Fish Processing Market Size Estimated to Reach $286.9 Million by 2027

Fish Processing Market | IndustryARC
The Rising Popularity of Aquaculture is Projected to Drive the Fish Processing Market.

Fish Processing Market Overview

The Fish Processing Market size is estimated to reach $286.9 million by 2027. Furthermore, it is poised to grow at a CAGR of 3.7% over the forecast period of 2022-2027. Fish processing or seafood processing is the term used for the process associated with fish products between the time they are caught from the ocean by fishing fleets or from fish farms and the time the product is delivered to the end-user. It involves numerous aspects such as heating, freezing, smoking, drying, and irradiating. The primary benefit of processing is that it helps enhance the shelf life of the product by limiting degradation and decay. The rapid growth in awareness regarding the benefits of seafood products is driving the market for fish processing during the forecast period. In addition, increasing automation in the fish processing market of emerging economies such as China and India is also contributing to the rapid growth during the forecast period 2022-2027.

Fish Processing Market Segmentation Analysis – By Category

The fish processing market based on category can be further segmented into Frozen, Preserved, and others. The Frozen segment held the largest share of the market in 2021 and is poised to dominate the fish processing market during the forecast period 2022-2027. Frozen fish products are packaged in such a way that it reduces dehydration and oxidation. Besides, they are also a healthier alternative as freezing is a natural process and the need for preservatives is eliminated. Freezing seafood products also guarantee that the quality of the food does not reduce over a longer period of time. This helps ensure that seafood can be available in regions where fresh fish is not obtainable owing to the lack of water bodies in close proximity.

However, the preserved segment is estimated to be the fastest-growing, with a CAGR of 4.5% over the forecast period of 2022-2027. Preservation of fish is typically performed through pickling, smoking, or canning. Out of all the flesh foods, fish is the most vulnerable to tissue decomposition, development of rancidity, and microbial spoilage. Preservation helps extend the shelf life of the product by preventing or delaying such processes from taking place.

Fish Processing Market Segmentation Analysis – By Species

The Fish Processing market based on species can be further segmented into Fish, Crustaceans, Molluscs, and others. The fish segment held a dominant market share in the year 2021. According to the Organisation for Economic Co-operation and Development (OECD), the overall per capita fish consumption was around 20.2kg in 2020. Moreover, global fish production is anticipated to grow at a rate between 0.8% and 1.6% per annum between 2021 and 2030. In addition, the rapid rise in aquaculture production is also predicted to contribute to the segment’s growth during the forecast period.

However, the crustacean segment is estimated to witness the fastest growth at a CAGR of 4.8% owing to their numerous health benefits such as improving immunity and assisting in weight loss. In addition, they also play a vital role in enhancing brain and cardiac health.

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Fish Processing Market Segmentation Analysis – By Geography

The Fish Processing market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the rest of the World. Asia Pacific segment held a dominant market share of 44% in the year 2021 as compared to the other counterparts and is predicted to continue dominating the market during the forecast period 2022-2027. This can be attributed to the presence of several key industry players such as Charoen Pokphand Foods and PR Fish Company in the region. Moreover, rapid advancements in fishing fleets of emerging economies such as China and India are enabling vessels to catch larger quantities of fish in deeper parts of the ocean, thereby increasing the supply of fish products to be processed.

The North American segment is also witnessing rapid growth during the forecast period owing to the high consumption of seafood products in the US and Canada. For instance, around 56% of the US population consumes seafood products at least twice a month while 20% consume them at least two times a week.

Fish Processing Market Drivers

Rising awareness regarding the health benefits of fish has readily aided the market growth

Growing awareness regarding the benefits of consuming seafood is a key factor that is driving the fish food market during the forecast period. For instance, fish is low in fat and high in protein. Moreover, they have abundant quantities of nutrients such as omega-3 fatty acids, vitamin D, vitamin B2, calcium, phosphorous, iron, zinc, iodine, magnesium, and potassium. Furthermore, the American Heart Association (AHA) recommends the consumption of fish at least 2 times a week as they help reduce the risk of heart disease and stroke. The two kinds of omega-3 fatty acids found in fish products are eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA). They play a vital role in controlling hypertension, improving brain function, and reducing inflammation.

The rising popularity of aquaculture is projected to drive the market

The rapid growth in aquaculture is projected to drive the market for fish processing during the forecast period. According to the United Nations Food and Agriculture Organization (FAO), the overall aquaculture production is anticipated to increase from 83 million tonnes in 2018 to approximately 109 million tonnes by the year 2030. Moreover, aquaculture is one of the fastest-growing foods producing sectors in the world owing to its rapid adoption in emerging economies of Asia, Africa, and South America. The low costs associated with the process combined with the high demand for fish food are the chief reasons for the growth of aquaculture in developing countries. The main requirements that need to be provided for the fish are only food, proper water conditions, and adequate temperature for aquatic growth.

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Fish Processing Market Challenges

The harmful effects of consuming seafood products are a major factor impeding market growth

The harmful effects associated with the consumption of seafood products owing to the high levels of water pollution are a major factor that is hampering the market growth during the forecast period 2022-2027. For instance, the consumption of contaminated seafood products such as fish and shellfish is one of the major causes of mercury poisoning globally. The symptoms of the condition include numbness, tremors, memory loss, depression, and anxiety. In addition, there is also a high risk of the seafood being contaminated by bacteria or viruses, which can lead to food poisoning. Furthermore, an estimated 2.3% of the US population suffer from seafood allergy. This is hampering growth as nearly 6.6 million people in the US can develop severe allergic reactions if any seafood product is consumed.

Fish Processing Industry Outlook

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in this market. Fish Processing top 10 companies include:

1. Charoen Pokphand Food

2. Higher Liner Food Incorporated

3. Leroy Seafood Group

4. Marine Harvest

5. Maruha Nichiro Corporation

6. Nippon Suisan Kaisha Ltd

7. Pelagic Asa

8. Pesconova SA

9. Royal Greenland A/S

10. Thai Union Frozen Product Public Company Limited

Recent Developments

In December 2019, three Memorandum of understandings (MoU) were signed between the Indian and Maldives governments for establishing Neighbourhood Fish Processing Plants in Addu City. The development of these new fish processing plants is the first in a series of High Impact Community Development (HICDP) projects that India and Maldives have agreed to jointly develop.

In March 2020, Sykes Seafood announced that they have completed the acquisition of processor Klaas Puul from the Dutch Seafood Company. The deal includes Klaas Puul’s businesses in the Netherlands, Germany, Belgium, Morocco, and Denmark. The acquisition will help Sykes grow their presence in the European region. The deal also included the acquisition of 3,500 employees. Moreover, the transaction was given laud by the investment bank Zeus Capital.

In July 2019, the Indian Finance Minister Nirmala Sitharaman announced the introduction of a new scheme to promote processing in the fishery sector and allocated an estimated Rs 3,737 crore for the Ministry of Fisheries, Animal Husbandry and Dairying. The new scheme is aimed to tackle numerous shortfalls in the value chain such as infrastructure, modernization, traceability, production, productivity, post-harvest management, and quality control.

Key Takeaways

Geographically, the Asia Pacific region accounted for the largest fish processing market share in the year 2021 owing to the presence of key industry players such as Charoen Pokphand Foods and PR Fish Company in the region. However, North America is also projected to witness robust growth during the forecast period 2022-2027 owing to the presence of the highly capital-intensive fish processing sector in countries such as the US and Canada.

Growing public health consciousness and increasing popularity of aquaculture are some of the chief factors driving the demand for fish processing during the forecast period. However, the COVID-19 pandemic and the subsequent restrictions is anticipated to challenge growth opportunities during the forecast period.

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