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Vegan Fish Sauce Market Size, Share Global Analysis Report, 2023 – 2030

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Vegan Fish Sauce Market Size, Share, Growth Analysis Report By End Users (Domestic Consumers, Retail Food Shops, Hotels, Restaurants, Packaged Food Industries, And Others), By Distribution Channels (Online Platforms, Specialty Stores, Convenience Stores, Supermarkets, And Others), By Sources (Almond, Wheat, Soy, And Others), And By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030

Industry Insights

[204+ Pages Report] According to Facts and Factors, the global vegan fish sauce market size was around USD 264.18 million in 2022 and is anticipated to reach USD 502.36 million by the end of 2030. The vegan fish sauce industry is expected to grow with a CAGR of 8.36% between 2023-2030.

global-vegan-fish-sauce-market-share

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logoMarket Overview

Vegan fish sauce is a plant-based alternative to the traditional sauces being used as a condiment in several Southeast Asian dishes. Traditional fish sauce is widely prepared by fermenting salt and fish, which further results in a savory, rich flavor that adds texture and taste to various dishes.

Vegan fish sauce aims to imitate the similar flavors and texture of traditional fish without incorporating any animal by-products in the sauce. The increasing popularity of veganism has significantly increased the demand for animal-based product alternatives, including condiments like fish sauce.

logoKey Insights

  • As per the analysis shared by our research analyst, the global vegan fish sauce market size is estimated to grow annually at a CAGR of around 8.36% over the forecast period (2023-2030).
  • In terms of revenue, the global vegan fish sauce market size was valued at around USD 264.18 million in 2022 and is projected to reach USD 502.36 million by 2030.
  • Increasing demand for public transportation is expected to positively influence the growth of the global vegan fish sauce market.
  • Based on the end users, the packaged food industry accounted for the largest share of the global market.
  • Based on the distribution channels, the supermarket segment is expected to lead the global market.
  • Based on the sources, the soy segment is expected to experience the fastest growth in the global market.
  • Based on region, North America is expected to dominate the global market during the forecast period.           

global-vegan-fish-sauce-market-size

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logo Growth Drivers

  • Food expos and events are likely to fuel the growth of the global market.

Many companies are taking up the initiative of hosting food expos and events to connect to a larger audience base and showcase their innovations. Parallelly, the surging interest of people in exploring those events to discover new food products and concepts is a big reason behind the high growth of the vegan fish sauce industry in the coming years.

Online communities and forums associated with veganism and regional cuisines are engaging with people to share information about the local availability of new products, which in turn is also expected to support the growth trajectory of the global vegan fish sauce market. For instance, Unilever and Geno, in June 2022, began a joint project to come up with market alternatives to clean label components for their products. The ingredients are said to be derived from palm oils.

logo Restraints

  • Consumer misconception is likely to hamper the growth of the global market.

Misconceptions around vegan products are likely to restrict the growth of the global vegan fish sauce market in the forthcoming years. People feel they are inherently less tasteful and lack nutritional value as compared to their animal counterparts. Such consumer hindrance is likely to slow down the growth of the industry.

logo Opportunities

  • Celebrity endorsements and product innovations are likely to offer lucrative growth opportunities in the global market.

The ongoing endorsements by influencers and celebrities are likely to positively impact consumer preferences and their preferences. Also, product innovation is likely to further offer lucrative opportunities in the global vegan fish sauce industry.

Food companies are coming up with unique recipes and products to cater to local tastes and preferences. For instance, Nestle Vietnam in July 2018 launched its first ever naturally sourced Maggi fish sauce. The product is free of preservatives and is manufactured with natural ingredients, including Ba Ria sea salt.

logo Challenges

  • Regulatory and distribution concerns are a big challenge in the global market.

Government regulations regarding the labeling, certification, and approval requirements for food products are likely to pose obstacles for manufacturers, which is a big challenge in the global vegan fish sauce market.

Also, the distribution challenges are likely to restrict the growth of the industry. Additionally, the unavailability of vegan fish sauces across every retail channel is further likely to limit access, which in turn will impede the growth of the industry in the forthcoming years.

logoSegmentation Analysis

The global vegan fish sauce market can be segmented into end users, distribution channels, sources, and regions.

By end users, the market can be segmented into domestic consumers, retail food shops, hotels, restaurants, packaged food industries, and others. The packaged food industry accounts for the largest share of the vegan fish sauce industry because of the fact that the industry has to cater to a broader range of audiences with diverse preferences.

Also, the change in marketing strategies, innovation, and trends are expected to predict a huge growth of the segment in the forthcoming years. Moreover, the increasing use of ready-to-use products is also responsible for the high growth rate of the segment. Packaged foods are more in demand due to the convenience offered by it. Also, it aligns with the modern lifestyle of people that require efficient cooking solutions and demands less time and effort.

By distribution channel, the market can be segmented into online platforms, specialty stores, convenience stores, supermarkets, and others. The supermarket segment is expected to lead the market with a high CAGR during the forecast period. Supermarkets are huge self-stores offering a wide range of products in different categories to help consumers shop according to their preferences and convenience.

The segment is likely to see huge developments in the market in the forthcoming years due to the shifting preferences of consumers towards food products, economic changes, technological advancements, and several others. Supermarkets have become a common shopping destination for consumers globally due to their competitive pricing, wide selection offerings, and discounts.

By source, the vegan fish sauce industry can be segmented into almonds, wheat, soy, and others. The soy segment is expected to experience the fastest growth because of the growing health considerations, increased interest in international cuisines, and changing consumer preferences.

Soy sauce is a staple food item all across the globe, particularly in Asian cuisines. Soy is more in demand because of its unique flavor and its characteristics to improve the taste of various food items. The growing trend of eating healthy is likely to further accentuate the demand for soy-based vegan fish sauce in the market.

logoReport Scope

Report Attribute

Details

Market Size in 2022

USD 264.18 Million

Projected Market Size in 2030

USD 502.36 Million

CAGR Growth Rate

8.36% CAGR

Base Year

2022

Forecast Years

2023-2030

Key Market Players

Earth’s Own Food Company, Tofutti Brands Inc., Amy's Kitchen, Beyond Meat Inc., Eat Just Inc., Impossible Foods Inc., Vegenaise, Ripple Foods Inc., Daiya Foods Inc., The Archer Daniels Midland Company, Danone S.A, The Vegan Mayo Co., Sir Kingstons, Primal Kitchens, and Others.

Key Segment

By End Users, By Distribution Channels, By Sources, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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logo Regional Analysis

  • North America accounts for the largest share of the global market.

North America is expected to experience a high growth rate in the global vegan fish sauce market during the forecast period due to the increasing interest of people in the region for sustainable, cruelty-free, and healthy food options. The trend includes a wide adoption of plant-based condiments like sauces. Countries like the United States and Canada are witnessing high demand for plant-based products as compared to others.

Also, the manufacturers in the region are coming up with unique products to satisfy the savory flavors of traditional sauces to capture a broader audience of the market. The retail and online stores are further widening the scope of the industry in the region by including plant-based condiments in the local grocery stores, health stores, and other online marketplaces to reach a larger consumer base.

Asia Pacific is likely to experience notable growth in the coming years due to the strong culinary tradition with heavy reliance on condiments like fish sauces in many of its cuisines. Increasing awareness of consumers in the region towards health and sustainability is further likely to drive the demand for plant-based options.

Traditional fish sauce is deeply rooted in several countries of the Asia Pacific. Therefore, the regional market is expected to see some significant developments in the coming years. Also, the rise in the global vegan trend is likely to positively impact the growth trajectory of the regional market.

Additionally, the growing availability of vegan items like vegan fish sauce in the different distribution networks like local markets, online markets, specialist stores, etc., in large economies like India, China, Japan, and other South Asian countries is further anticipated to foster new developments in the market.

logo Competitive Analysis

The key players in the global vegan fish sauce market include:

  • Earth’s Own Food Company 
  • Tofutti Brands Inc. 
  • Amy's Kitchen 
  • Beyond Meat Inc. 
  • Eat Just Inc. 
  • Impossible Foods Inc. 
  • Vegenaise 
  • Ripple Foods Inc. 
  • Daiya Foods Inc. 
  • The Archer Daniels Midland Company 
  • Danone S.A 
  • The Vegan Mayo Co. 
  • Sir Kingstons 
  • Primal Kitchens

For instance, Red Boat Fish Sauce, in September 2021, launched a new product named Kho Sauce in the market. The sauce is a delicious blend of black pepper and shallots.

The global vegan fish sauce market is segmented as follows:

logoBy End Users Segment Analysis

  • Domestic Consumers
  • Retail Food Shops
  • Hotels
  • Restaurants
  • Packaged Food Industries
  • Others

logoBy Distribution Channels Segment Analysis

  • Online Platforms
  • Specialty Stores
  • Convenience Stores
  • Supermarkets
  • Others

logoBy Sources Segment Analysis

  • Almond
  • Wheat
  • Soy
  • Others

logoBy Regional Segment Analysis

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

Industry Major Market Players

  • Earth’s Own Food Company 
  • Tofutti Brands Inc. 
  • Amy's Kitchen 
  • Beyond Meat Inc. 
  • Eat Just Inc. 
  • Impossible Foods Inc. 
  • Vegenaise 
  • Ripple Foods Inc. 
  • Daiya Foods Inc. 
  • The Archer Daniels Midland Company 
  • Danone S.A 
  • The Vegan Mayo Co. 
  • Sir Kingstons 
  • Primal Kitchens