Fish Processing Market is Estimated to Witness High Growth Owing to Rising Fish Consumption

Fish processing involves activities such as cleaning, sorting, filleting, trimming, cutting, packaging and freezing of fish. It enhances the shelf life and appeal of aquatic seafood and makes it suitable for human consumption. Fish processing helps meet the growing demand for protein-rich seafood across the globe. Overfishing of several species has necessitated effective preservation and utilization of available fish resources through processing. The global fish processing market offers lucrative opportunities for companies involved in fish oil production, fish meal manufacturing and prepared or frozen seafood packaging.



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 are Charoen Pokphand Foods, Maruha Nichiro Corporation, Thai Union Group, Nippon Suisan Kaisha, Mowi ASA.



The Fish Processing Market provides opportunities for growth such as developing quick freeze processed fish and offering allergen-free seafood products. Fish processing helps extend the product's shelf life and ensures supply throughout the year unlike seasonally caught fresh seafood.



The rising demand for processed fish products from Asia Pacific and Latin America will drive global expansion of the fish processing industry over the coming years. Developing nations offer opportunities for international players to establish processing plants and cold storage facilities.



Market Drivers



The key driver for the growth of the fish processing market is rising fish consumption worldwide owing to burgeoning population and increasing health awareness. Processed seafood appeals to consumers with its convenience and hygienic appeal compared to fresh aquatic produce. Growing demand from food service providers such as restaurants and hotels also contributes to market growth. With depleting global fish resources, fish processing helps optimize production and prevent wastage during the value addition process.

PEST Analysis



Political: The government policies related to fisheries management and control of fishing licenses can impact the fish processing market. Regulations around sustainability and carbon emissions also affect market players.



Economic: The global economy and fish consumption trends determine the demand for processed fish. A recession can reduce demand from consumers and foodservice companies. Fluctuations in key currencies influence trade and international sales.



Social: Changing dietary preferences towards healthy, nutritious and sustainable options provide opportunities. However, an ageing population may lower demand. Concerns around overfishing and animal welfare impact purchase decisions.



Technological: Advances in processing, packaging and cold chain logistics help minimize waste and extend product shelf life. Automation improves efficiency while meeting food safety and quality standards. Digital technologies aid traceability and sustainability reporting.



Geographical Regions of Concentration



The fish processing market sees high concentration in regions with established fishing industries and large domestic consumption bases. In terms of value, Europe accounts for over 35% share led by countries such as Norway, Denmark, UK and Netherlands with strong processing exports as well. Asia Pacific holds 25% share with China, Indonesia, Thailand and Vietnam having sizeable processing capacities to meet demand from growing middle-income populations.



Fastest Growing Region



Latin America is projected to be the fastest expanding region for the fish processing market over the coming years. Countries like Chile, Peru, Brazil and Mexico are focused on developing sustainable fisheries and export-oriented processing industries. Proximity to key import markets in North America and trade deals provide competitive access. Socio-economic development is augmenting domestic seafood consumption across Central and South American nations.

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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.

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