Fish Processing Market Size, Restraints, Drivers, Trends And Analysis 2024-2033

"The Business Research Company recently released a comprehensive report on the Global Fish Processing Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The fish processing market size has grown steadily in recent years. It will grow from $208.01 billion in 2023 to $217.39 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to global supply and demand, consumer preferences, market entry of new species, export and trade policies, environmental concerns, labor and automation.

The fish processing market size is expected to see steady growth in the next few years. It will grow to $262.01 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to customization and innovation, emerging markets, alternative protein sources, demand for convenience foods, supply chain efficiency. Major trends in the forecast period include market transparency and consumer education, customization and personalization, health and nutrition focus, value-added processing.

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Market Drivers and Trends:

The growth of the aquaculture industry is expected to propel the growth of the fish processing market going forward. Aquaculture is the practice of harvesting fish, shellfish, and aquatic plants in fresh, salt, and brackish waterways. Aquaculture provide food, rebuilds populations of endangered species, replenishes natural stocks, and restores habitats of water-based species. Due to the enormous demand for seafood and the decreasing annual catch of wild fish, aquaculture is predicted to grow, thus increasing the need for fish processing. For instance, in September 2023, according to the Sea Fish Industry Authority, a UK-based non-departmental public body (NDPB) that supports the seafood industry, the production of aquaculture is predicted to rise to 106 million tons by 2030, representing a 22% total growth or about 19 million tons. Therefore, the growth of the aquaculture industry is driving the demand for the fish processing market.

Modern processing technology is a key trend gaining popularity in the fish processing market. Companies operating in the fish processing market are adopting a new method, such as the CARE aquaculture Model, to strengthen their position in the market. For instance, in April 2021, CP Foods (Charon Pokphand Food), a Thailand-based agro-industrial and food conglomerate company, developed a CARE model for freshwater aquaculture. It is a newly invented farming technique, which comes from C - Consumer, A- Achieve easily and consistently, R- Reliable System, and E- Environmental Friendly. The CARE model is a farming system that cares about consumers regarding food safety and the environment providing the most nutritious fish. They are fed aqua feed manufactured from carefully selected and high-quality components. This new type of farming also gives better yields of over 10 tons per rai, which is 5% cheaper than usual.

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Major Key Players of the Market:

Maruha Nichiro Corporation, Skagin 3X, Charoen Pokphand Foods Public Company Limited, Amway Corp., GEA Group, Mowi Feed AS, Marine Harvest ASA, The Union Frozen Company, Thai Union Frozen Products Public Co. Ltd., BIOMERIEUX S.A., The Middleby Corp., Leroy Seafood Group, JBT Corporation, Marel Ltd., Nippon Suisan Kaisha Ltd., Higher Liner Food Incorporated, Royal Greenland A/S, Norway Palegic ASA, Baader Linco Inc., SEAC AB, Arenco AB, Sykes Seafood Ltd., Pisces Fish Machinery Inc., Uni-Food Technic A/S, Kaj Olesen A/S, Pescanova SA, Optimer AS, KROMA A/S, Pelagic ASA, Zhengda Food Machinery Co. Ltd.

Fish Processing Market 2024 Key Insights:

• The fish processing market size is expected to see steady growth in the next few years. It will grow to $262.01 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%.
• Aquaculture Surge Propels Fish Processing Market Growth
• Embracing Modern Processing Technologies With The Care Aquaculture Model
• Asia-Pacific was the largest region in the fish processing market share in 2023

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