Processed Fish Market is slated to increase at a CAGR of 2.8% to reach a valuation of US$ 87.2 Billion by 2031

Rapid growth of fast-food chains as well as restaurant chains business has resulted in large-scale consumption of processed fish globally, thereby driving the global processed fish market trends. Apart from this, huge discounts on sea-foods and cost-effective meal packages have contributed notably towards the growth in size of processed fish industry across the globe. Furthermore, hectic lifestyle has led to massive demand for ready-to-cook, frozen, and ready-to-eat meals, thereby creating new growth opportunities for the global industry. However, growing end-user awareness about health and nutritious diet and carcinogenic features of processed food can hinder the expansion of the global market.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐒𝐚𝐦𝐩𝐥𝐞 𝐰𝐢𝐭𝐡 𝐃𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 : https://www.alliedmarketresearch.com/request-sample/17371

The processed fish market size was valued at $66.9 billion in 2021, and is estimated to reach $87.2 billion by 2031, growing at a CAGR of 2.8% from 2022 to 2031.

𝐏𝐫𝐨𝐦𝐢𝐧𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬

The key players operating in the processed fish industry include, Beach Cliff, Brunswick, Channel Fish Processing, Clover Leaf, Gadre Premium Seafood, Golden Prize Canning Co., Ltd., Goya Foods, Inc., MOWI, Oceans Secret, Perdue Farms, Safcol, Safe Catch, True North Seafood Company, Wild Planet Foods, and Young's Seafood.

According to the processed fish market opportunities, depending on distribution channel, the online sales channel is expected to be the fastest-growing segment during the forecast period. The online platform serves as a popular medium for the purchase of food ingredients and processed fish. This is attributed to easy availability of desired food products and required information about the attributes of the products, time-saving featuredue to the conveniences of shopping while sitting at home, and the facility of free home delivery provided by the online platform. According to the United Nations Conference on Trade and Development (UNCTAD), the e-commerce sector's proportion of total retail sales increased from 16% to 19% in 2020.

Region-wise, North America dominated the market in 2021. North America is the leading consumer of processed fish products, such as canned, frozen, and chilled fishes. The increased consumer awareness regarding the health benefits of seafood, growing demand for organic fish products, huge presence of restaurants and cafes, increased penetration of packaged food and top food processing companies, and increased demand for the convenience food products are the prominent factors that are expected to boost the growth of the North America processed fish market during the forecast period.

𝐅𝐨𝐫 𝐅𝐮𝐫𝐭𝐡𝐞𝐫 𝐀𝐬𝐬𝐢𝐬𝐭𝐚𝐧𝐜𝐞 𝐂𝐨𝐧𝐧𝐞𝐜𝐭 𝐭𝐨 𝐎𝐮𝐫 𝐀𝐧𝐚𝐥𝐲𝐬𝐭 : https://www.alliedmarketresearch.com/connect-to-analyst/17371

North America to retain global market domination over 2022-2031

By Region, North America contributed notably toward the global processed fish market share in 2021, and is projected to continue its dominance during the forecast period. The region accounted for nearly two-fifths of the global processed fish market share in 2021. The regional market growth over the projected timespan is owing to increased penetration of fast-food chains, cafes, and hotels in the sub-continent. Nonetheless, the Asia-Pacific processed fish market is set to record the highest CAGR of 4.0% during 2022-2031.

The growth of the market in the region over the forecast timespan can be credited to a surge in disposable income, an increase in the trend of dining out, and a rise in the number of fast-food restaurants that serve processed fish.

Increase in the adoption of smartphones and internet, and growth in the penetration of online food delivery and grocery platforms are expected to boost the sales of processed meat, especially in emerging markets, such as India, China, Brazil, and Indonesia. The various food delivery apps, such as Zomato, Swiggy, and Uber Eats, and online grocery apps like Big Basket and Grofers drive the sales of the processed meat during the forecast period.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝟏𝟓% 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 : https://www.alliedmarketresearch.com/checkout-final/ad60e2070489526f3ca02dd16aebfa67

In terms of application, the commercial segment contributed to the highest market share in 2021, accounting for nearly 90% of the global processed fish market share. Moreover, the same segment is set to make notable contributions toward the global market share in 2031. The growth of the segment over the forecast timeline can be credited to increased penetration of the food processing and food service industry in developed and developing countries around the globe.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭:

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