LONDON--(BUSINESS WIRE)--The global fish sauce market is expected to post a CAGR of over 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Fish sauce is used for cooking a variety of dishes as it helps in adding a savory flavor to food. Fish sauce is an essential ingredient in dishes made in countries such as Cambodia, Vietnam, and Thailand. The increasing number of people that prefer to cook at home than dine out is also expected to drive market growth during the forecast period. Cooking shows are encouraging people to experiment and cook at home. Thus, the growing use of fish sauce and the rise in the number of people cooking at home are factors that will drive the global fish sauce market during the forecast period.
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As per Technavio, the production of fish sauce from fish waste, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Fish Sauce Market: Production of Fish Sauce from Fish Waste
There is significant wastage of fresh fish across the globe. It is estimated that about 33% of the total fish caught is wasted because it rots before it can be consumed. Fish waste can be effectively reduced by processing fresh fish and preparing by-products such as fish feed and fish sauce. The use of fish waste to produce fish sauce will help in better utilization of fish. Therefore, efforts to utilize fish waste across the world will increase the production of fish sauce, which will drive market growth during the forecast period.
“Apart from the production of fish sauce from fish waste, the rise in the online sale of fish sauces and the increasing popularity of vegan fish sauce are some other factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
Global Fish Sauce Market: Segmentation Analysis
This market research report segments the global fish sauce market by product (industrial fish sauce and traditional fish sauce) and geographical regions (APAC, Europe, North America, MEA, and South America).
The APAC region led the market in 2018, followed by Europe, North America, MEA and South America respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market and register the highest incremental growth due to the increasing production of fish in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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