Fish Products Market To Reach 228.25 Million Tons By 2027 | Corpesca S.A., FMC Corporation, TripleNine Group A/S

Growing popularity of fish as a rich source of protein to propel fish products market growth
Fish Products Market Report, by Product Type (Fish Oil, Fishmeal, and Others (Fish Sauce, Fermented Fish, etc.)), by Application (Food, Feed, Pharmaceuticals, and Others (Fertilizer, etc.)), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 228.25 million in 2021 and is expected to exhibit a CAGR of 3.2% over the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights

Market Overview:
Fish products have been consumed almost as much as meat and dairy products throughout the world. With poultry, they offers the world's premier source of high-quality protein: 15 percent of the total animal protein consumed globally. More than one billion individuals rely on fish as their main source of animal protein for protein intake. Recent studies showed that the consumption of fish products, specifically red fish, has significantly decreased in many developing countries, mainly because people had to rely more on other sources of nutrition.

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Competitive Landscape:
Omega Protein Corporation, Corpesca S.A., FMC Corporation, TripleNine Group A/S, Colpex International, Pesquera Diamante S.A., FF Skagen A/S, Marvesa Holding N.V, TASA, American Marine Ingredients, Croda Inc., GC Rieber Oils, and Pelagia.

Key Market Drivers:

Increasing consumption of fish product as a source of protein is primarily fueling growth of the fish products market. According to the European Market Observatory for Fisheries and Aquaculture Products (Eumofa), in 2018, canned fish represented 25% of the consumption of fish in Europe, which is a significant share of the market. The trend has been experiencing a steady growth in the past years and has been accelerated by the pandemic.

Growing aquaculture production is another major factor fostering growth of the fish products market. World aquaculture production attained another all-time record high of 114.5 million tons in live weight in 2018 (Figure 8), with a total farmgate sale value of USD 263.6 billion. The total production consisted of: 82.1 million tons of aquatic animals, 32.4 million tons of aquatic algae, and 26 000 tons of ornamental seashells and pearls.

Covid-19 Impact Analysis

The Covid-19 pandemic lockdowns implemented by some countries have led to logistical difficulties in the seafood trade, especially in terms of transportation and border restrictions. There were also some shortages of feeds, seeds, and related aquaculture items because of travel restrictions which have significantly reduced the demand for fish products. This has negatively influenced the market of fish products.

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Key Takeaways:

1. The fish products market is expected to exhibit a CAGR of 3.2 % over the forecast period due to growing demand for ready-to-eat and processed fish products.

2. Asia Pacific is expected to witness significant growth over the forecast period owing to the increasing population and rapid growth in the food sector. According to consultancy firm McKinsey & Co, the retail food sector in India is likely to grow from around US$ 70 billion in 2008 to US$ 150 billion by 2025, accounting for a large chunk of the world food industry, which would grow to US$ 400 billion from US$ 175 billion by 2025.

Mr. Shah
Coherent Market Insights
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Email:sales@coherentmarketinsights.com

About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

This release was published on openPR.