Global Fish Processing Market Size, Share, Trends, Covid-19 Impact & Growth Forecast Report - Segmented By Fish Processing Category (Frozen, Preserved And Others), Application (Food, Non-Food), Source (Marine And Inland), Species (Fish, Crustaceans, Mollusks And Others), Equipment (Slaughtering, Gutting, Scaling, Filleting, Deboning, Skinning, Smoking And Others), And Region (North America, Europe, APAC, Latin America, Middle East And Africa) – Industry Analysis From 2024 To 2029

Updated On: January, 2024
ID: 2552
Pages: 185

Global Fish Processing Market Size (2024 to 2029)

The global fish processing market size is calculated to be USD 210.48 billion in 2024, and it is estimated to progress and get a valuation of USD 253.63 billion by 2029 at a CAGR of 3.8% during the evaluation timeframe.

Fish processing is widely used for conservation and helps keep fish fresh for a long time with minimal loss of taste, flavor, aroma, and nutritional value. Practices related to fish and fishery products are called fish processing. The process begins with the capture of fish and continues until the final product reaches the consumer. It includes all the aquatic organisms that are processed. Fish is a highly perishable food, so proper preservation is needed to extend shelf life and maintain nutritional quality. Some dried fish, such as shrimp, dried fish, octopus, dried oysters, etc., are becoming popular with many people. In addition, the well-known fish processing used to preserve fish includes hardening, salting, drying, and smoking.  The increase in disposable income increases the purchasing power of the consumer. In addition, increasing urbanization, population awareness and health improve the growth of the fish processing equipment market.

MARKET DRIVERS

The growing awareness consumers regarding the nutritional value of fish, the growth of the aquaculture industry and rising health consciousness among public are majorly contributing to the growth of the fish processing market.

The growth of the fish processing market is driven by the health benefits and high nutritional value of fish and fishery products. Growing health problems and the aquaculture industry are contributing to the growth of the non-food processing application market worldwide. The introduction of modern technology and the dynamics of fishing vessels are expected to strengthen the global market in the near future. Likewise, government initiative for supporting fishing exercises and innovative advances additionally energizes the worldwide fish handling market. Increasing awareness of seafood-related health benefits and nutritional value has led to an increase in seafood consumption worldwide, which is an important factor expected to drive market growth over the prognosis period. Various government initiatives to support the aquaculture industry are another factor driving the market growth. Also, the growing demand for fish oil in various industries and industries is another factor that is expected to drive the growth of the worldwide fish processing market during the forecast period. The global demand for seafood is experiencing tremendous growth. This allows producers to expand the scale of production through efficient equipment. The rise of health-conscious consumers, primarily in North America and Europe, is expected to increase demand for fish processing equipment.

The rising preference for safe, fresh and nutritious foods manufactured without the use of chemical preservatives is fuelling the growth of the fish processing market.

The rise in demand for fish and other fishery products increases as an investment in automation technology increases in the food processing sector. Also, increased automation coupled with the easy availability of processing equipment is an important factor responsible for the expansion of the fish processing equipment market. Emerging markets in India, China and Brazil offer numerous growth opportunities to expand the global fish processing market. Growing markets in some emerging countries are expected to be an element of support for seafood producers in the coming years. Due to the increased demand for shellfish, producers can increase production with efficient manufacturing processes to maintain production costs. This is also expected to lead to technological advances in fish processing equipment, which is supposed to create lucrative opportunities in the coming years. Aquatic product processing companies also have access to the aquatic product processing industry, allowing them to manage end products, quality, and hygiene. The increased fish feed has become a major growth driver for the global fish processing market.

MARKET RESTRAINTS

Rising raw material prices and stringent environmental regulations protecting fish species are expected to impede market growth.

Several countries still have very little knowledge about technological development and progress in the food processing industry due to the unavailability of information. Also, most fish processing equipment requires a large capital investment, which is very expensive for small and medium consumers. Increased consumption of processed fish of a particular species is decreasing its existence, increasing its market price, resulting in decreased market growth.

Impact Of COVID-19 on the Global Fish Processing Market

The pandemic of Covid-19 has resulted in a huge impact on all sectors across the globe. Fish processing is also hindered by the shutdown of factories in the world. The market is predicted to witness slow growth in the coming years as consumers prefer fresh foods to boost their immunity.

REPORT COVERAGE

REPORT METRIC

DETAILS

Market Size Available

2023 to 2029

Base Year

2023

Forecast Period

2024 to 2029

CAGR

3.8%

Segments Covered

By Fish Processing Category, Species, Equipment, Application and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

Grundfos Pumps Corporation, Xylem, Sulzer Ltd, Spring, Precision Digital Corporation, Kirloskar Brothers Limited, Dwyer Instruments, Inc., and Others.

 

REGIONAL ANALYSIS

North America, trailed by Asia Pacific and Europe has the highest consumption of processed fish. The United States is the leading nation in the intake of tuna and salmon. Asia Pacific has huge fish processing facilities, with China being the market leader. Other Asian countries such as Japan, Malaysia, and South Korea rely mainly on fish processing. The Asia Pacific market commands the worldwide fish processing market as far as income commitment contrasted with that of different districts. The Asia Pacific market is projected to post comparatively faster growth in terms of revenue over the next 10 years. Changes in people's living standards, along with increased demand for seafood in the countries of the region, are primary factors projected to drive market growth in the region during the forecast period.

Europe is also a prominent region in the worldwide fish processing market. It is accompanied by abundant facilities such as boats, advanced machinery and others that are expected to drive the global fish processing market in the future. In European countries, methods of preserving hot and cold smoked fish are widely used. Importing fish and shrimp varieties from Asian economies will contribute to the growth of the world fish processing market. Portugal is the fastest-growing region in Europe country, with an increasing demand for sardines, turbot, hake, oysters, clams, and cod. Some European countries such as Spain, Portugal, Poland, and Denmark have fishing as their main occupation and, therefore, contribute greatly to GDP growth. They are the main exporters to the countries of North America and Europe.

KEY PLAYERS IN THE GLOBAL FISH PROCESSING MARKET

Companies playing a major role in the global fish processing market include Charoen Pokphand Foods PCL, Maruha Nichiro Corporation, Pescanova S.A., Royal Greenland A/S, and Norway Pelagic ASA.                               

RECENT HAPPENINGS IN THE MARKET

  • CEER Processing Ltd. initially expanded its operations in the UAE and Hong Kong due to limited operations within Europe. The company handles a variety of fish called Nile Perch, locally known as Mbuta.

DETAILED SEGMENTATION OF GLOBAL FISH PROCESSING MARKET INCLUDED IN THIS REPORT   

This research report on the global fish processing market has been segmented and sub-segmented based on fish processing category, application, source, species, equipment and region.            

By Fish Processing Category

  • Frozen     
  • Preserved              
  • Others     

By Application

  • Food         
  • Non-food

By Source

  • Marine     
  • Inland       

By Species

  • Fish           
  • Crustaceans           
  • Mollusks 
  • Others     

By Equipment

  • Slaughtering          
  • Gutting     
  • Scaling      
  • Filleting    
  • Deboning
  • Skinning  
  • Smoking  
  • Others     

By Region 

  • North America 
  • Europe 
  • Asia Pacific 
  • Latin America 
  • Middle East and Africa 

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Frequently Asked Questions

1. What are the main challenges faced in the fish processing industry?

Challenges include maintaining quality and freshness, ensuring food safety standards, managing waste and by-products, complying with regulations, fluctuating market demands, and sustainable fish sourcing.

2. What are the trends driving the fish processing market?

Trends include increased demand for convenience foods, growing consumer awareness of health benefits from seafood consumption, technological advancements in processing equipment, sustainable practices, and innovative product development.

3. How do market trends impact fish processing companies?

Market trends such as changing consumer preferences, globalization of supply chains, price fluctuations of raw materials, and regulatory shifts influence business strategies, product innovation, marketing approaches, and investment decisions in the fish processing industry.

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