Global Smoked Fish Market - 2023-2030

Global Smoked Fish Market - 2023-2030

Global Smoked Fish Market reached US$ 4.8 billion in 2022 and is expected to reach US$ 7.2 billion by 2030 growing with a CAGR of 5.2% during the forecast period 2023-2030. The demand for smoked fish is increasing as they are wide availability of different products such as smoked salmon, smoked eel, smoked herring, smoked mackerel, and some others.

Consumers are more attracted to smoked fish as it provides convenience, longer shelf life, ready-to-eat, and easy availability. Preservation is done by two methods as traditional method and mechanical method either by using hot temperatures or cold temperatures in order to increase the shelf life of the product. Smoked fish consumes less time for preparation. These factors are driving the global smoked fish market size.

Key players are also focusing on brand improvement, product innovation, and launches to increase revenue and market share. For instance, in August 2020, Young’s Seafood, a U.K based company launched a new product Hot Smoked Sea Bass’ in Waitrose stores under the Hooked brand. This launch can help in raising the global smoked fish market share value.

Market Dynamics
Rising Demand for Processed Sea Foods is Driving the Market Growth.
The rising popularity of processed seafood such as smoked mackerel, smoked eel, smoked white fish, and some others among other traditional fishes are increasing the demand for processed seafood. Other factors such as changing lifestyles, rising per capita income, and an increasing number of offline & online stores are increasing the global smoked fish market opportunities.

The producers of smoked fish are utilizing consumers' approval of locally available seafood to develop value-added items that will diversify their product lines. For instance, in December 2022, Acme, a U.S based company launched Danish Double-Smoked Salmon under its Spence & Co. premium product line in select Whole Foods Market stores. This launch can help in increasing the market locally.

Rising Awareness about Health Benefits Caused by Fish is Estimated to Drive the Smoked Fish Market Growth.

Consumers are more willing to buy fortified, clean-labeled products as they are becoming more concerned about the foods they are consuming because of the increase in health consciousness. Fish provides high amounts of omega-3 fatty acids, nutrients, vitamins, and minerals. It is a rich source of calcium and phosphorus and a great source of minerals, such as iron, zinc, iodine, magnesium, and potassium.

Fish provides some health benefits such as it helps in lowering blood pressure and reducing the risk of a heart attack or stroke. In infants, it provides healthy brain function and the development of vision and nerves during pregnancy. It reduces the risk of depression, ADHD, Alzheimer’s disease, dementia, and diabetes. These factors can help in increasing the consumption of seafood which ultimately drives the global smoked fish market.

High Purchasing Costs and Processing Time are Impedes to Market Growth.
High purchasing cost affects the growth of the market, as the cost of raw fish, such as salmon or trout, can be relatively high, especially if it's sourced from specific regions or if there are supply chain disruptions. And Smoking fish involves specialized smoking and preservation equipment. The cost of equipment and energy required for smoking and preserving fish can significantly contribute to the overall cost of the final product.

Other factors that affect the growth of the market include smoking is a time-consuming process it contains several steps such as cleaning, bringing, drying, smoking, and some others. The time required for each step varies based on the product type, and consumer’s preferences. This extended processing time can impact the production capacity of smoked fish manufacturers, leading to limited supply and potential delays in meeting market demands.

COVID-19 Impact Analysis
The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario, and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis
The global smoked fish market is segmented based on fish type, product type, and region.

In the Global Market of Smoked Fish, the Smoked Salmon Segment Holds the Largest Market Share.

The global smoked fish market has been segmented by fish type into smoked salmon, smoked mackerel, smoked herring, and smoked trout. The smoked salmon segment held the largest smoked fish market share of 35.8% in 2022 in the smoked fish market analysis report. Consumers are becoming more eager to spend money on high-end products, and ready-to-eat foods.
Smoked salmon is dominating the market due to its demand among consumers and the enhanced flavor of salmon fish. Because of its convenience, easy availability, and moderately high price. smoked salmon is thought of as a delicacy and is used in many local dishes. And also consumption of salmon provides numerous health benefits. These factors help in driving the global smoked fish market.

Geographical Analysis
Europe Region Held the Largest Share of the Smoked Fish Market
The global smoked fish market is segmented into five parts of the world based on geography: North America, South America, Europe, Asia-Pacific, the Middle East, and Africa. The Europe smoked fish market held the largest market share of 56% in 2022 in the smoked fish market analysis. The growing urbanization and rising purchasing power of the users are leading to the increasing market chances for smoked fish over the forecast period.

Increase awareness about the health benefits caused by fish, changes in consumer lifestyle, and monetary factors that affect population purchasing power, and are the main factors influencing smoked fish consumption across Europe. An increase in the production of a wide variety of smoked fish, a rising number of convenience stores, and online stores will further facilitate the smoked fish market growth in Europe over the upcoming years.

Competitive Landscape
The major global players in the market include Croda International Plc, Oceana Group Limited, Omega Protein Corporation, Austevoll Seafood, Pioneer Fishing, Aker Biomarine Antarctic AS, Animal Feeds International Corporation, Alpha Atlantique, Novus International, and ADM Animal Nutrition.

Global Recession/Ukraine-Russia War/COVID-19, and Artificial Intelligence Impact Analysis:
Covid-19 Impact:
The unprecedented COVID-19 pandemic in 2020 had a profound effect on the smoked fish industry. Covid-19 has had a considerable impact on the phases of the global smoked fish chain that involve smoked fish production, processing, distribution, and consumption as a result of lockdowns and restrictions imposed by various governments.

Everything has changed due to the COVID-19 epidemic. It has influenced practically every industry in the world, whether positively or negatively. The COVID-19 pandemic's effects on world economic conditions have had an influence and could have an impact on interest rates, foreign exchange rates, commodities and energy prices, and the efficient operation of financial and capital markets.

The COVID-19 pandemic issue has had an impact on the smoked fish industries as well. The pandemic is upending life, and the fish processing sector is seeing an increase in trends like cold smoked fish, hot smoked fish, smoked white fish, and smoked eel. The smoked fish businesses are launching innovative programs, including smoked salmon, smoked trout, smoked mackerel, smoked sadness, and others. Which are readily available and simple to consume.

Why Purchase the Report?
• To visualize the global smoked fish market segmentation based on fish type, product type, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development.
• Excel data sheet with numerous data points of smoked fish market-level with all segments.
• The PDF report consists of a cogently put-together market analysis after exhaustive qualitative interviews and an in-depth market study.
• Product mapping is available as Excel consists of key products of all the major market players.
The global smoked fish market report would provide approximately 54 tables, 59 figures and 190 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies