Processed Fish Market Set to Reach $87.2 Billion by 2031, Fueled by Growing Demand for Convenience Foods and Rise in Urbanization.

According to a new report published by Allied Market Research, titled, "Processed Fish Market," 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.

▶️ 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 https://www.alliedmarketresearch.com/request-sample/17371

The processed fish market is gaining momentum in the global markets due to the growing preference for convenience foods among the population. Rising disposable income, consumers changing lifestyle, and rapid growth in the urban population are expected to foster the global market growth during the forecast period. The hectic lifestyle of working professionals, especially those whowants to spend less time in cooking are highly preferring ready-to-cook and ready-to-eat processed fishes. The ready-to-eat and ready-to-cook food helps in saving time, which is a significant driver propelling the growth of the market.

Increase in popularity of quick-service restaurants chains, hotels, fast-casual restaurants, cloud kitchens, and cafes has led to the growth of the processed fish market in North America and Europe. According to Centers for Disease Control and Prevention (CDC), around 36.6% of adults in the U.S. consume fast-food on regular basis. Hence, the fast-food chains have significantly contributed towards the growth in the consumption of processed fish in the developed markets like North America and Europe. The rapid rise and popularity of fast-food restaurant chains in Asia-Pacific and LAMEA is expected to boost the demand for processed fish in the forthcoming years and hence, provide lucrative growth opportunities to the players operating in the global market.

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.

The use of blockchain technology in the animal meat industry is a trending topic. JBS S.A., in September 2020, has announced the use of blockchain technology to achieve sustainability and conservation of Amazon rainforests in Brazil. The use of this technology improves meat quality, traceability, transparency, and sustainability along the value chain. Therefore, blockchain technology is expected to improve efficiency in animal and aquaculture farming, hence contributing to the growth of processed fish industry.

▶️ 𝐆𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 https://www.alliedmarketresearch.com/request-for-customization/17371

According to the processed fish market analysis, the market is segmented on the basis of fish type, product, application, distribution channel, and region. By fish type, the market is categorized into capture and aquaculture. Both, the capture and aquaculture segments are specifically further bifurcated into cod, salmon, tuna, sardines, mackerel, and others. Moreover, depending on product, it is segmented into frozen, cured, and prepared and preserved segments. On the basis of application, the market is segmented into commercial and residential. Depending on distribution channel, the processed fish market is categorized into supermarkets and hypermarkets, convenience stores, independent retailers, online sales, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa).

As per the processed fish market forecast, by fish type, the aquaculture segment is the largest and the fastest-growing segment. This segment accounted for 53.3% of the processed fish market share in 2021 and is expected to grow at a CAGR of 3.5% during the forecast period. Aquaculture is emerging as one of the major and sustainable food sources that can provide food to a huge number of population. The surge in penetration of major food processing companies and growing demand for convenience food and ready-to-cook and ready-to-eat food products among consumers in the developed and developing economies are significantly fostering the growth of the global processed fish market across the globe.

As per the processed fish market trends, on the basis of product, the frozen segment dominated the market in 2021. This is attributed to the factors, such as technological advancements pertaining to storage, increasing the shelf life of fish meat, growing preference for convenience and ready-to-cook foods, and growing demand from household and commercial sectors. The growing population of young professionals boosts the demand for the frozen processed fish.

By application, the commercial segment dominated the market in 2021. The huge presence of food processors and foodservice units in developed economies like Europe and North America has led to the huge growth of the commercial segment in the processed fish market. The rising popularity of eating out culture in the developing nations is further expected to fuel the growth of the commercial segment in the forthcoming future.

▶️ 𝐁𝐮𝐲 𝐍𝐨𝐰 https://www.alliedmarketresearch.com/checkout-final/88c82a174bfbbeecfed2ed05c88a60d8

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.

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.

👉 𝐊𝐞𝐲 𝐟𝐢𝐧𝐝𝐢𝐧𝐠 𝐨𝐟 𝐭𝐡𝐞 𝐬𝐭𝐮𝐝𝐲

→ The global processed fish market size was valued at $66,879.9 million in 2021, and is estimated to reach $87,172.2 million by 2031, registering a CAGR of 2.8% from 2022 to 2031.

→ By fish type, the aquaculture segment is estimated to witness the fastest growth, registering a CAGR of 3.5% during the forecast period.

→ In 2021, depending on product, the frozen segment was valued at $41,023.3 million, accounting for 61.3% of the global processed fish market share.

→ In 2021, the U.S. was the most prominent market in North America, and is projected to reach $20,451.8 million by 2031, growing at a CAGR of 2.1% during the forecast period.

▶️ 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐍𝐨𝐰 https://www.alliedmarketresearch.com/connect-to-analyst/17371

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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