The demand Cod Fish Market in the global market is expected to grow from a valuation of USD 1,678.9 million in the year 2023 to a notable USD 3,241.4 million by the year 2033. Over the next decade, global sales for Cod Fish are likely to soar at a notable CAGR of 6.8%
Key Trends Listed by Future Market Insights (FMI):
Cod Fish is used to manufacture cod liver oil which is rich in vitamin A, vitamin D, and Omega-3 Fatty Acids. Cod liver oil supports a number of vital systems, from vision to endocrine glands, bones, and the liver. Omega 3 fatty acids help in the improvement of cardiovascular health by increasing heart rate variability. Studies suggest that consumption of cod liver oil supplements helps in protection against heart attacks when coupled with a healthy lifestyle of exercising, maintaining weight, and getting enough sleep.
| Attributes | Key Insights |
|---|---|
| Estimated Global Cod Fish Market Size (2023E) | USD 1,678.9 million |
| Projected Cod Fish Market Value (2033F) | USD 3,241.4 million |
| Value-based CAGR (2023 to 2033) | 6.8% |
| Top 3 Countries’ Value | USD 1,104.7 million |
| Top 3 Countries’ Share | 65.8% |
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| Market Statistics | Details |
|---|---|
| Jan to Jun (H1), 2021 (A) | 5.0% |
| Jul to Dec (H2), 2021 (A) | 5.5% |
| Jan to Jun (H1), 2022 Projected (P) | 4.2% |
| Jan to Jun (H1), 2022 Outlook (O) | 4.3% |
| Jul to Dec (H2), 2022 Outlook (O) | 5.1% |
| Jul to Dec (H2), 2022 Projected (P) | 4.7% |
| Jan to Jun (H1), 2023 Projected (P) | 5.2% |
| BPS Change: H1, 2022 (O) to H1, 2022 (P) | 24 |
| BPS Change: H1, 2022 (O) to H1, 2021 (A) | -75 |
| BPS Change: H2, 2022 (O) to H2, 2022 (P) | -42 |
| BPS Change: H2, 2022 (O) to H2, 2022 (A) | -35 |
According to the Future Market Insights (FMI) analysis, global Cod Fish sales grew at a CAGR of 5.3% from 2018 to 2022. For the next ten years, the worldwide market for Cod Fish is forecast to progress at 6.8% CAGR over the next decade of 2023 to 2033.
Economic problems like Russia’s invasion of Ukraine and the reoccurrence of variants of covid-19 virus have resulted in obstacles for the supply chain of seafood. This has resulted in a rise in the prices of seafood products. In early 2022, high prices in the seafood department as well as restaurants resulted in consumers leaving the seafood category entirely and opting for cheaper alternatives. However, the future outlook of seafood shows a lot of potential. This is primarily because of the shift of consumer eating habits due to the worldwide lockdown. Consumers who enjoyed their seafood meals in restaurants and diners took to cooking the meals at home which has resulted in an increase in the overall demand for frozen seafood.
Marine By-Products Market:
| Attributes | Marine By-Products Market |
|---|---|
| CAGR (2023 to 2033) | 4.9% |
| Market Value (2033) | USD 43,382.8 million |
| Growth Factor | Increased application of marine by-products as they are a good source of protein and lipid fractions, minerals, and enzymes make them an ideal fit for animal feed products |
| Opportunity | Marine by-products are used across industries including in food and beverage for human as well as feed consumption, in food processing as well as in the cosmetic industry |
| Key Trends | In recent years, revolutionary green technologies such as UAE (ultrasound-assisted extraction) and SFE (supercritical fluid extraction) have emerged as viable alternatives to traditional methods. |
Marine Collagen Market:
| Attributes | Marine Collagen Market |
|---|---|
| CAGR (2023 to 2033) | 7.5% |
| Market Value (2033) | USD 197.4 million |
| Growth Factor | Collagen products are in high demand due to their anti-aging properties that help in the reduction of wrinkles, joint issues, and weakness. Additionally, fish collagen is absorbed 1.5 times more efficiently than conventional collagen |
| Opportunity | Marine collagen is now being incorporated into medical, dental, and pharmacological fields it is also used as adequate support for drugs and is a natural biomaterial with astringent and wound-healing properties. |
| Key Trends | Demand for cosmetic and personal care ingredients is on the rise owing to rising consumer preference for products that offer multiple functionalities |
Fish Silage Market:
| Attributes | Fish Silage Market |
|---|---|
| CAGR (2023 to 2033) | 10.2 % |
| Market Value (2033) | USD 780.9 million |
| Growth Factor | Fish silage is virtually independent of scale and bulk production of fish silage requires low investment which makes it an ideal alternative for its increased application in animal feed |
| Opportunity | The fish silage process transforms fish waste into a liquid which is rich in hydrolyzed proteins, minerals and other nutrients which can easily be fed to terrestrial and aquatic animals as feed |
| Key Trends | Fish silage helps in the reduction of waste and minimizing the environmental impact by reducing the level of waste in the environment |
| Region | North America |
|---|---|
| Country | United States |
| CAGR | 5.8% |
| BPS Analysis | -116 |
| Market Value (2033) | USD 1,260.9 million |
| Region | Europe |
|---|---|
| Country | Germany |
| CAGR | 5.0% |
| BPS Analysis | -215 |
| Market Value (2033) | USD 632.0 million |
| Region | Asia Pacific |
|---|---|
| Country | Japan |
| CAGR | 4.0% |
| BPS Analysis | -48 |
| Market Value (2033) | USD 307.9 million |
| Region | Asia Pacific |
|---|---|
| Country | India |
| CAGR | 6.0% |
| BPS Analysis | -367 |
| Market Value (2033) | USD 275.5 million |
| Region | Asia Pacific |
|---|---|
| Country | China |
| CAGR | 7.0% |
| BPS Analysis | 98 |
| Market Value (2033) | USD 210.6 million |
As per Future Market Insights, the China Cod Fish market is expected to reach a valuation of around USD 97.4 million by 2033 and is expected to grow at a lucrative CAGR of 5.8% over the next decade.
Covid-19 still continues to haunt Chinese consumers with pockets of cities still facing restrictions and the spread of mutated virus. In the first 10 months of the year 2021, china’s imports fell by ~16%. China is the world’s largest seafood producer and is home to thousands of different seafood species. Driven by growing demand for seafood the Chinese production of seafood is expected to be ~70 million metric tons in 2023 and is expected to experience a steady growth.
The top seafood-producing provinces in China are Guangdong, Shandong, and Fujian as they have favorable coastal locations, ample freshwater resources, and well-established production facilities. Along with being the largest producer of seafood, China is also the largest consumer of seafood. Chinese consumers prefer live/fresh seafood to frozen or processed products. The consumption of frozen and processed seafood products is also relatively less as compared to overall seafood consumption in China
China’s cod processing plays a pivotal role in the global cod market as it processed approximately 15-205 of the overall cod consumed in the world and ships it to European and American countries. Cod (Gadus morhua in the Atlantic, and Gadus macrocephalus in the Pacific) is the most heavily utilized whitefish specie in the western seafood markets for a very long time.
The USA Department of Agriculture (USDA) recommends the consumption of seafood at least twice a week
According to FMI analysis, the United States Cod Fish industry is poised to exhibit a CAGR of 5.8% during the assessment period. By 2033, the United States market size is expected to reach USD 1,260.9 million by 2033.
Seafood contains high-quality protein that includes essential nutrients like amino acids and omega-3 fatty acids. USDA says that seafood is the best source of omega-3 fatty acids. The fishermen in the USA operate at the highest and the strictest standards that ensured the quality of their canned, fresh, and raw seafood. Demand for seafood is high in the USA due to its health benefits and the development of unique finger food and on-the-go products like ‘fish and chips’, fish fillets increasing use in burger patties and wraps that use cod fish as their main seafood.
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Farmed fish are readily available in comparison to wild fish. Fish caught in the wild are bound to eat naturally available food and are hence lower in the fat content in comparison to farmed fish. There are studies that support that farmed fish has a slightly higher content of omega-3 fatty acids in comparison to wild fish owing to the consumption of fortified foods in farms. On the contrary, farmed fish may contain higher contaminants. A major concern with farmed fish is that those raised in nets can introduce diseases and pests to wild populations.
The competitive landscape of Cod Fish is dynamic and constantly evolving as the demand for sustainable and cost-effective feed options continues to grow. Several factors influence the competitiveness of Cod Fish, including availability, cost, nutritional value, market acceptance, and regulatory considerations.
| Attribute | Details |
|---|---|
| Market Size Value in 2023 | USD 1,678.9 million |
| Market Forecast Value in 2033 | USD 3,241.4 million |
| Anticipated Growth Rate (2023 to 2033) | 6.8% CAGR |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | Volume (MT) and Value (USD Million) |
| Key Regions Covered | Latin America; North America; Europe; South Asia; East Asia; Oceania; and Middle East & Africa |
| Key Countries Covered | Canada, United States, Mexico, Brazil, Chile, Peru, Argentina, Germany, France, Italy, Spain, United Kingdom, Netherlands, Belgium, Nordic, Russia, Poland, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Central Africa, and others |
| Key Market Segments Covered | Product type, Source, Form, Sales Channel, and Region |
| Key Companies Profiled | Ice fish AS; Norway Royal Salmon ASA; Alliance Seafood AS; Andenesfisk AS; American Seafood Group; Norges Sjomatrad AS; Leory Seafood AS; Norsk Sjomat AS; A.R.C. Hasson Trading; Aalesundfisk As |
The global cod fish market value could be nearly USD 1,678.9 million in 2023.
The global cod fish market is projected to retain its growth rate at 6.8% per year through 2033.
Ice Fish, Alliance Seafood and Andenesfisk are the leading suppliers of electric toothbrush.
Cod fish obtained from farms constituted more than 50% of the market share in 2022.
The market in China is anticipated to surge at 5.8% CAGR until 2033.
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Cod Fish Market
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