The Indian market research institute Mordor Intelligence recently published a study on the development of the global fish sauce market in the forecast period 2018-2023, with the total volume of the market estimated at 1.75 billion USD in 2016. The market analyst forecasts an overall annual growth rate of 3.3% for the period up to 2023.
A key factor in this positive development is the increasing global demand for seasonings in general. Other drivers are industrially manufactured products, which already dominate the market, as well as innovative new products and flavours. Mordor Intelligence sees a growth threat in the increasing number of substitute products on the market, as well as an increase in veganism and the associated consumer trend towards purely plant-based products without preservatives or animal ingredients.
For vegans, the industry offers few alternatives to conventional fish sauces. One of them is No-Fish-Sauce by Arche Natürküche – for more information, click here.