Global Fish Processing Market - 2022-2029

Global Fish Processing Market - 2022-2029

Market Overview

The global fish processing market valued USD xx million in 2021 and is forecast to reach USD xx million by 2029, growing at a CAGR of xx% during the forecast period (2022-2029).

Operations of the fish/seafood processing industry include gathering, segregating, cutting, and packaging of seafood into ready-to-eat containers for retail purposes. Few companies operating in this industry are also engaged in providing fresh seafood to restaurants. The seafood processing industry acts as a link between retail customers and the fishermen, providing the later with a source of living. Whole port town economies are dependent on the seafood processing industry for their income. The key market drivers for this industry are high nutritional value of fish, growth in aquaculture industry, and increase in health consciousness among the general public.

Market Dynamics:

Increasing awareness about the health benefits of fish

Growing awareness regarding the benefits of consuming fish food is a key factor driving the fish processing market during the forecast period. For instance, fish is a low-fat, high-quality protein. Fish is also a great source of omega-3 fatty acids, which are incredibly important for the body and brain, and include vitamins such as d and B2 (riboflavin). Fish is rich in phosphorus and calcium and are a great source of minerals, such as iron, zinc, iodine, magnesium, and potassium. The American heart association recommends eating fish at least two times per week as part of a healthy diet. Fish is packed with protein, vitamins, and nutrients that can lower blood pressure and help reduce the risk of a heart attack or stroke.

Moreover, rise in the aquaculture industry contributes to the growth of the fish processing market. The aquaculture industry is rapidly growing since the captured seafood alone could not meet the increasing demand. The growth in aquaculture contributes to driving the market for fish processing during the forecast period. According to the worldwide statistics on aquaculture compiled by FAO, world aquaculture production attained another record high of 114.5 million tonnes in live weight in 2018, with a total farm gate sale value of USD 263.6 billion. Moreover, aquaculture is one of the fastest-growing food-producing sectors globally, owing to its rapid adoption in emerging economies of Asia, Africa, and South America. The low costs associated with the process combined with the high demand for fish food are the reason for the growth of aquaculture in developing countries.

However, rising raw material and equipment prices and environmental regulations protecting fish species are expected to decrease market growth. In addition, harmful effects associated with the consumption of fish food products due to the high levels of water pollution are a major factor in restraining the growth of the fish processing market.

Market Segmentation:

The frozen fish segment held the highest market revenue share of xx% in the year 2021

Based on the category, frozen fish products held a dominant market share in 2021. Frozen fish products are packaged in such a way that it reduces dehydration and oxidation. A well-known characteristic of frozen fish is a decrease in the water-binding capacity of muscle tissue, resulting in a loss of juice at thawing. In addition, an increase in the resolve of the meat flesh is often observed. Frozen seafood products also guarantee that the food quality does not reduce over a longer period. According to the food and agriculture organization (FAO), Malaysia is an important import market for fish food in Southeast Asia. Per capita, fish consumption is 56.5 kg, and it's one of the highest in the world. Malaysia's household demand for frozen fish fillets increased during the pandemic crisis.

Based on species, the fish segment held a dominant market share in 2021. According to the organization for economic cooperation and development (OECD), the overall per capita fish consumption was around 20.2kg in 2020. As per the FAO report, in 2018, about 88 percent of the 179 million tonnes of total fish production was utilized for direct human consumption. In addition, the rapid rise in aquaculture production is also predicted to contribute to the segment’s growth during the forecast period.

Geographical Penetration:

Asia Pacific is expected to dominate the global fish processing market in the year 2021

The Asia Pacific segment held a dominant market share of xx% in 2021. Asia has the highest consumption of processing fish. It has huge facilities for fish processing, with China being the market leader. In the next five years, Asia Pacific is expected to have more market growth in the fish processing market due to an increasing the revenue and expenditure to invest in their fish processing equipment across the region. In addition, changing the consumer living standards, along with an increase in the seafood demand in the region's countries, are primary drives for market growth.

The North American segment is also witnessing rapid growth due to the high consumption of seafood products in the US and Canada. For instance, the US is a leading country in the intake of tuna and salmon.

Competitive Landscape:

Some of the key players in the Fish Processing market include Royal Greenland A/S, Pesconova SA, Pelagic Asa, Maruha Nichiro Corporation, and Mowi ASA. Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in this market. For instance, in March 2020, Sykes Seafood announced that they have completed the acquisition of processor Klaas Puul from the Dutch Seafood Company. The deal includes Klaas Puul’s businesses in the Netherlands, Germany, Belgium, Morocco, and Denmark. The acquisition will help Sykes grow their presence in the European region. The deal also included the acquisition of 3,500 employees. Moreover, the transaction was given laud by the investment bank Zeus Capital.

COVID-19 Impact:

Negative impact on the global fish processing market

The pandemic has disrupted supply chains and lowered demand, reducing profits in the industry. Lockdowns and curfews have also reduced catch sizes, which in turn means that fisherfolk make less per day of work. What they do not sell often goes to waste as cold storage is expensive and not widely available to small-scale fishermen. The most affected groups are small and medium-scale fisheries, especially in rural areas, as they lack the resources that large-scale fisheries have to be able to transition and adapt during COVID-19. Many developing countries with large fishing sectors have been struggling to offset the effects of COVID-19. In Thailand and India, migrant fish workers were met with lockdowns and nowhere to sell their products. Traders in India and Myanmar reported a 15% drop in fish prices post-lockdowns. In China, a shift to frozen and processed seafood left fresh-catch fishers floundering.

Why Purchase the Report?

Understand the current market scenario and viability of global fish processing market over the forecast period

Visualize the composition of the global fish processing market in terms of a species, category, source, application, and equipment to identify major players, growth potential, and market strategies

Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period

Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market

What we offer?

PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study

Excel data sheet with valuable data points of the global fish processing market – Regional and Country level segmentation

Product mapping in excel for the key products of all major market players

Market share analysis covering business revenues ($) and revenue share (%) of key market players

The global fish processing market report would provide an access to approximately 77 market data tables, 76 figures, and 190 pages

Target Audience:

Sea Food Manufacturers

Aquaculture Industry

Education & Research Institutes

Research Professionals