Fish Products Market Analysis By Application (Canned Fish, Frozen Fish, Fresh Fish, Fish Oil, Others), By Type (Salmon, Tuna, Cod, Tilapia, Others), and By Region Forecast to 2032

Report Overview

The Fish Products Market size is estimated to grow at a CAGR of 5.78% between 2022 and 2032. The market size is forecast to increase by USD 23,567.89 million. The growth of the market depends on several factors, including the increasing awareness about the health benefits of consuming fish, rising demand for seafood, and the growing popularity of aquaculture. Fish products refer to various processed and preserved forms of fish, including fresh, frozen, canned, and smoked fish, as well as fish fillets, fish oil, and fishmeal. These products are consumed by individuals, restaurants, and food processing companies for their nutritional value and culinary purposes.

Fish Products Market Overview

Drivers

One of the key factors driving the fish products market growth is the increasing awareness about the health benefits of consuming fish. Fish is a rich source of high-quality protein, omega-3 fatty acids, vitamins, and minerals. Regular consumption of fish has been associated with various health benefits, including improved heart health, brain function, and reduced risk of chronic diseases such as cardiovascular diseases and certain types of cancer. As a result, there is a growing demand for fish products among health-conscious consumers, which is driving the market growth.

Moreover, the rising demand for seafood is another driver of the fish products market. Seafood, including fish, shrimp, crab, and lobster, is a popular choice among consumers due to its unique taste, versatility in cooking, and nutritional value. The increasing disposable income, changing dietary preferences, and the growing popularity of international cuisines are contributing to the rising demand for seafood products, thereby fueling the growth of the fish products market.

Trends

A key trend shaping the fish products market growth is the growing popularity of aquaculture. Aquaculture refers to the farming of fish and other aquatic organisms in controlled environments such as ponds, tanks, and cages. It is a sustainable and efficient method of fish production that helps meet the growing demand for fish products while reducing the pressure on wild fish stocks. The aquaculture industry is witnessing significant advancements in technology, breeding techniques, and feed formulations, leading to increased production and improved quality of fish products. As a result, there is a growing trend of consumers preferring aquaculture products, which is driving the market growth.

Additionally, there is a rising demand for value-added fish products. Value-added fish products refer to processed and value-enhanced fish products that offer convenience, variety, and unique flavors to consumers. These products include fish fillets, fish sticks, fish burgers, fish sausages, and ready-to-eat fish meals. The increasing consumer preference for convenient and ready-to-cook food options, coupled with the growing popularity of seafood-based snacks and appetizers, is driving the demand for value-added fish products. Hence, such trends are expected to drive market growth during the forecast period.

One of the key challenges hindering the fish products market growth is the environmental impact of fishing and aquaculture practices. Overfishing, illegal fishing, and destructive fishing methods have led to the depletion of fish stocks and the degradation of marine ecosystems. Similarly, intensive aquaculture practices can result in water pollution, disease outbreaks, and the escape of farmed fish into the wild, which can negatively impact wild fish populations and the environment. These environmental concerns have led to increased regulations and sustainability initiatives in the fishing and aquaculture industries, which can pose challenges for market growth.

Furthermore, the fish products market is also affected by factors such as price volatility, supply chain disruptions, and trade barriers. Fluctuations in fish prices, limited availability of certain fish species, and trade restrictions imposed by countries can impact the profitability and market reach of fish product manufacturers and suppliers. Additionally, the perishable nature of fish products requires efficient cold chain logistics and storage facilities, which can be costly and challenging, especially in remote areas. Hence, such factors are expected to hinder market growth during the forecast period.

Fish Products Market Segmentation By Product Type

The frozen fish segment is estimated to witness significant growth during the forecast period. Frozen fish products are widely consumed due to their convenience, longer shelf life, and availability throughout the year. Freezing helps preserve the freshness, flavor, and nutritional value of fish, making it a popular choice among consumers. Frozen fish products include whole fish, fish fillets, fish steaks, and value-added frozen fish products such as fish fingers and fish nuggets. The increasing demand for ready-to-cook and easy-to-store food options, coupled with the growing popularity of frozen seafood in retail and foodservice sectors, is driving the growth of this segment.

The canned fish segment is another significant segment in the fish products market. Canned fish products offer convenience, portability, and extended shelf life, making them suitable for various applications such as sandwiches, salads, and pasta dishes. Canned fish products include tuna, salmon, sardines, and mackerel, among others. The increasing demand for canned fish products as a source of protein, omega-3 fatty acids, and essential nutrients, along with their versatility in culinary preparations, is driving the growth of this segment.

Fish Products Market Segmentation By Distribution Channel

The retail segment is estimated to witness significant growth during the forecast period. Retail distribution channels include supermarkets, hypermarkets, convenience stores, and online platforms. The retail segment offers a wide range of fish products, including fresh, frozen, and canned fish, catering to the diverse preferences and needs of consumers. The increasing consumer preference for one-stop shopping, the availability of a wide variety of fish products, and the convenience of online shopping are driving the growth of this segment.

The foodservice segment is another significant distribution channel in the fish products market. Foodservice establishments such as restaurants, hotels, cafes, and catering services are major consumers of fish products. The growing popularity of seafood-based dishes, the increasing number of seafood restaurants, and the rising trend of eating out are driving the demand for fish products in the foodservice segment.

Regional Overview:

North America is estimated to contribute 35% to the growth of the global fish products market during the forecast period. The region has a well-established seafood industry, with a high consumption rate of fish products. The increasing awareness about the health benefits of consuming fish, the growing popularity of seafood-based diets, and the presence of a large number of seafood restaurants and retail chains are driving the market growth in North America. Additionally, the region has stringent regulations and sustainability initiatives in place to ensure the responsible sourcing and production of fish products, which is further fueling the market growth.

Europe is another significant region in the fish products market. The region has a strong seafood culture and a high demand for fish products. The increasing consumer preference for healthy and sustainable food options, the popularity of seafood in European cuisines, and the presence of a well-developed aquaculture industry are driving the market growth in Europe. Additionally, the region has strict quality and safety standards for fish products, ensuring the high quality and traceability of the products.

In 2020, during the COVID-19 pandemic, the fish products market witnessed a temporary slowdown due to disruptions in the supply chain, closure of foodservice establishments, and reduced consumer spending. However, with the easing of restrictions and the resumption of economic activities, the market is expected to recover and witness growth during the forecast period.

Fish Products Market Customer Landscape

The fish products market industry report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Who are the Major Fish Products Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Some of the major companies operating in the fish products market include:

• Thai Union Group PCL
• Mowi ASA
• Lerøy Seafood Group ASA
• Cooke Aquaculture Inc.
• Grupo Pescanova
• High Liner Foods Inc.
• Charoen Pokphand Foods PCL
• Trident Seafoods Corporation
• Marubeni Corporation
• Thai Union Frozen Products PCL
• Orkla ASA

Qualitative and quantitative analysis of the fish products market has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The fish products market report forecasts market growth by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2019 to 2032.

• Application Outlook (USD Million, 2019 - 2032)
• Canned Fish
• Frozen Fish
• Fresh Fish
• Fish Oil
• Others
• Type Outlook (USD Million, 2019 - 2032)
• Salmon
• Tuna
• Cod
• Tilapia
• Others
• Geography Outlook (USD Million, 2019 - 2032)
• North America
• The U.S.
• Canada
• Europe
• K.
• Germany
• France
• Rest of Europe
• APAC
• China
• India
• South America
• Chile
• Argentina
• Brazil
• Middle East & Africa
• Saudi Arabia
• South Africa
• Rest of the Middle East & Africa