Fish Fermentation Market

Fish Fermentation Market Outlook (2023 to 2033)

The global fish fermentation market size is anticipated to grow from USD 544.3 million in 2023 to USD 983.6 million by 2033, with overall sales accelerating at a CAGR of 5.6% throughout the forecast period (2023 to 2033). Rising demand for fermented fish products across the globe is a key factor boosting sales in the market.

Fish fermentation is a process in which fish are preserved through fermentation. The process of fermentation creates an anaerobic environment that prevents the growth of spoilage bacteria, thereby extending the shelf life of products.

Fish fermentation has been a traditional method of preservation in many cultures around the world. During fish fermentation, a wide range of products is released that have preservation effects and limit the growth of spoilage or microbiota in fish products.

The most common type of fish fermented is salted and dried fish. The salt helps to draw out water from the fish, creating an inhospitable environment for bacteria to grow. The process of fermentation can take several weeks to several months, depending on the type of fish and the desired level of fermentation.

During fermentation, the proteins in the fish break down into amino acids, which give fermented fish its characteristic umami flavor. Fermented fish is a rich source of probiotics, which are beneficial for gut health. It is also a good source of vitamin B12 and omega-3 fatty acids.

Fermented fish products are rich sources of protein, vitamins, minerals, and probiotics. They are also low in calories and fat and offer several health benefits, including improving digestion, boosting immunity, reducing inflammation, and preventing cancer.

Thus, growing awareness about the health benefits of fermented fish products across the globe will continue to boost the global fish fermentation market during the forecast period.

Furthermore, increasing export of fermented fish products due to their longer shelf life and a growing number of start-ups entering this space will further expand the global market over the next decade.

Regionally, with a market valuation of USD 217.7 Million, Europe will continue to remain at the top of the ladder in the fish fermentation industry, accounting for around 40% share in 2023. The North American market is currently valued at USD 206.8 Million and it holds a 38% share of the global market.

Asia Pacific on the other hand is emerging as a lucrative market for fish fermentation companies due to increasing health awareness, a rapidly growing population, and rising consumption of fermented fish products. A market valuation of over USD 98.0 Million has been predicted for Asia pacific market by FMI 2023.

Attribute	Key Insights
Fish Fermentation Market Estimated Value (2023)	USD 544.3 Million
Projected Market Value (2033)	USD 983.6 Million
Value-based CAGR (2023 to 2033)	5.6%
Top 3 Countries' Market Share	35.6%

According to Future Market Insights, the global demand for fish fermentation grew at a CAGR of 4.6% during the historical period from 2018 to 2022. However, with growing demand for fermented food products across the world, the overall fish fermentation market is set to expand at a steady CAGR of 5.6% between 2023 and 2033.

The market is driven by the growing demand for fermented fish products, due to their health benefits. Fermented fish products are rich in protein and omega-3 fatty acids, which are known to improve heart health and cognitive function.

Similarly, increasing demand for healthy and nutritious food products along with rising awareness about the health benefits of fermented fish is expected to boost the fish fermentation industry over the next ten years.

Market-o-Nomics - Highlighting the Key Trends

A number of influential factors have been identified that are expected to spur growth in the global fish fermentation market during the projection period (2023 to 2033). Besides the proliferating aspects prevailing in the market, the analysts at FMI have also analyzed the restraining elements, lucrative opportunities, and upcoming threats that can somehow influence sales.

The drivers, restraints, opportunities, and threats (DROTs) identified are as follows:

DRIVERS

• The rising demand for fermented fish products is a key factor driving the global fish fermentation industry forward.
• Growing food insecurity concerns due to population explosion and reduction in arable land are expected to create growth prospects for the market.
• Increasing awareness among people about the high nutritional content of fermented fish products will further boost sales.

RESTRAINTS

• The use of alternative fish preservation techniques is limiting the market expansion.
• The growing trend of veganism across the world might also impede the growth in the market during the next ten years.

OPPORTUNITIES

• A rising focus on increasing the shelf life of perishable food products like fish will create lucrative growth prospects for manufacturers.
• Increasing demand for protein-packed foods will further elevate demand over the next ten years.

THREATS

• The growing popularity of plant-based seafood across the globe is expected to limit the growth of the global market.
• An increase in disease outbreaks and the formation of various animal welfare organizations may also limit market expansion during the forecast period.

Country Wise Insights

Will the USA Retain its Dominance in the North America Market?

Rising Demand for Healthy and Nutritious Food Products Boosting Market in the USA

As per FMI, the USA currently holds around 68% revenue share of the North American fish fermentation industry and it is set to expand at a significant CAGR over the projection period (2023 to 2033).

The major factor driving the growth in the USA market is the increasing demand for healthy and nutritious food. Moreover, the growing popularity of fermented fish products among consumers is another key factor that is propelling the demand for fish fermentation in the country.

Fermented fish is becoming widely popular among Americans owing to its high nutritive value, the bioavailability of minerals, easy digestibility, and organoleptic characteristics. As a result, there has been a rapid surge in demand for fermented fish products in the country and this trend will continue during the forecast period.

How is the UK Fish Fermentation Industry Shaping?

Growing Popularity of Fermented Foods to Fuel Sales in the UK

The UK is expected to account for over 22% share of the Europe market in 2023. Furthermore, sales of fermented fish products in the country are likely to rise at a steady pace as consumer preference towards healthy and nutritional food products continues to increase.

FMI predicts the UK market to grow rapidly over the next ten years, with new players and products entering the market every year. This growth is being driven by the increasing popularity of fermented foods, as well as the health benefits associated with fermentation.

What is the Growth Projection for the China Market?

Increasing Awareness About the Health Benefits of Fermented Fish Items Pushing Demand in China

According to Future Market Insights, with around 32% market share, China will continue to dominate the Asia Pacific market during the forecast period. Factors such as the high consumption of seafood in China, the rapidly rising population, and increasing disposable income are driving the demand for fish products, which in turn is fueling the growth of the fish fermentation industry.

Similarly, growing health consciousness among consumers is also boosting the market as fermented fish products are rich in omega-3 fatty acids, vitamins, and minerals.

Category Wise Insights

Which is the Most Popular Fermentation Process?

Whole Fish Fermentation to Hold Substantial Share Through 2033

Based on the process, the global market for fish fermentation is segmented into whole fish fermentation and fillet fermentation. Among these, whole fish fermentation will continue to dominate the global market during the forecast period. This can be attributed to the growing popularity of fermenting whole fish rather than just fillets across various countries.

Several companies across countries like the USA, China, Germany, and Mexico use the process of whole fish fermentation as it allows them to produce large amounts of fermented fish products in quick intervals of time.

Competitive Landscape

Key players in this market space include LactoSpore (India), Danisco A/S (Denmark), Advanced Biotechnologies Inc. (USA), Kerry Group plc (Ireland), and Associated British Foods plc (UK).

These players are focused on increasing their revenue shares by launching new products and investing in research and development. Furthermore, they are adopting strategies such as partnerships, acquisitions, mergers, facility expansions, and collaborations to expand their global footprint. For instance,

• In February 2022, Kerry Group announced that it has made two significant biotechnology acquisitions with the aim to expand its expertise, technology portfolio, and manufacturing capabilities. The company agreed to acquire c-LEcta while also confirming that it has acquired Enmex, the Mexican-based enzyme manufacturer.
• In 2020, Koppernas Protein AS purchased an additional 15% of the shares in Triple Fish A/S, one of the two 50% shareholders in the TripleNine Group A/S.

Fish Fermentation Industry Report Scope

Attribute	Details
Estimated Market Size (2023)	USD 544.3 Million
Projected Market Size (2033)	USD 983.6 Million
Anticipated Growth Rate (2023 to 2033)	5.6% CAGR
Forecast Period	2023 to 2033
Historical Data Available for	2018 to 2022
Market Analysis	USD Million for Value and Units for Volume
Key Regions Covered	North America; Latin America; Europe; Asia Pacific; Middle East & Africa (MEA); RoW
Key Countries Covered	The USA, Germany, The UK, France, Spain, Italy, Brazil, Argentina, China, India, Japan, UAE,= Australia, New Zealand
Key Segments Covered	Type of Fish, Process, Sales Channel, Geography
Key Companies Profiled	LactoSpore; Danisco A/S; Advanced Biotechnologies Inc.; Kerry Group plc.; Associated British Foods plc; FMC Corporation; Omega Protein Corporation; TripleNine Group A/S; Corpesca S.A.; TASA; Colpex International; American Marine Ingredients; Pesquera Diamante S.A.; FF Skagen A/S
Report Coverage	DROT Analysis, Market Forecast, Company Share Analysis, Market Dynamics and Challenges, Competitive Landscape, and Strategic Growth Initiatives

Segmentation of Fish Fermentation Industry by Category

By Type of Fish:

• Salmon
• Tuna
• Cod
• Others

By Process:

• Whole Fish Fermentation
• Fillet Fermentation

By Sales Channel:

• Online
• Offline

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa (MEA)
• RoW

Frequently Asked Questions

What is the current size of the global fish fermentation market?

The global market for fish fermentation is expected to reach a valuation of USD 544.3 Million in 2023.

At what rate will the demand for fish fermentation grow between 2023 and 2033?

Demand for fish fermentation is expected to rise at 5.6% CAGR between 2023 and 2033.

What is the growth projection for the fish fermentation industry?

The global fish fermentation industry is forecast to surpass a valuation of USD 983.6 Million by the end of 2033.

How big is the USA market?

The USA holds around 68% of the North American fish fermentation industry.

Which are the major countries driving demand for fish fermentation?

The USA, Canada, Mexico, Argentina, Brazil, Germany, the UK, France, Italy, Spain, Russia, China, Japan, India, and Australia are the major countries driving demand for fish fermentation.

Who are the top 5 players operating in the market?

LactoSpore, Danisco A/S, Advanced Biotechnologies Inc., Kerry Group plc., and Associated British Foods plc are the top 5 market players in the fish fermentation industry.

What is the growth projection for China’s fish fermentation industry?

With a market valuation of USD 31.4 Million, China is expected to account for 32% of Asia Pacific market in 2023.