Processed Fish Market Size, Growth Opportunities and Forecast | Brunswick Seafood, perdue farms, MOWI ASA

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.

The growing importance of aquaculture across the globe is expected to positively impact the growth of the processed fish market. The growing population and rising demand for food, coupled with the depletion of fish resources are projected to drive the growth of fish production through aquaculture.

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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.

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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 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.

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