Fish processing Market Growing Trends, Revenue, Leading Players and Demand Forecast 2029

15.09.2023: Fish Processing Market Expected to Reach USD268.65 Billion by 2029, with 4.1 % CAGR

Fish Processing Market Overview:

The Fish Processing Market encompasses the activities involved in processing fish and fish products, from the moment they are harvested to their delivery to customers. This encompasses not only fish but also aquatic organisms harvested for commercial purposes, whether from wild fisheries, aquaculture, or fish farming. Fish processing serves the critical role of conserving and preserving fish, ensuring their freshness over extended periods while retaining their taste, flavor, aroma, and nutritional value.

The journey begins with the capture of fish and continues until the final product reaches consumers, encompassing all processed aquatic organisms. Given the high perishability of fish, preserving them adequately is essential to extend their shelf life and maintain nutritional quality. Various methods, such as curing, salting, drying, and smoking, are employed in fish processing.

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What are Fish Processing Market Dynamics?

Fish Processing Market Drivers:

Increased Health Benefits of Consuming Seafood: The growing awareness of the health benefits of seafood consumption is a major driver of the fish processing market. Seafood is known for being low in fat and rich in protein, along with a host of essential nutrients such as omega-3 fatty acids, vitamins, and minerals. Omega-3 fatty acids, found in fish products, play a pivotal role in controlling high blood pressure, improving brain function, and reducing inflammation, driving growth in the fish processing industry.

Increased Demand for Aquaculture: Aquaculture is gaining popularity worldwide, contributing to the growth of the fish processing market. It serves the dual purpose of food production and species conservation. Aquaculture is increasingly seen as a protein-rich food source with various health benefits, such as cholesterol management. The global aquaculture market is projected to reach approximately $350 billion by 2029, driven by its cost-effectiveness and the high demand for fish-based foods in developing countries.

Fish Processing Market Restraints:

Harmful Impact on Health due to Pollution: The consumption of fishery products is impacted by high levels of water pollution, posing health risks. Contaminated seafood, such as fish and shellfish, is a leading cause of mercury poisoning worldwide, with symptoms including numbness, tremors, memory loss, depression, and anxiety. Additionally, contaminated seafood can lead to food poisoning, affecting millions of people globally. Seafood allergies, affecting approximately 2.3% of the U.S. population, further hinder market growth.

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Fish Processing Market Segmentation?

Type: The Frozen segment dominated the market in 2022 and is expected to maintain its dominance during the forecast period (2023-2029). Frozen fish products are processed to minimize dehydration and oxidation, offering a healthier alternative with no need for preservatives. Freezing ensures prolonged food quality, making seafood accessible even in regions with limited access to fresh fish due to geographical constraints.

Species: The Fish segment holds the largest market share, with per capita fish intake reaching approximately 20.2 kg in 2022. International fish processing is expected to grow at a rate of 0.8% to 1.6% annually between 2022 and 2030. Additionally, rapid growth in aquaculture contributes to the segment's expansion. The Crustacean segment is projected to experience the fastest growth, with a CAGR of 4.8%, owing to its numerous health benefits, including immunity enhancement and support for weight loss.

Application: In the Fish Processing Market, the majority of fish are used as food. Fish has historically been a vital protein source globally. Europe, Japan, and the USA account for 47% of the world's total food fish consumption.

Who are Fish Processing Market Key Players?

1. Charoen Pokphand Food
2. Higher Liner Food Incorp.
3. Leroy Seafood Group
4. Marine Harvest
5. Maruha Nichiro Corp.
6. Nippon Suisan Kaisha Ltd
7. Pelagic Asa
8. Pescanova SA
9. Royal Greenland A/S
10. Thai Union Frozen Comp.
11. Norway Pelagic ASA
12. Optimar AS
13. JBT Corp.
14. Skaginn 3X
15. Arenco AB
16. KROMA A/S
17. Marel
18. The Middleby Corp.

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Table of Content: Fish Processing Market

Part 01: Executive Summary

Part 02: Scope of the Fish Processing Market Report

Part 03: Global Fish Processing Market Landscape

Part 04: Global Fish Processing Market Sizing

Part 05: Global Fish Processing Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

Regional Insights:

Asia Pacific: The region dominated the market with a 44% share in 2022, owing to the presence of key players such as Charoen Pokphand Foods. Major countries like China and India engage in deep-sea fishing, ensuring a steady supply of fish products for processing.

North America: The region is poised for significant growth during the forecast period.

Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2021)
Past Pricing and price curve by region (2018 to 2021)
Market Size, Share, Size & Forecast by different segment | 2022-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations
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