Market Outlook:

The anticipated global fish processing market size is poised to reach USD 368.55 Billion by 2024, with a projected escalation to USD 693.8 Billion by 2032, reflecting a compound annual growth rate (CAGR) of 5.92% during the forecast period. 

Fish processing, one of the main subfields of the post-harvest fisheries industry, addresses the various facets of seafood preservation and value enhancement. Various processing techniques, including smoking, drying, and salting, are employed to extend product shelf life and diversify them throughout continents and regions. Fish processing helps to preserve the fish's freshness for a long time without sacrificing its flavor, aroma, or nutritional content, and is often used for conservation purposes. It includes all aquatic animals that have been treated. A highly perishable product is fish. Therefore, proper preservation is necessary to maintain nutritional value and extend shelf life. One of the main advantages of fish processing is the sustainable use of marine resources, which increases customer demand for more processed fish. Ozone has been found to improve the freshness of raw seafood. Raw fish and processing equipment treated with ozone reduces the risk of microbial attack, which could kill the fish. Consequently, the fish processing sector is more profitable when ozone is used.

Market Dynamics:

Driver:

The growing health benefits boost the growth of the fish processing market. The American Heart Association mentions eating fish two times a week for a healthy diet as omega-3 fatty acids, which are initiated in fish, diminish the risk of arrhythmias, or irregular heartbeats. Fish products contain high levels of vital nutrients, comprising essential vitamins, minerals, high-quality protein, and good polyunsaturated fatty acids. Fish that provide critical amino acids increase dietary protein intake, which benefits the market for fish processing. According to recent studies, fish is a fantastic substitute for animal protein. Fish oil aids in the brain development of fetuses and newborns, enhancing cognitive, motor, memory, and visual acuity tests. DHA is also necessary for preserving good vision, especially in the retina. In addition to lowering the incidence of glaucoma and dry eye syndrome, eating fish oil may help prevent age-related macular degeneration (AMD). 

Restraint:

The rising quality problems related to fish processing foods hampers the growth of the fish processing market. The seafood and fish have a short shelf life, which hinders the market expansion for fish processing. Quality issues are caused by improper harvesting, handling, processing, and storage. Throughout the process and until the product is given to the customer, the quality must be preserved. Poor raw material quality, microbiological contamination, ice and water, the presence of heavy metals, and storage are the primary causes of quality issues. The export business is doing well because of the increased demand for premium fish and seafood as well as Modified Inplant Quality Control (MIPQC). However, in the local market, the quality control and freshness are lower. 

Opportunity:

The increasing maintenance quality of the products creates a lucrative opportunity for the growth of the fish processing market. The conventional method of safety and quality monitoring is labor-intensive and lacks skilled operators. To ensure the safety and quality of aquatic produce, a sensitive and dependable product must be developed. Biosensors support the expansion of the fish processing sector by detecting pollutants such as metal ions, gasses, biomolecules, foodborne pathogens, and organic substances. Foodborne infections can be identified in a few hours with the help of a biosensor, while the traditional method takes around a week.

Challenge:

One major barrier preventing the market's growth is the negative effects of eating marine products due to the high levels of water pollution. For example, consuming polluted marine goods, such as fish and shellfish, is one of the main reasons for mercury killing globally. The indications include despair, anxiety, tremors, numbness, and memory loss. Also, there is a noteworthy risk that the seafood will be polluted by bacteria or viruses, which can lead to food infection. 

Key Players:

• Charoen Pokphand Food
• Higher Liner Food Incorp.
• Leroy Seafood Group
• Marine Harvest
• Maruha Nichiro Corp.
• Nippon Suisan Kaisha Ltd
• Pelagic Asa
• Senegal 
• Royal Greenland A/S
• Marel 
• Thai Union Frozen Comp.
• Norway Pelagic ASA
• Optimar AS
• JBT Corp.
• Arenco AB
• Others

Recent Development:

• In April 2019, KWS SAAT SE acquired Pop Vriend Seeds. As a result of this acquisition, the demand for Fish Processing increased as the portfolio of other vegetable seeds expanded. 

• In March 2023, Senegal launched the construction of a fresh fish processing facility in the seaside town of Joal-Fadiouth to increase the advantages for those involved in artisanal fishing. There are seven storage facilities on this recently constructed site. Enhancing the value of the fishermen's catch and raising their general productivity are the goals of the facility.

• In October 2022, Syngenta Marel launched FleXicut Tres, the newest member of the FleXicut family. The capacities for portioning salmon and huge whitefish are greatly expanded by this state-of-the-art processing line. 

Segment Insights:

By Processing Type

The market for processing type is further divided into categories such as frozen, preserved, and others. The frozen sector dominated the processing type market and is anticipated to do so for the duration of the forecast. Frozen fish products are packaged to reduce dehydration and oxidation. They are also a healthier choice as freezing is a natural process that doesn't require preservatives. Furthermore, freezing fish products guarantees that their quality won't decline over time. This allows seafood to be found in places where there aren't any bodies of water nearby, making fresh fish unavailable. The preservation sector is expected to grow at the fastest rate over the predicted timeframe. The three most popular techniques for preserving fish are pickling, smoking, and canning. Fish are the most susceptible to microbial spoiling, rancidity, and tissue breakdown of any meat product. By stopping or postponing such activities, preservation helps increase the product's shelf life.   

By Species

The fish segment is the dominating segment of the fish processing market. Fish is an outstanding source of high-quality protein and other elements. Consumer need for a healthy diet is driving the market. Consuming fish takes down the risk of heart attack and stroke. Over the estimated period, the market for fish processing in the crustacean category is anticipated to grow expressively. Crustaceans are the second most vital food source in aquaculture, after fish. The eating of crustaceans has improved remarkably on a worldwide scale. The growth is carried on by high levels of protein, amino acids, carbohydrates, minerals, and vitamins. It also has a lesser omega-3 content than fish. For instance, salmon contains 2.6 grams of omega-3 per 100 grams, while prawns have 300–400 mg.

 Regional Insights:

The market for fish processing is dominated by Asia Pacific. The increasing demand for food and nutritional security among urban, coastal, and rural populations is driving growth in the region's market. In Asia-Pacific, fisheries products have a major impact on human welfare, food security, and poverty alleviation. The topmost consumer of fish processing countries is China, Japan, Vietnam, and Myanmar. The Pradhan Mantri Matsya Sampada Yojana (PMMSY) is a new fisheries action in India that promotes the socioeconomic stability of fishermen and fish farmers by offering safety kits, replacement boats, and nets, insurance for fishing vessels and fishermen, and provisions for earnings and dietary requirements for fisher families throughout the challenging circumstances and fishing bans. Throughout the forecast period, North America is expected to see the fastest-growing region for the fish processing market. The rise in aquaculture construction is fueling the fish processing business in North America. The business in North America is composed of bivalve mollusks, such as clams, mussels, and oysters. However, Americans are consuming more species due to developments in aquaculture feeds, management strategies, and technology.

Segmentation:

By Processing Type

• Frozen
• Preserved
• Dried
• Others

By Species

• Fish
• Crustaceans
• Mollusks
• Others

By Source

• Freshwater
• Marine
• Inland

By Equipment

• Slaughtering
• Deheading & Gutting
• Skinning
• Scaling
• Filleting
• Desliming & Rinsing
• Others

By Application

• Food
• Feed
• Biomedical
• Others

By Region

North America

• USA

• Canada

• Mexico

Europe

• France

• UK

• Spain

• Germany

• Italy

• Rest of Europe

Asia Pacific

• China

• Japan

• India

• South Korea

• Rest of Asia Pacific

Middle East & Africa

• GCC

• South Africa

• Rest of the Middle East & Africa

South America

• Brazil

• Argentina

• Rest of South America

What to Expect from Industry Profile?

1. Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the fish processing market in the world.

2. Use PORTER’s Five Forces analysis to determine the competitive intensity and therefore market attractiveness of the Global fish processing market.

3. Leading company profiles reveal details of key fish processing market players’ global operations, strategies, financial performance & recent developments.

4. Add weight to presentations and pitches by understanding the future growth prospects of the global fish processing market with forecast for the decade by both market share (%) & revenue (USD Million).

FAQ’s

1) What are the major factors driving the growth of the Global Fish Processing Market?

• The growing health benefits boost the growth of the fish processing market. 

2) What would be the CAGR of the Global Fish Processing Market over the forecast period?

• The Global Fish Processing Market is poised to grow at a CAGR of 5.92% from 2024 to 2032.

3) Which region will provide more business opportunities for the growth of the Global Fish Processing Market in the future?

• The Asia Pacific region is expected to create more opportunities in the market.

4) Who are the major players dominating the Global Fish Processing Market?

• Charoen Pokphand Food, Higher Liner Food Incorp., Leroy Seafood Group, Marine Harvest, Maruha Nichiro Corp., Nippon Suisan Kaisha Ltd, Pelagic Asa, Senegal, Royal Greenland A/S, Marel, Thai Union Frozen Comp., Norway Pelagic ASA, Optimar AS, JBT Corp., Arenco AB, Others. 

5) What are the segments in the Global Fish Processing Market?

• By Processing Type, By Species, By Source, By Equipment, and By Application are the industry key segments considered for research study.

6) What is the estimated market revenue for the Global Fish Processing Market in 2032?

• The estimated revenue for the Global Fish Processing Market in 2032 is USD 693.83 billion.