Health Benefits and Longer Shelf Life of Frozen Mackerel Driving Sales Globally: Future Market Insights
Growing interest in healthy eating, coupled with a high-quality year-round supply of frozen mackerel is fueling the growth in the market.
DUBAI, UAE, June 21, 2021 /PRNewswire/ -- The global frozen mackerel market is expected to surpass US$ 1.05 Bn, growing at a 5.8% CAGR during the forecast period 2021-2031. The demand for frozen mackerel has been spurred during the pandemic, as consumers exhibited a higher inclination towards healthy eating, surging the sales by 5% between 2020 and 2021.
According to a study by the National Centre for Biotechnology Information, approximately 2% of anemic patients suffer from vitamin B12 deficiency, and 18% suffering from macrocystis showed vitamin B12 deficiency. Vitamin B12 deficiency is can also cause neurological damage, which makes it one of the most important nutrients for the human body.
Vitamin B12 deficiency is more common in the elderly population, regardless of the cause. Mackerel offers a range of health benefits such as vitamin B12, omega-3 fatty acids, and anti-inflammatory properties. The benefits derived from mackerel are driving the sales in the market.
Frozen fish and seafood are gaining high popularity in the foodservice sector due to their longer shelf life (18-24 months), and consistent yearly high quality. Freezing fish and seafood also ensures sustainability, allowing optimized usage by reducing wastage by around 25%.
Additionally, frozen mackerel is subjected to extensive microbiological testing to ensure safety and avoid contamination. These factors are augmenting the market growth and will have a positive impact on sales throughout the forecast period, finds ESOMAR-certified consulting firm FMI in this study.
The COVID-19 outbreak has a significant impact on the frozen mackerel market, due to the restrictions affecting the short-term demand. However, with relaxations in 2021, and improvements in the supply chain, the market is anticipated to witness a speedy recovery, which will propel the sales throughout the forecast period.
As per this study by FMI, North America will continue to dominate the frozen mackerel market during the forecast period, which is attributable to growing concerns about health in a fast-paced lifestyle in the region.
"Owing to the health benefits derived by mackerel, along with easy availability and longer shelf life will drive sales in the food sector, pharmaceutical industry, animal feed, and other domains," remarks an FMI analyst.
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Key Takeaways
- In terms of species, horse mackerel is dominating the market, accounting for more than 55% of the market share.
- Aquaculture is the fastest-growing segment in terms of source and is anticipated to rise at 6.4% CAGR.
- North America will offer lucrative opportunities to producers in the frozen mackerel market, accounting for over 62.4% of the market share in the region.
- The China market is expected to grow at a CAGR of 3.7%, owning to selective breeding of mackerel and being among the largest producers in the world.
- Indonesia will dominate the South Asia frozen mackerel, with a market share of more than 24%.
Prominent Drivers
- Shifting consumer interest towards a healthy lifestyle and increasing consumption of protein-based products will propel sales in the frozen mackerel market.
- The application of mackerel in pet food to enhance its nutritional value will drive sales in the market.
- Customization and convenience offered by online frozen mackerel retailers will boost sales in the market.
Key Restraints
- Increasing adoption of veganism will hinder frozen mackerel sales.
- Stringent rules imposed by regulatory authorities such as estimated quotas for mackerel stocks limiting the production and catch yield will hamper the production and sales.
- Limited fishing time frame will hinder the market growth.
Discover more about the frozen mackerel market with figures and data tables, along with the table of contents. You will also find detailed market segmentation on https://www.futuremarketinsights.com/reports/frozen-mackerel-market
Competitive Landscape
As per FMI's analysis, players operating in the frozen mackerel market are focusing on developing their network with distributors to expand their reach to a bigger consumer base, due to the high demand and scope for application for frozen mackerel. Manufacturers are also concentrating on acquiring smaller firms, which will help them expand their production capacity and distribution network. For instance:
- In February 2021, Fishcor, a Namibian manufacturer, received an 80,000-ton quota from the government for horse mackerel, even as the company struggled with a tough financial condition.
- In January 2021, Seaflower Pelagic Processing (SPP) entered a joint venture agreement with competent holders for catching, processing, and marketing annual catch quotas.
Some prominent players operating in the frozen mackerel market include:
- Ocean Treasure
- Kihada Fisheries Co., Ltd
- Seven Star Ocean Fisheries Limited
- Pinetree Vietnam Company Limited
- Subo International Holland
- Oman Fisheries Co.S.A.O.G
- LONGSHENG AQUATIC PRODUCTS CO., LTD
- Lotana LV LTD
- DAISUI CO., LTD
- SARMA FISH S.A.R.L
More Insights on FMI's Frozen Mackerel Market
The latest market study on the frozen mackerel market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
Species
- Horse
- Pacific
Source
- Wild Catch
- Aquaculture
Type
- Whole Round
- HGT
- Fillet
- Others (flap, Etc)
Sales channel
- Direct Sales
- Retail Sales
- Modern Trade
- Convenience Stores
- Specialty Food Stores
- Wholesale Stores
- Discount Stores
- Online Retail
- Other Retail Formats
Application
- Food Industry
- Pharmaceutical Industry
- Animal Feed
- Pet Food
- Food Service
- Retail
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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