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.
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.
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Processed fish is preserved by curing it by smoking, salting, fermenting, and adding any chemical to extend its shelf-life and improve its taste. Fishes, such as cod, mackerel, tilapia, catfish, salmon, Pollock, and tuna are commonly used to produce processed fish. Certain preservatives are added to the fish to protect it from spoiling due to bacteria and other such organisms.
Prominent Market Players:
Players operating in the processed fish market have used a variety of developmental strategies to expand their market share, exploit the processed fish market opportunities, and boost market profitability. The key players operating in the processed fish industry includes, Beach Cliff, Brunswick, Channel Fish Processing, Clover Leaf, 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, and Young’s Seafood.
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