The global fish processing market is projected to propagate at a CAGR of 5.9% during the forecast period and is likely to gather a revenue of approximately USD 368,460.4 million by 2033, climbing from USD 213,619.7 million in 2023. Earlier, between 2018 and 2022, the fish processing market amplified at a speed of 5.4% CAGR.
The procedure involved with fish and fish products between the time they are captured or harvested and the moment the final product is supplied to the consumer is referred to as the fishing process. Fish processing is frequently employed for conservation and aids in maintaining the freshness of the fish for an extended period of time with no loss of flavor, fragrance, or nutritional value. It comprises all processed aquatic creatures.
Fish is a very perishable product. Hence adequate preservation is required to increase shelf life and preserve nutritional value. The sustainable use of marine resources is one of the key benefits of fish processing, which raises consumer demand for more processed fish. It has been discovered that ozone increases the freshness of raw seafood. Ozone treatment of processing equipment and raw fish minimizes microbial attack, which has the potential to destroy the fish. Therefore, using ozone boosts the profitability of the fish processing industry.
| Attribute | Details |
|---|---|
| Fish Processing Market Historical Growth Rate (2018 to 2022) | 5.4% |
| Fish Processing Market Value (2023) | USD 213,619.7 million |
| Fish Processing Market Anticipated Forecast Value (2033) | USD 368,460.4 million |
| Fish Processing Market Projected Growth Rate (2023 to 2033) | 5.9% |
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The high nutritious value of fish, expansion of fish farming, and rise in public health awareness are the main market drivers for this market. The primary driver propelling the fish processing market during the forecast period is rising consumer awareness of the advantages of seafood eating.
For instance, fish is high in protein and low in fat. Additionally, they are rich in minerals, including calcium, phosphorus, iron, zinc, iodine, magnesium, potassium, omega-3 fatty acids, vitamin D, and vitamin B2.
Aquaculture has emerged as a popular substitute as a protein-rich food source that offers a wide range of benefits for addressing increasing health issues, such as excessive cholesterol levels. The aquaculture market has witnessed more investment recently as initiatives related to its practice have grown popular due to its expanding industry and economic potential.
Over the past couple of years, the global fish oil market has experienced tremendous expansion. Fish tissues that contain Omega 3 fatty acids are used to make fish oil. Elderly individuals need the omega-3 fatty acids in fish oil to lower their chances of developing chronic medical conditions.
Most importantly, elderly customers are eager to take precautions against certain diseases. During the forecast period, the fish processing market will be driven by growing awareness of the health and wellness of older consumers.
Nonetheless, an important factor impeding the market's growth during the forecast period is the negative impacts connected to the intake of fisheries products as a result of the high degree of water pollution. Other than this, rising raw material costs and stringent environmental laws safeguarding fish species could also restrain market growth.
Based on the source, application, processing type, and equipment, the global fish processing market is divided into submarkets.
Depending on the source, the market is further segmented into freshwater, marine, and inland. Due to advanced fishing methods and gear, the marine segment holds the biggest market share.
On the basis of application, the market is classified into food, feed, biomedical, and others. As a result of shifting human consumption patterns, food now accounts for the highest market share in the fish processing industry, followed by feed and biomedical.
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| Country | Japan |
|---|---|
| 2022 Value Share in Global Market | 4.4% |
| Country | India |
|---|---|
| Value CAGR (2023 to 2033) | 5.6% |
With a CAGR of 8.5% during the projection period, the Asia Pacific market overtakes markets in other regions in terms of revenue contribution to the global fish processing market. The Asia Pacific market held a dominant market share of 44.6% in the year 2022 and is anticipated to see quicker revenue growth than the rest of the globe over the next ten years.
During the forecast period, market expansion in the area is anticipated to be fuelled by expanding demand for seafood in the countries of this region and shifting living standards among the population. This may be attributable to the fact that numerous important players, like Charoen Pokphand Foods, are present there. Fishing in the deep ocean by large nations like China and India has increased the supply of fish products for processing.
| Country | Germany |
|---|---|
| 2022 Value Share in Global Market | 7.8% |
Europe holds the second largest market share, obtaining 39.7% of the market share. Europe has a multitude of resources, including innovative machinery and ships, which are anticipated to strengthen the regional economy in the future. In several European nations, cold rolling and hot smoking are common fish preservation techniques.
The most rapidly expanding region in Europe, Portugal, has a high demand for cauldrons, clams, sardines, oysters, and fish. Numerous European nations rely heavily on fishing as their primary industry, which boosts their GDP.
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| Country | United States 2022 |
|---|---|
| Value Share in Global Market | 21.1% |
North America holds nearly 34.5% market share. Due to the significant consumption of seafood items in the USA and Canada, this region is also expected to experience explosive growth during the forecast period. For instance, 20% of Americans consume fish at least twice a week, whereas 56% of Americans consume it at least twice a month.
Different fish processing market trends are stimulated by inventive start-ups creating a presence in the market.
Example:
The major market participants have used several methods to broaden their reach internationally and grow their market share. Companies have been driven to use these tactics by the expanding demand for processed fish products as well as the rapid expansion of fisheries and aquaculture in developing nations. Players in the market are concentrating on forming partnerships to exchange technological know-how regarding biotechnology that can increase marine production.
Example:
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.9% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion, Volume in Kilotons and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Source, Application, Processing Type, Equipment, Region |
| Regions Covered | North America; Latin America; The Asia Pacific; Middle East and Africa; Europe |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, United Kingdom, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC, South Africa |
| Key Companies Profiled | Mowi Feed; Leroy Seafood Group ASA; Charoen Pokphand Foods PCL; High Liner Foods Inc.; Norway Pelagic ASA; Pesconova S.A.; Nippon Suisan Kaisha Ltd.; Maruha Nichiro Corporation; Royal Greenland A/S; Thai Union Frozen Products Public Company Ltd.; Sykes Seafood |
| Customization | Available Upon Request |
The current CAGR of the fish processing market is 5.9%.
India is estimated to secure a CAGR of 5.9% in the global market in 2023.
The marine segment contributes a maximum share in the market.
The food industry holds the maximum revenue of the global market share.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Source 5.1. Freshwater 5.2. Marine 5.3. Inland 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Food 6.2. Feed 6.3. Biomedical 6.4. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Processing Type 7.1. Frozen 7.2. Preserved 7.3. Dried 7.4. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Equipment 8.1. Slaughtering 8.2. Deheading & Gutting 8.3. Skinning 8.4. Scaling 8.5. Filleting 8.6. Desliming & Rinsing 8.7. Others 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. Eastern Europe 9.5. South Asia and Pacific 9.6. East Asia 9.7. Middle East and Africa 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Competition Analysis 18.1. Mowi Feed 18.2. Leroy Seafood Group ASA 18.3. Charoen Pokphand Foods PCL 18.4. High Liner Foods Inc. 18.5. Norway Pelagic ASA 18.6. Pesconova S.A. 18.7. Nippon Suisan Kaisha Ltd. 18.8. Maruha Nichiro Corporation 18.9. Royal Greenland A/S 18.10. Thai Union Frozen Products Public Company Ltd. 18.11. Sykes Seafood 19. Assumptions & Acronyms Used 20. Research Methodology
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Fish Processing Market
