The fish processing market involves preparations that transforms raw fish into edible or non-edible products. Fish processing includes sorting, cleaning, filleting, packaging and distribution of fish to consumers or business users. Processed fish products have higher convenience and longer shelf life than whole fish. Fish also provides many health benefits due to presence of high-quality proteins, vitamins, and omega-3 fatty acids. The growing health consciousness among people has prompted higher demand for fish and fish products.
The global fish processing market is estimated to be valued at USD 391.1 Bn in 2024 and is expected to reach USD 690.3 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.9% from 2024 to 2031.
Key Takeaways
Key players operating in the fish processing market are Marine Harvest, Thai Union Frozen Products, Nippon Suisan Kaisha, Kyokuyo, Trident seafood and Cermaq. These players are investing in innovations and adoption of new technologies to improve processing efficiency and launch new product varieties.
The demand for fish and fish products is growing worldwide due to increasing health awareness regarding dietary benefits of fish. Rising disposable incomes in developing countries are also driving higher affordability of fish products.
Technological advancements such as automated processing machinery, improved freezing technologies are helping fish processors enhance yields, reduce wastage and improve production capacities. New environmental-friendly processing methods are also being introduced to minimize environmental footprint of Fish Processing Market.
Market Trends
Growing popularity of ready-to-eat seafood products: Convenience remains a dominant trend among consumers. Processors are launching variety of ready-to-eat and ready-to-cook fish products to capitalize on this trend.
Adoption of sustainable fishing practices: Customers are increasingly conscious about environmental and social impacts of fishing industry. Adopting sustainable practices can help processors enhance their brand image as well as access to environment-conscious customers.
Market Opportunities
Innovation of new product varieties: Processors can explore development of innovative value-added products made from fish/seafood like fish burgers, sausages, nuggets etc. This will help expand customer base.
Tapping developing regions: There exists massive untapped growth potential in developing Asian and African markets. Local processing along with tailored products as per regional tastes can unlock new opportunities.
Impact of Covid-19 on Fish Processing Market
The Covid-19 pandemic has significantly impacted the fish processing market globally. During the initial lockdown phases in early 2020, the market experienced a decline in production and sales as processing facilities faced restrictions and supply chains were disrupted. Transportation of raw materials and finished products was hampered. Demand from the foodservice industry reduced substantially as restaurants, cafes, hotels were either closed or facing low footfalls. This led to oversupply situations for processors. However, with resumption of operations and relaxation of rules, the market is slowly recovering. Processors are focusing on alternative sales channels like online retail and home delivery models to cater growing in-house consumption. Social distancing and hygiene norms have increased operational costs for processors but safety of workers is the top priority currently. In future, emphasis will be on sustainable and contactless business practices, inventory management and flexibility in supplier-customer relationships.
Europe accounts for the largest share of the fish processing market value-wise currently. Countries like Norway, Denmark, UK, Spain are key producers and exporters. Abundance of coastal regions, developed infrastructure and strong domestic demand contribute to Europe's dominant position. South East Asia is emerging as the fastest growing regional market driven by countries like Vietnam, Indonesia and Thailand. Growing aquaculture industry, strong exports to China and development of seafood hubs support market expansion. Low labor and operational costs are attracting overseas processors to set up facilities. Investments in cold chain facilities and automation can further stimulate growth.
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