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.
For more info visit here: https://www.grandviewresearch.com/industry-analysis/fish-sauce-market
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
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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