The fish processing market is projected to reach USD 222.71 billion in terms of value, at a CAGR of 3.8% from 2016 to 2021, and 37,194.98 KT in terms of volume by 2021, at a CAGR of 2.2% from 2016 to 2021. This report analyzes the fish processing market, in terms of category, species, application, source, equipment, and region. The fish processing market has grown steadily in the last few years and this trend is projected to continue until 2021. The primary factors driving the global success of this market are high nutritional profile and health benefits of fish and fish products. This market is also driven by growing aquaculture industry and increasing health consciousness“Non-food segment to be the fastest growing segment from 2016 to 2021”
On the basis of application, the fish processing market is classified into food and non-food applications such as fish meal, fish oil, cosmetics, fertilizers, and other industrial uses. The non-food processing application segment was the fastest growing segment, growing at a rapid rate till 2021. The reasons behind the growth of this segment is the increasing demand for fish meal, fish oil, cosmetics, fertilizers, and other industrial applications.
“Fish from inland captures growing at the fastest CAGR in the fish processing market”
Based on sources for fish harvesting, the inland segment for the fish processing market is projected to grow at the highest CAGR of 7.1% from 2016 to 2021. Introduction of modern technologies and techniques for fishing, increased motorization of fisheries boats, and relaxation of government policies for inland fisheries have led to the growth of this market.
“Curing, drying, smoking, salting & surimi segments growing faster than other forms of fish processing”
Dried seafood is available in many forms such as dried fish, dried oysters, dried shrimps, and dried octopus, among others that are gaining popularity in many developed regions. Smoking, both hot smoking and cold smoking of fish, has become a trend for preservation in several European countries. Surimi is a unique food made out of fish protein, popular in Asia, which is now making its way into daily diets of people across the globe. These varieties of processed fish have witnessed a steady growth in the fish processing market.
“Portugal is the fastest growing country in the European region”
The European region has abundant processing facilities, advanced machineries, and boats, and with the increasing import of shrimp and other varieties of fish from Asian economies, there is rise witnessed in this market. Portugal witnessed the highest growth in the European region with an increase in capture and supply of turbot, oysters, clams, cod, hake, and sardine. Several European economies such as Poland, Denmark, Spain, and Portugal are dependant on fisheries as an important contributor to their GDP and are leading exporters of processed fish products to most European and North American countries.
Given below is the breakdown of the primaries on the basis of company, designation, and region, conducted during the research study.
- By Company Type: Tier 1 – 45%, Tier 2 – 35%, and Tier 3 – 20%
- By Designation: C level – 22%, Director level – 28%, and Others – 50%
- By Region: North America – 45%, Europe – 25%, APAC – 18%, and RoW – 12%
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