Fish Processing Market to Witness Strong Growth owing to Rising Demand for Healthy and Nutritious Food Options
Fish processing involves activities such as sorting, scaling, beheading, evisceration, shelling, and filleting of fish to produce specific end-products. It helps in adding value and extending the shelf life of fish to offer a wide variety of end products to consumers. Processed fish finds applications in various food products such as frozen fish, fish sauce, canned fish, fishmeal, and fish oil. It has higher nutrition value and contains essential proteins, vitamins, minerals, and omega-3 fatty acids that offer various health benefits. Rising health consciousness among consumers and increasing preference for food products with added health advantages are augmenting the demand for fish processing globally.
The global fish processing market is estimated to be valued at USD 391.1 Bn in 2024 and is expected to reach USD 690.3 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.9% from 2024 to 2031.
Key Takeaways
Key players operating in the fish processing are Thai Union Group, Maruha Nichiro Corporation, Nippon Suisan Kaisha, Ltd., Kyokuyo, and Cermaq Group AS. These players are focusing on capacity expansion, product innovation, and mergers & acquisitions to strengthen their market position.
The growing demand for fish and seafood products owing to rising disposable income along with health benefits associated with fish consumption is a major factor driving the growth of the global Fish Processing Market. Asian countries especially China, Japan, and India are the major consumers of fish and seafood products.
Technological advancements such as mechanization of processing facilities have improved efficiency, reduced wastage, and ensured food safety in fish processing. Advanced equipment and systems for automated portioning, cleaning, sorting, filleting, and packaging are being adopted to meet the growing demand from consumers and food service providers.
Market Trends
Growing awareness about sustainability and traceability in the seafood industry has led producers to focus on responsible fishing and sourcing. Blockchain technology is being increasingly used to track fish and seafood products from harvest to final delivery, providing transparency.
Rise in focus on value-added and packaged seafood products offering convenience and longer shelf-life such as breaded and battered fish items, fish cutlets, and fish burgers. Innovation in packaging formats such as modified atmosphere packaging for fish and seafood is also gaining demand.
Market Opportunities
Emerging markets such as Africa, Middle East, and South America are expected to offer significant opportunities for fish and seafood sales growth driven by rising incomes, population and urbanization.
Shift towards consumption of alternative seafood varieties due to depletion of popular fish varieties. Players can focus on cultivating and processing seaweed, jellyfish and insects to cater to demand and ensure sustainability.
Impact of COVID-19 on Fish Processing Market Growth
The COVID-19 pandemic has significantly impacted the fish processing market. During the initial phases of the pandemic, lockdowns and restrictions imposed worldwide disrupted the supply chains. This led to a decline in production and reduced availability of processed fish products. Foodservice establishments including hotels, restaurants and cafes were forced to shut down temporarily. With reduced outside eating, demand from the foodservice sector declined sharply.
However, as people were confined to their homes, retail demand increased significantly. People stocked up processed fish products like canned tuna, salmon etc for home consumption. Manufacturers focused on meeting the growing demand from retail outlets. Gradually, as restrictions eased in several regions, foodservice establishments also reopened with certain limitations and safety protocols. This aided a gradual recovery in demand.
Some of the key strategies market players are adopting to boost growth in the post-COVID period include expanding e-commerce platforms, focusing on private label brands, innovative product launches and sustaining retail momentum. Emphasis is given to ensure stringent hygiene and social distancing standards at processing facilities. Adopting advanced automation can help minimize dependency on human workforce. Overall, while the pandemic affected fish processing market initially, demand is expected to rise in the coming years backed by growing health-conscious population globally.
Fish Processing Market Geographical Regions
Europe accounts for the largest share of the global fish processing market in terms of value. Major European companies have established robust distribution networks across the region to cater to rising demand for packaged and frozen seafood products. Further, the increasing popularity of Mediterranean diet rich in fish and presence of leading players have driven market growth. Within Europe, Germany, France and the United Kingdom collectively generate the highest revenues.
The Asia Pacific region is poised to be the fastest growing market for fish processing during the forecast period. Rapid urbanization, growing middle class, shift towards nuclear families and increasing health awareness are some of the key factors fueling demand. Furthermore, improving cold chain infrastructure and rising exports especially from China, India, Vietnam and Indonesia will support regional expansion. Developing nations like India and China now account for around 30% of the global fish production.
Fish Processing Market Geographical Regions
The North American region is another lucrative market, dominated by United States and Canada. Processors focus on value-added products and innovative packaging to tap growing health-focused population. Mexico is also emerging as an important exporter of certain varieties of processed fish to the USA. The competitive business landscape consists of both global corporations as well as local and regional players. Rising aquaculture activities and government aid for fisheries sector have further propelled market revenues across North America over the past few years.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
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