Condiments

Fish Sauce

Overview

Source: Euromonitor as of Mar 2013

Growth Drivers

Vietnam’s branded fish sauce market is expected to continue to grow steadily in coming years due to a number of market trends, including:

• Demand for quality products - Consumers are more willing to pay for quality and safety, and have therefore shifted toward premium branded fish sauce products. The concern is mainly driven by a series of food safety scandals in the past; in 2007 some local producers were found guilty of adding urea, a toxic chemical, to artificially raise the protein content of their fish sauce.
• Increase in product offerings - Fish sauce manufacturers have adapted to the increasingly sophisticated demands of consumers in Vietnam, offering new products, varying price points and different bottle sizes to appeal to a wider customer base.
• Room for further penetration - Vietnam’s consumption per capita of fish sauce is estimated to be lower than that of other Southeast Asian countries, mainly Thailand, indicating potential for further growth.
• Changing consumer behavior - Vietnamese consumers are increasingly using fish sauce not only as a dipping agent, but also as a seasoning ingredient in cooking. Consumers are also looking for greater convenience and value add.

Competition