Global Milkfish Market - 2022-2029

Global Milkfish Market - 2022-2029

Market Overview

Milkfish is a combined source of animal nutrition, which helps in supplying protein needs especially for humans. Based on the protein content the demand for milkfish is increasing among the health-conscious population across the globe. Milkfish can be easily cultivated in any season, as they are very tolerant of environmental changes and are also resistant to disease, which allows farmers to easily produce milkfish. Furthermore, the demand for milkfish is consistently increasing over the years owing to increased awareness about the health benefits and nutritional content of the milkfish. Also, the farmers and manufacturers are using the improved technologies for increasing the volumes of milkfish production thereby resulting in increased sales during the forecast period.

The global milkfish market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 5.65% during the forecast period (2022-2029).

Market Dynamics

Rising awareness about the health benefits of milkfish is driving the growth of global milkfish market

The demand for milkfish is growing owing to its high nutrient content. Milkfish provides various health benefits such as, the regular intake of milkfish helps prevent heart disease and improves memory and brain development in children. Furthermore, consumption of milkfish promotes eye health, lowers cholesterol levels, and aids in the treatment of depression. As a result, the health benefits of milkfish are propelling the market's growth.

Additionally, the rise in consumer demand for frozen milkfish is a major factor driving market growth due to changing food habits and increasing focus on health along with rising demand for fish proteins to meet daily nutritional needs are expected to drive the market growth. Furthermore, milkfish is a great source of animal nutrition, which helps in supplying protein needs especially for humans. Based on the protein content the demand for milkfish is increasing among the health-conscious population across the globe. In addition, the milkfish is loaded with high omega-3 fatty acids and proteins which are quite essential for appropriate body functioning. With the regular consumption of milkfish, it develops the memory and brain in children, prevents heart disease, nourishes the eyes, controls cholesterol levels, and is also helpful in reducing depression. Therefore, these nutrient-loaded factors are responsible for the growing milkfish demand. Thus, the increased awareness about these health benefits of milkfish the demand is increasing which is adding to the growth of the market.

Market Segmentation: Offline stands for the highest share in global milkfish market

In 2021, the offline segment had the highest revenue share of more than YY percent. Offline distribution channels contribute a larger market share in the milkfish market. Milkfish manufacturers use the retail channels for product sales with the help of advertising and marketing. In addition, offline distribution channel include various retail store type such as hypermarkets, supermarkets, convenience stores, specialty stores, and department stores, which are contribution to the market revenue. Thus, the channel is expected to continue its dominance in the market. Moreover, this retail channel also provides a choice of physical verification of products to the buyers. This attracts the consumers towards this channel.

Geographical Penetration: Asia-Pacific is the dominating region during the forecast period

In 2021, Asia-Pacific had the highest revenue share of almost YY percent. The product has been originated in this region and has a huge production capacity. In addition, since the ancient era, fishing is one of the prime businesses in Asia region. For instance, in 2020 according to FAO, Chinese (urban and rural) per capita consumption of seafood rocketed from 11.5 kilograms in 1990 to 25.4 kilograms in 2004 and will reach 35.9 kilograms per capita in 2020, according to the FAO. In addition, the countries such as China, India, and Indonesia are majorly contributing to the production of fish products. The consumption rate of milkfish products in the countries China and India is increasing due to high demand in the population. Furthermore, the governments are taking initiatives by offering funds for developing aquaculture. Thus, this region contributes to the largest market revenue. For instance, in 2020, according to seafood source, China’s government has set an ambitious target to sharply increase consumption of seafood by the Chinese populace over the next 10 years.

Competitive Landscape:

The global milkfish market is competitive and comprises players such as Komira Group, LAND & SEA INTERNATIONAL FOOD SUPPLY, Nireus Aquaculture S.A., Siam Canadian Group Limited, Stehr Group, Kaysaint International Co. Ltd, PT. Fishnesia Mitra Bersama, Liang Shing Frozen Seafoods Co.,LTD and W Fresh Supply among others. The milkfish market competitiveness is estimated to increase over the forecast period as the key players focus on various strategies such as agreements and product innovation for various applications. Moreover, rising research and development activities of product innovation and increasing awareness about the health benefits of milkfish attracts consumers which increases its demand.

COVID-19 Impact

Negative impact on global milkfish market

The COVID-19 pandemic has adversely affected the economies of various countries due to lockdowns, business close, and travel bans. Food and beverages is one of the major industries suffered from intense disruptions such as restrictions on the supply chain and the shutdown of warehouse plants. In 2020, the market has been negatively impacted due to the restrictions, travel and transport ban lockdown and curfew were announced by the governments during the COVID-19 pandemic in 2020. Thus, consumers preferred to stay at home as a precautionary measure. Due to this, overall production and supply chains of the milkfish industry were disturbed. Trading activities of supply chains from manufacturing to retail store were affected and the market experienced short fall in sales due to the disruption of services and reduced demand. Thus, with a short slack in market revenue, the industry is expected to witness a healthy growth rate in the upcoming years after COVID restrictions.

The global milkfish market report would provide an access to approximately 50 market data tables, 39 figures and 175 pages