Shark Meat Market size is set to grow by USD 141.2 million from 2024-2028, high nutritional value boost the market, Technavio

NEW YORK, June 18, 2024 /PRNewswire/ -- The global shark meat market size is estimated to grow by USD 141.2 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 2.39%  during the forecast period. High nutritional value is driving market growth, with a trend towards growing applications of shark body parts. However, overexploitation and depletion of fish stocks  poses a challenge. Key market players include Aquafin Trade Inc., Citarella, Crystal Amusements Ltd., East Coast Seafood LLC, Fujian Haoyuan Food Co. Ltd., Gaudets Seafood, Marder Trawling Inc., Premier Seafood Ltd., Talleys, Wellfleet Harbor Seafood Co. Inc., and Wenzhou Haideli Shark Products Co. Ltd..

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Market Driver

The shark meat market is anticipated to expand due to the increasing demand for shark body parts in various industries. Traditional uses of shark fin and meat continue, but emerging applications include shark liver oil for cosmetics and health supplements, sharkskin for leather and sandpaper, shark cartilages for anti-cancer medications, and shark teeth and jaws for jewelry and curios. These applications fuel the demand for shark fishing, thereby boosting meat production. 

The shark meat market is currently experiencing significant growth, with high demand for this product in various regions. Costal regions are major suppliers of shark meat, using traditional fishing methods and modern technologies. Regions like India, Malaysia, and Australia are known for their production. Shark fins are a popular delicacy in Asian countries, driving the market. However, sustainability concerns have arisen due to overfishing and illegal fishing practices. Regions like the US and Europe are focusing on sustainable sourcing and ethical practices. The market is expected to continue growing, with potential opportunities for suppliers and investors. Producers should focus on meeting demand while ensuring ethical and sustainable practices. 

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Market Challenges

• The global shark meat market faces significant challenges due to overexploitation and depletion of marine species. Commercial fishing and aquaculture activities have negatively impacted fish stocks, leading to overfishing and threatening the survival of several shark species. International trade of shark products contributes to this issue. Many countries and international organizations have responded with conservation measures, such as fishing quotas, size limits, and closed seasons or areas. The WTO's historic fisheries agreement in June 2022 aims to reduce overfishing and protect marine resources and communities. Illegal, unregulated, and unreported fishing also contributes to overfishing and declines the growth of the shark meat market.
• The shark meat market faces several challenges. Supply and demand dynamics are key issues. Consumers in certain regions prefer shark meat for its unique taste and nutritional value. However, overfishing and unsustainable fishing practices threaten the long-term viability of the industry. Regulations and enforcement are crucial to ensure the sustainability of shark populations. Additionally, the high cost of production and logistics can make shark meat an expensive commodity. Proper management of these challenges is essential to ensure the continued growth and success of the shark meat market.

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Segment Overview 

This shark meat market report extensively covers market segmentation by  

1. Product 
• 1.1 Shark meat
• 1.2 Shark fin
2. End-user 
• 2.1 Commercial
• 2.2 Residential
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Shark meat-  Shark meat is a globally traded commodity, with significant consumption in Southeast Asia, Africa, and parts of America. In the UK, Australia, and the US, it is used in fish and chips under different names. Due to its strong ammonia odor and short shelf life, shark meat is typically processed into fillets and steaks before sale. In Australia, it is known as flake, while in the UK, it is called rock salmon. In Germany, smoked dogfish bellies are a delicacy. Asian countries use headed and gutted dogfish for various dishes, including Japanese and Chinese cuisine.

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Research Analysis

The Shark Meat Market encompasses various species, including the Requiem shark, Shortfin mako shark, Porbeagles, and Thresher shark. These sharks are sourced from both non-coastal and coastal regions. Seafood enthusiasts and restaurants continue to seek out exotic seafood options, leading to a demand for shark meat in Asian cuisine. Consumer preferences for sustainable fishing practices are increasingly important, yet illegal fishing practices remain a concern for animal welfare advocates. The flesh of endangered shark species, such as the Thresher shark, is often targeted, contributing to their population decline. Shopping options for shark meat may vary, with some offering legally sourced, sustainably caught options. Shark fin, a traditional dish in many cultures, remains a contentious issue due to its association with illegal fishing practices and animal welfare concerns.

Market Research Overview

The Shark Meat Market refers to the global trade of shark fins, meat, and other related products derived from various shark species. Sharks are hunted primarily for their fins, which are used in the production of shark fin soup, a delicacy in many Asian countries. However, the demand for shark meat is also increasing due to its high nutritional value and unique taste. Sharks are a valuable source of protein, omega-3 fatty acids, and other essential nutrients. The market for shark meat is diverse, with consumers in different regions preferring specific shark species and preparation methods. The market is influenced by various factors, including fishing regulations, consumer preferences, and supply and demand dynamics. The sustainability of the shark meat market is a significant concern due to the overexploitation of shark populations and the potential impact on marine ecosystems. Efforts are being made to promote the consumption of sustainable and responsibly sourced shark meat to ensure the long-term viability of the market.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Shark Meat
• Shark Fin
• End-user
• Commercial
• Residential
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio