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Global Smoked Fish Market Growth Prospects, Future Industry Landscape 2033
Smoked Fish Global Market Report 2024
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According to The Business Research Company's, The smoked fish market size has grown strongly in recent years. It will grow from $12.9 billion in 2023 to $13.6 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to culinary tradition and heritage, local and regional preferences, health and nutrition trends, innovation in smoking techniques, convenience and ready-to-eat products.
The smoked fish market size is expected to see strong growth in the next few years. It will grow to $16.98 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to e-commerce and online retail growth, clean label and transparency, climate-smart and sustainable practices, rising seafood snacking trend, celebration of culinary diversity. Major trends in the forecast period include flavor innovation, sustainable sourcing, health and wellness focus, premiumization, clean label products.
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Market Drivers and Trends:
The increasing demand for processed food is expected to propel the growth of the smoked fish market going forward. Processed food refers to any food item that has undergone some form of processing or manipulation before it is consumed. Smoked fish has become a popular processed food option among consumers who value convenience and health as it possesses longer shelf life. For instance, according to the United Nations agency, United States Department of Agriculture (USDA), the total export of U.S. processed foods in 2022 was $38 billion. This represents an increase from previous years, as the demand for processed foods has been steadily growing in the United States. Therefore, increasing demand for processed food will fuel the smoked fish market's growth.
Product innovation has emerged as a key trend gaining popularity in the smoked fish market. Major market players are concentrating their efforts on creating innovative products to strengthen their position in the market. For instance, in April 2022, a US-based seafood company, Blue Circle, launched a Salmon Sausage, which is made from a blend of smoked salmon and other ingredients and is designed to be a healthy and flavorful alternative to traditional pork sausage. The product is unique as it does not contain any artificial colors or flavors and is gluten-free. The launch of the salmon sausage is part of Blue Circle's ongoing efforts to innovate and expand its current product line.
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Major Key Players of the Market:
Nestle SA, Unilever Plc., Kraft Heinz Company, General Mills Inc., Conagra Foods Inc., Dongwon Industries Co Ltd., 2 Sisters Food Group Ltd., Thai Union Group Ltd., Leroy Seafood GroupMarine Harvest ASA, The Hain Celestial Group Inc., Empresas AquaChile SA, Labeyrie Fine Foods LLC, Multiexport Foods SA, Grieg Seafood ASA, Mogster Group AS, Tassal Group Limited, Icicle Seafoods, Peter Pan Seafoods Inc., Foppen Group BV, Seattle Fish Company, Findus Group Ltd., Acme Smoked Fish Corporation, Trans-Ocean Products Inc., Kasilof Seafoods, Dr. Schar AG, Gottfried Friedrichs KG, Santa Barbara Smokehouse, Ducktrap, MacKnight Food Group Inc., The Great Fish Co, Vera Foods International, Cameron's Seafood, Gerard & Dominique Seafoods, Charlie's Smokehouse, Cawoods Smoked Salmon Ltd., Fortune Fish & Gourmet, Oregon Seafoods LLC, Coastal Seafoods, Frank's Smokehouse, Global Food Group, Atlantic Aqua Farms Ltd., Fishery Products International, Ocean Beauty Seafoods Inc., Seabear Smokehouse, Honey Smoked Fish Company
Smoked Fish Market 2024 Key Insights:
• The smoked fish market size is expected to see strong growth in the next few years. It will grow to $16.98 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
• Processed Food's Rising Popularity Drives Smoked Fish Market Growth
• Blue Circle Sets The Trend With Innovative Salmon Sausage Launch In The Smoked Fish Market
• Europe was the largest region in the smoked fish market in 2023
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