Fish Processing Market size is estimated to be 178.9 Million in 2019, growing at a CAGR of 3.6% during the forecast period 2020-2025. Fish processing refers to the process associated with the fish and fish products between the time when fish are caught or harvested, and the time the final product is delivered to the customer. Moreover, the basic procedures used in the final processing of fish products are heating, freezing, controlling water activity (by drying or adding chemicals) and irradiating. All these products increase the shelf life of fish by inhibiting the mechanism that promotes spoilage and degradation. Each of these procedures also has an effect on the nutritional properties of final product. Rising awareness of marine-food health benefits and the nutritional values associated with it are the key factors contributing to its market growth. In addition, government initiatives for supporting aquaculture industry is further propelling its demand. For instance, the U.S. Department of Commerce National Oceanic and Atmospheric Administration is responsible for the management of the nation’s fishery resources in the U.S. territorial waters and also operates a voluntary seafood inspection and grading program.
By Category- Segment Analysis
By Category, the Fish Processing Market is segmented into Frozen, Preserved and Others. Frozen held the major market share in 2019, owing to its convenience and instant cooking attributes to the highest popularity of fish products among the consumers. Moreover, with frozen food nutritionist point out the highest quality to the deep-frozen foods. When the fish is caught offshore, it is processed and frozen immediately at a temperature of -40 degree in a few hours. This procedure reduces the natural oxidation and preserves the freshness, preventing from microbial growth and the loss of the nutrients. In fact, it offers several times a nutritional quality superior to the fresh fish that are found in markets. Also, preserved segment is projected to witness growth at fastest CAGR of 4.2% in forecast period 2020-2025. The aim of fish processing and preservation is to slow down or prevent the enzymatic, bacterial and chemical deterioration and to maintain the fish fresh in a condition as near as possible to that of fresh fish.
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By Species- Segment Analysis
By Species, the Fish Processing Market is segmented into Fish, Crustaceans, Mollusks and Others. Fish segment held the largest market share in the year 2019 owing to the rising fish consumption along with the growing demand of low-fat and high-quality protein is anticipated to trigger its market growth. Moreover, fish is a high-protein low fat-food that provides a range of health benefits. White-fleshed fish in particular, is lower in fat than any other source of animal protein, and oily fish is high in omega-3 fatty acids which is important for prenatal and postnatal neurological development. Also, crustaceans segment is projected to witness growth at fastest CAGR of 4.6% in forecast period 2020-2025 owing to its micronutrient and healthy fats.
Geography- Segment Analysis
APAC contributed to the largest market share of more than 37% owing to the presence of large dominant players in the region including Charoen Pokphand Foods and PR Fish Company. Moreover, Seasaga Group is the largest and oldest frozen seafood processing and exporting companies in India. North America Fish Processing market is another dominant market owing to the presence of Tulip Group Inc., Moreover, FDA publishes the Fish and Fisheries products hazards and controls guidance, an extensive compilation of the most up-to date science and policy on the hazards that affect fish and fishery products and effective controls to prevent their occurrence.
Drivers – Fish Processing Market
Increasing Health Benefits from Fish
Increasing health benefits from fish is a major factor driving the Fish Processing Market during the forecast period 2020-2025. Fish is high in many important nutrients, including high-quality protein, iodine and various vitamins and minerals. Moreover, eating fish is associated with health benefits of lowering triglycerides, blood pressure, inflammation, macular degeneration and reducing the risk of heart disease and stroke. It also provides a lean source of omega-3 fatty acids, proteins and minerals. Hence, these are the key benefits driving the fish processing market in the upcoming years.
Government Stringent Regulation for Protecting Marine Species
Government Stringent regulation for protecting marine species is driving the Fish Processing Market during the forecast period 2020-2025. For instance, the Fisheries Law seeks to enhance the production, increase, development and reasonable utilization of the nation’s fishery resources. It requires the state to adopt a policy that calls for simultaneous development of aquaculture, fishing and processing with species emphasis on aquaculture. This Law is implemented by the Regulation for the Implementation of the Fisheries Law.
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Challenges – Fish Processing Market
Rising Raw Material Prices
Rising raw material prices serve as a major setback for the growth of the Fish Processing Market during the forecast period 2020-2025. Moreover, clupeids provide the largest single source of raw material for the production of fish meal and oil. In addition, the composition and quality of raw materials are predominant factors in determining the properties and yield of the products.
Fish Processing Market Industry Outlook
Product Launches, Merger & Acquisition, joint ventures and R&D activities are key strategies adopted by the players in Fish Processing Market. Fish Processing Market top 10 companies are Charoen Pokphand Food pcl, Higher Liner Food Incorporated, Leroy Seafood Group Asa, Marine Harvest Asa, Maruha Nichiro Corporation, Nippon Suisan Kaisha Ltd, Pelagic Asa, Pesconova SA, Royal Greenland A/S and Thai Union Frozen Product Public Company Limited.
July 2019: In India, Finance Minister Nirmala Sitharaman announced a new schema to promote processing in fishery sector and allocated an estimated of Rs 3,737 crore for the newly carved out ministry of fisheries, animal husbandry and dairying.
March 2020: Liverpool-based Sykes Seafood has completed the acquisition of processor Klaas Puul from the Dutch Seafood Company, leading to the creation of a euro300m pan European seafood business.
Frozen held the major market share in 2019, owing to its convenience and instant cooking attributes to the highest popularity of fish products among the consumers.
Fish segment held the largest market share in the year 2019 owing to the rising fish consumption along with the growing demand of low-fat and high-quality protein is anticipated to trigger the market growth.
APAC contributed to the largest market share of more than 37% owing to the presence of large dominant players in the region including Charoen Pokphand Foods and PR Fish Company.
Increasing health benefits from fish is a major factor driving the Fish Processing Market during the forecast period 2020-2025.
Related Reports :
A. Fishmeal & Fish Oil Market
B. Fish Farming Market
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