Fish Processing Global Market Report 2024

The fish processing market size has grown steadily in recent years. It will grow from $208.01 billion in 2023 to $217.39 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth observed in the historical period can be attributed to factors such as global supply and demand dynamics, shifting consumer preferences, the entry of new species into the market, export and trade policies, environmental concerns related to the fishing industry, and the influence of labor and automation in fisheries.

The fish processing market size is expected to see steady growth in the next few years. It will grow to $262.01 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The anticipated expansion during the forecast period can be ascribed to customization and innovation, the emergence of new markets, alternative protein sources, a rising demand for convenience foods, and enhanced supply chain efficiency. Key trends expected during this period encompass increased market transparency and consumer education, a focus on customization and personalization, an emphasis on health and nutrition, and the incorporation of value-added processing.

The growth of the aquaculture industry is anticipated to drive the expansion of the fish processing market in the future. Aquaculture involves the cultivation of fish, shellfish, and aquatic plants in fresh, salt, and brackish water environments. This practice not only provides a source of food but also contributes to the restoration of endangered species, replenishment of natural stocks, and the rehabilitation of habitats for water-based species. As the demand for seafood continues to surge and the annual catch of wild fish diminishes, the aquaculture industry is expected to witness significant growth, consequently increasing the demand for fish processing. For instance, in September 2023, the Sea Fish Industry Authority reported that aquaculture production is projected to reach 106 million tons by 2030, representing a 22% overall growth or about 19 million tons. Therefore, the expansion of the aquaculture industry is a key driver for the fish processing market.

The anticipated growth in population is expected to drive the expansion of the fish processing market in the coming years. Population growth refers to the increase in the total number of individuals residing in a specific geographical area or region at a given point in time - a demographic metric used to measure the size of a community, city, country, or any defined area. With a rising global population, the demand for fish processing and related products is expected to increase, given that fish is a rich source of high-quality protein and omega-3 fatty acids. For instance, as of January 2022, the United States Department of Commerce reported a population of 332,403,650 in the US, reflecting a 0.21% increase from the previous year. Therefore, the growth in population is a key factor driving the expansion of the fish processing market.

The adoption of modern processing technology, such as the CARE aquaculture Model, is becoming increasingly popular in the fish processing market. Companies in the fish processing industry are incorporating innovative methods to enhance their market position. For example, in April 2021, CP Foods (Charoen Pokphand Food), a Thailand-based agro-industrial and food conglomerate, introduced the CARE model for freshwater aquaculture. The CARE model, derived from C - Consumer, A- Achieve easily and consistently, R- Reliable System, and E- Environmental Friendly, represents a new farming technique focused on consumer well-being, environmental sustainability, and consistent achievement. This farming system prioritizes food safety for consumers and the environment by providing the most nutritious fish, fed with aqua feed made from carefully selected high-quality components. Additionally, the CARE model aims for better yields, exceeding 10 tons per rai, and is cost-effective, being 5% cheaper than conventional methods. The integration of such modern processing technologies underscores the industry's commitment to innovation and sustainability.

The fish processing market is witnessing major companies embracing advanced solutions such as 3D printing technology to enhance their services. In December 2023, Steakholder Foods, an Israel-based deep-tech food company, introduced a 3D-printed eel. This innovative product is plant-based and replicates the texture, taste, and appearance of real eel. The application of 3D printing in fish processing allows for the automated and customized production of eel fillets, contributing to reduced processing time and lower production costs. The adoption of technologies such as 3D printing in fish processing showcases a commitment to innovation and sustainable practices in the industry.

In April 2021, Charoen Pokphand Foods, a Thailand-based agro-industrial and food conglomerate, made a strategic move by acquiring 43% of the ordinary shares of C.P. Aquaculture (India) Private Limited. This undisclosed investment aimed to enhance Charoen Pokphand Foods' seafood processing portfolio, showcasing a strategic expansion into the Indian fish and aquaculture processing market. Acquiring a significant stake in C.P. Aquaculture (India) Private Limited aligns with Charoen Pokphand Foods' goal of strengthening its presence and capabilities in the seafood processing sector.

Major companies operating in the fish processing market report are Maruha Nichiro Corporation, Skaginn 3X, Charoen Pokphand Foods Public Company Limited, Amway Corp., GEA Group, Mowi Feed AS, Marine Harvest ASA, The Union Frozen Company, Thai Union Frozen Products Public Co. Ltd., BIOMERIEUX S.A., The Middleby Corp., Leroy Seafood Group, JBT Corporation, Marel Ltd., Nippon Suisan Kaisha Ltd., Higher Liner Food Incorporated, Royal Greenland A/S, Norway Palegic ASA, Baader Linco Inc., SEAC AB, Arenco AB, Sykes Seafood Ltd., Pisces Fish Machinery Inc., Uni-Food Technic A/S, Kaj Olesen A/S, Pescanova SA, Optimer AS, KROMA A/S, Pelagic ASA, Zhengda Food Machinery Co. Ltd.

Asia-Pacific was the largest region in the fish processing market share in 2023. The regions covered in the fish processing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the fish processing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of fish processing sources are marine and inland. Marine fisheries involve the process of fishing in the world's oceans and seas, encompassing bays and estuaries. The majority of fishery products that reach global markets are derived from captured and cultured aquatic species in marine waters. This includes various species such as fish, crustaceans, mollusks, and others, which undergo processing through methods such as freezing, preservation, and more. These processed products find applications in both food and non-food items.

The fish processing market research report is one of a series of new reports that provides fish processing market statistics, including fish processing industry global market size, regional shares, competitors with a fish processing market share, detailed fish processing market segments, market trends and opportunities, and any further data you may need to thrive in the fish processing industry. This fish processing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The fish processing market includes revenues earned by entities by providing services such as fish dressing, freezing, glazing, roe processing, milt processing, salting and smoking. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.