Fish Processing Market is Estimated to Witness High Growth Owing to Advancements in Fish Processing Technologies
The fish processing market involves processing of raw fish into various consumable or non-consumable products. Fish is processed to increase its shelf life, ensure food safety, and add value. The processing includes procedures like washing, gutting, filleting, slicing, salting, drying, smoking, freezing, and packing. With rising fish consumption driven by health benefits of fish as a rich source of protein and omega-3 fatty acids, fish processing has become an integral part of the food industry.
The global fish processing market is estimated to be valued at USD 391.1 Bn in 2024 and is expected to reach USD 690.3 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.9% from 2024 to 2031.
Key Takeaways
Key players operating in the fish processing market are Thai Union Group, Maruha Nichiro Corporation, Nippon Suisan Kaisha, Kerry Group, and Cermaq Group AS.
The key opportunities in the Fish Processing Market include growing demand for ready-to-eat seafood products owing to busy lifestyles and increasing demand from developing nations driven by rising disposable incomes. Advancements in fish processing technologies like automated fish filleting and portioning equipment are helping processors scale up operations and meet quality standards.
Market drivers
Rising fish consumption globally driven by health benefits is a major growth driver for the fish processing market. According to the United Nations, per capita fish consumption is expected to grow from 20.2 kg in 2016 to 21.5 kg by 2030. Wide availability of processed fish products through retail and foodservice channels is also contributing to market growth. Growing urbanization particularly in developing regions is bringing more people closer to markets and exposing them to processed food options.
Challenges in the Fish Processing Market
The fish processing market is facing several challenges. Strict regulations around food safety and quality have increased compliance costs significantly. Labor shortage has also impacted the market as fish processing requires manual labor. Sustainability concerns around sourcing also present a challenge. With fish stocks declining globally, processors need to focus on responsible fishing practices. Technological developments in processing can help address some of these challenges by improving efficiency and automation. However, capital investments required pose financial hurdles for many players. Environmental factors like changing climate and extreme weather events also disrupt supply chains at times. Overall, balancing costs, regulatory demands and sustainable operations is testing the market.
SWOT Analysis
Strength: Access to global fish supply chains gives processors raw material security. Established brands and reputation assure customers of quality.
Weakness: High capital intensity of operations results in low profit margins. Dependence on seasonal workforce increases costs.
Opportunity: Growing demand for convenient seafood products offers new product development avenues. Technology can optimize processes and improve productivity.
Threats: Stricter environmental norms around fishing endanger raw material supply. Intense competition limits pricing power in the market.
Geographically, North America accounts for the major share of fish processing market in terms value currently. This is because countries like the US and Canada have huge domestic consumption as well major processing hubs for exports. However, Asia Pacific region is projected to be the fastest growing market during the forecast period. This is attributed to rising incomes, westernization of diets and growing imports in major countries like China and India which are exploiting aquaculture potential.
The fish processing market in Europe holds significant share currently. Key processing nations include Norway, Denmark, UK, Spain and others. However, growth is anticipated to be relatively slower here than other regions due to maturity. Latin America and Middle East regions also offer scope for market expansion attributable to increased domestic demand and trade opportunities emerging from new free trade agreements.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.