Overview and Scope
Fish processing comprises of processes involving fish and fish products from the point the fish was caught or harvested until the final product is delivered to the consumer. Additionally, fish processing includes any aquatic organism harvested for commercial purposes, whether obtained in wild fisheries, aquaculture, or fish farming. The method ensures that fish products are entirely safe for human consumption and that suitable hygienic conditions are maintained.
Sizing and Forecast
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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Segmentation & Regional Insights
The fish processing market covered in this report is segmented –
1) By Source: Marine, Inland
2) By Species: Fish, Crustaceans, Mollusks, Other Species
3) By Processing: Frozen, Preserved, Other Processes
4) By Application: Food, Non-food
Asia-Pacific was the largest region in the fish processing market share in 2023. The regions covered in the fish processing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the fish processing market report are 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.
The fish processing market report table of contents includes:
1. Executive Summary
2. Fish Processing Market Characteristics
3. Fish Processing Market Trends And Strategies
4. Fish Processing Market – Macro Economic Scenario
5. Global Fish Processing Market Size and Growth
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32. Global Fish Processing Market Competitive Benchmarking
33. Global Fish Processing Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Fish Processing Market
35. Fish Processing Market Future Outlook and Potential Analysis
36. Appendix
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