Processed Fish Market to Accrue $87.2 Bn, Globally, by 2031 at 2.8% CAGR: Allied Market Research

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Oct 10, 2022, 05:30 ET

Huge discounts on sea-foods and cost-effective meal packages have contributed notably towards the growth in size of processed fish industry across the globe.

PORTLAND, Ore., Oct. 10, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Processed Fish Market by Fish Type (Capture and Aquaculture), by Product (Frozen, Cured, Prepared, and Preserved), by Application (Commercial and Residential), by Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Independent Retailers, Online Sales, and Others ): Global Opportunity Analysis and Industry Forecast, 2021-2031." As per the report, the global processed fish industry was estimated at $66.9 billion in 2021, and is set to reach $87.2 billion by 2031, growing at a CAGR of 2.8% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

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Drivers, restraints, and opportunities

Rapid growth of fast-food chains as well as restaurant chains business has resulted in large-scale consumption of processed fish globally, thereby driving the global processed fish market trends. Apart from this, huge discounts on sea-foods and cost-effective meal packages have contributed notably towards the growth in size of processed fish industry across the globe. Furthermore, hectic lifestyle has led to massive demand for ready-to-cook, frozen, and ready-to-eat meals, thereby creating new growth opportunities for the global industry. However, growing end-user awareness about health and nutritious diet and carcinogenic features of processed food can hinder the expansion of the global market.

Covid-19 scenario:

The COVID-19 pandemic had negative impact on the growth of the global processed fish market due to closure of hotels, cafes, and restaurants as a result of lockdowns imposed by various governments to curtail spread of the pandemic.
Supply chain disruptions and ban on export and import of processed food products during the COVID-19 pandemic hindered the growth of the global industry.

The aquaculture segment to dominate the global market in terms of revenue in 2031

Based on the fish type, the aquaculture segment is set to contribute to the highest market share in 2021, accounting for more than half of the global processed fish market share. Furthermore, the segment is projected to contribute majorly toward the global market share during the forecast period. In addition, this same segment will record the fastest CAGR of 3.5% from 2022 to 2031. The growth of the segment over the forecast timeframe can be attributed to escalating demand for fresh fish meat consumption among consumers in emerging economies. Apart from this, humungous demand for cod, tuna, mackerel, and salmon among consumers and huge penetration of reputed food processing firms in emerging and developed nations will pave a way for the segmental growth over forecasting years. The report also includes other segments such as Capture segment.

The frozen segment to hold the major market share over 2022-2031

On basis of product, the frozen segment contributed to the highest market share in 2021, accounting for more than three-fifths of the global processed fish market share. Furthermore, the same segment is anticipated to dominate the market growth over the forecast period. The growth of the segment over the assessment period is subject to huge demand for frozen fish across the commercial and residential sectors globally. However, the cured segment is predicted to record the highest CAGR of 3.2% over the forecast period. The growth of the segment over the forecast timeline can be attributed to massive nutritive value of the cured fish along with presence of iodine, omega-3 fatty acids, antioxidants, and high protein contents. Moreover, cured fish consists of large amount of proteins and possess low calories.

The commercial segment to dominate the global market by 2031

In terms of application, the commercial segment contributed to the highest market share in 2021, accounting for nearly 90% of the global processed fish market share. Moreover, the same segment is set to make notable contributions toward the global market share in 2031. The growth of the segment over the forecast timeline can be credited to increased penetration of the food processing and food service industry in developed and developing countries around the globe. However, the residential segment is predicted to register the fastest CAGR of 3.5% during the forecast timeline. The segmental growth over the forecast timeframe can be attributed to rising penetration of modern trade distribution channels and easy availability of packaged processed fish along with rise in intake of seafood and convenience food items.

North America to retain global market domination over 2022-2031

By Region, North America contributed notably toward the global processed fish market share in 2021, and is projected to continue its dominance during the forecast period. The region accounted for nearly two-fifths of the global processed fish market share in 2021. The regional market growth over the projected timespan is owing to increased penetration of fast-food chains, cafes, and hotels in the sub-continent. Nonetheless, the Asia-Pacific processed fish market is set to record the highest CAGR of 4.0% during 2022-2031. The growth of the market in the region over the forecast timespan can be credited to a surge in disposable income, an increase in the trend of dining out, and a rise in the number of fast-food restaurants that serve processed fish.

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Major market players

Brunswick Corporation
Channel Fish Processing
Clover Leaf Seafoods
Gadre Premium Seafood
Golden Prize Canning Co., Ltd.
Goya Foods, Inc.
MOWI
Oceans Secret
Perdue Farms
Safcol
Safe Catch
True North Seafood Company
Wild Planet Foods
Young's Seafood

The report analyzes these key players in the global processed fish market. These players have implemented key business strategies such as strategic expansion, new product launches, alliances, and joint ventures for enhancing market penetration and reinforcing their position in the industry. The report helps the target audience in determining the market performance, performance of each segment, product portfolio development in the market, and contributions made by each player to the market expansion.

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