Asia Pacific Fish Processing Market

Asia Pacific Fish Processing Market Growth and Forecast (2023 - 2028):

The Asia Pacific Fish Processing Market was worth USD 55.22 billion in 2022 and estimated to be growing at a CAGR of 4.5%, to reach USD 68.81 billion by 2028. The market is expected to show substantial growth in the mentioned forecasting period. The market continues to gain momentum with the increased fish consumption lately.

Market Overview:

Fish Processing is the process which starts with the catching of fishes and ends at final shipping to customers. It includes entire species of aquatic organisms, irrespective of the place they are obtained from. Fish is a very perishable food and hence needs to be stored and preserved properly for protection against decaying. Some of the popular fish processes used for fish preservation are surimi, curing, salting, drying, and smoking.

Drivers and Restraints:

The major driving factors for the market of Asia-Pacific Fish Processing are plenty of facilities like boats, advanced equipment and others which are expected to fuel the market growth in future. Also, the presence of a long coastal line gives rise to huge demand for different types of seafood and is thus responsible for the growth of market in this region. However, the gradually increasing acceptance of vegetarian and vegan diets is the major constraint for the growth of this market.

Asia Pacific Fish Processing Market Segmentation Analysis:

The Asia Pacific Fish Processing Market is segmented on the basis of Fish Processing Category into Frozen, Preserved and others. On the basis of Application the market is segmented as Food and Non-Food. The food segment leads the market under the segmentation on the basis of application due to increased inclusion of fish in people’s diets. Based on Source the market is categorized as Marine and Inland. The fish harvested from marine sources lead the market due to the development of new techniques for fishing. On the basis of Species the market is segmented as Fish, Crustaceans, Mollusks and Others. On the basis of Equipment the market is segmented as Slaughtering, Gutting, Scaling, Filleting, Deboning, Skinning, Smoking and Others.

Geographical Analysis:

Geographically the Asia Pacific Fish Processing Market is segmented into India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia. China has the highest demand for fish in the Asia-Pacific Fish Processing Market. Many countries in the Asia-Pacific region like Thailand, Vietnam and South Korea depend on fishery for a living and highly contribute to the GDP of the countries.

Key Players in the Market:

Key Players in the Asia Pacific Fish Processing Market are

• Charoen Pokphand Foods PCL (Thailand)
• Maruha Nichiro Corporation (Japan)
• Nippon Suisan Kaisha, Ltd. (Japan)
• Thai Union Frozen Products PLC (Thailand)