The smoked fish market is estimated to secure a valuation of US$ 5.1 billion in 2023 and is estimated to rise to US$ 8.0 billion by 2033. The market is anticipated at a CAGR of 4.6% during the forecast period. The factors accelerating the demand for smoked fish are as follows-
The increased awareness of the health benefits of seafood and the growing popularity of smoked fish in different cuisines drive the growth of the smoked fish market during the forecast period. the smoked fish include a wide range of products like smoked salmon, trout, herring, mackerel, and other types of fish.
Also, the rapidly changing consumer preferences and increased demand for convenient and healthy food have led to an increase in demand for smoked fish. As smoked fish is rich in protein, omega-3, fatty acids, vitamins, and minerals, thus the demand for healthier food products is accelerating the smoked fish market growth.
Other factors expected to drive the growth of the smoked fish market include a rise in the working-class population, growing per capita income, and increased popularity of prepared seafood products.
The smoked fish market in North America is growing due to the increasing demand for ready-to-eat seafood products in the region. The increased consumption of smoked salmon in the USA and Canada is driving market growth in the region.
Europe is expected to hold the highest share in the smoked fish market with the presence of a large number of convenience stores, hypermarkets, and supermarket
Asia Pacific is likely to account for a large share of the smoked fish market and dominate the market in the coming years owing to the changing consumer preferences and shifting towards a healthy lifestyle and increased demand for high protein content. Also, the growing consumer base for seafood diets in developing nations like India and China is
The leading manufacturers and suppliers of the smoked fish market include kraft Heinz, Unilever, Leroy Seafood Group, Marine Harvest, 2 sisters food group, General Mills, Nestle, Epermarket, The Hein Celestial Group, and Conagra foods among others.
The smoked fish market is highly fragmented. The market players operating in the smoked fish market are using organic and inorganic techniques to sell the product and generate high revenue. Also, the market players are providing high-quality products that are sustainably sourced and developed with traditional methods.
For instance, Leroy Seafood Group offers cold-smoked and hot-smoked products. The cold smoked varieties are fresh and frozen, presliced/fillet, portions, skin on/off, premium, and second grade. The hot smoked are available in honey pepper and natural flavor. The smoked fish market is expected to gain traction in the coming years with growing demand for healthy and convenient food options. Also, the rise of e-commerce is expected to have a significant impact on the smoked fish market.
Due to the increased demand for low-fat high protein products globally, new start-ups are entering the market with some innovative techniques for the smoked fish market. For instance, founded in 2017- sMoki is the first salmon fish delivery firm. They have both hot and cold-cut salmon, salmon nova lux, and salmon jerky.
| Data Points | Key Statistics |
|---|---|
| Expected Market value in 2023 | US$ 5.1 billion |
| Projected Market Value in 2033 | US$ 8.0 billion |
| Growth Rate (2023 to 2033) | CAGR of 4.6% |
The smoked fish market is expected to be driven by rising demand for ready-to-cook packaged seafood items, rising per capita income, and the popularity of processed seafood in the coming years.
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The rising popularity of prepared seafood such as snapper smoked salmon, crap, catfish, and Alaskan Pollock, among others, is expected to fuel market expansion in the near future. These items are simple to prepare and can be completed in a short period of time.
Other factors that are expected to contribute significantly to the growth of the global smoked fish market include rising per capita income, a rise in the number of working-class people, and increasing demand for ready-to-eat (RTE) packaged seafood items.
Companies are now focusing their efforts on promoting their goods through online forums. This not only raises product awareness among customers, but it's also quickly becoming the preferred choice for most people. Because of the rapid rise in global digitization, online retailing platforms are expected to fuel market growth prospects in the near future.
The expansion of the e-commerce industry has a positive effect on many other industries, as it provides retailers with a new channel of distribution. The smoked fish vendors' business-to-business (B2B) and business-to-consumer (B2C) operations are both supported by online and e-commerce outlets, providing a new revenue source to the industry.
Ocean Executive, for example, is a B2B marketplace that links seafood businesses from fishers, processors, and wholesalers to grocery stores and large restaurant chains. The advent of this channel has a significant impact on the market's development.
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One of the key developments in the USA and Canada smoked fish market is innovative strategies for smoking fish to improve consistency and taste. Vendors there are now investing in packaging materials to extend the shelf life of smoked fish items, allowing them to remain fresh and juicy for longer.
For example, Associated Seafood’s' new smoked fish packaging not only improves safety but also demonstrates the company's expertise in fish smoking. Consumers in these regions mostly prefer convenience food due to hectic lifestyles and its easy-to-consume property. These factors have boosted the market growth in the USA and Canada.
Europe in the combination of the Middle East and Africa accounts for the highest market share of smoked fish. With a combined 45% share of total intake, Portugal, Germany, and Spain are the countries with the largest amounts of smoked fish consumption.
Europe has the highest market share due to reasons like local manufacturers and suppliers providing good discounts and a large number of distribution chain markets like supermarkets, hypermarkets, and grocery stores in this area.
In the near future, commercial tariffs and legislation in international trade, the Code of Federal Regulations (CFR), and several other protocols could have an effect on business development.
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One of the main developments in the global smoked fish industry is the use of innovative methods for smoking fish to improve consistency and taste. SNV Netherlands, in collaboration with the Food and Agriculture Agency, launched FTT-Thiaroye, a new technology for smoking fish, in 2016.
This technology will enable industry participants to develop innovative goods that follow new safety standards and help to dry and smoking operations regardless of weather conditions.
Some of the leading manufacturers and suppliers of smoked fish are-
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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Smoked Fish Market
