sauce market can be segmented into direct sales and indirect sales. The indirect sales market can be further sub-segmented into the specialty stores, wholesalers, hypermarket, supermarket, convenience stores, online retailers and others. On the basis of region, the fish sauce market can be segmented into North America, Latin America, Europe, Asia Pacific and the Middle East and Africa.
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Fish Sauce Market: Regional Outlook
On the basis of the regional outlook, the global fish sauce market has been geographically segmented into North America, Europe, Latin America, Africa, and Asia-Pacific. Asia Pacific dominates the market due to increase in disposable income and urbanization. Vietnam, Indonesia, Japan, China, and the Philippines are the major markets in this region. In North America, U.S. has the major market for fish sauce. In Europe, due to increase in demand for functional foods and dietary supplements, fish sauce market is expected to grow in the near future.
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Fish Sauce Market: Key Player:
Some of the major players operating in fish sauce market include Tang Sang Ha Company Limited, Thaipreeda Group, TeoTak Sauce Factory Co., Ltd, Viet Phu, Inc, Thai Fish Sauce Factory (Squid Brand) Co., Ltd, Fish Marine Resources Development Co., Ltd., Rungroj Fish Sauce Co., Ltd. , Pichai Fish Sauce Co. Ltd., Rayong Fish Sauce Industry Co., Ltd. and Halcyon Proteins.