Processed Fish Market to Record an Exponential CAGR by 2024

The word fish is associated with eatable aquatic species such as finfish, crustaceans, and mollusk. Fish is one of the delicate food which demands proper handling for a long shelf life so that it do not lose its nutritional value and desired quality, the primary concern from which fish is to be protected is the deterioration issue. Many contributors are involved in fish processing such as fishermen, fish sourcing suppliers, seafood processors, manufacturers, logistics and distribution, marketing & sales, and end-use industries or consumers.

Hence processed fish or fish products are obtain by undergoing series of operations from the time fish were harvested; till the time fish or fish products are delivered to the consumers. Mostly, big business in fish processing operates their own fish farming operations. Earlier fishery products were dependent upon very simple methods majorly on knives and salt, this hinder quality of the fish product when reached to the consumers at distant places. In 1980 market price of fish products totally liberalized, this brought a great change in seafood industry; all modern techniques adopted while giving the variety of processed fish food globally.

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The growth in the processed fish market is primarily attributed to the increasing demand for processed seafood among consumers and economic growth landing to rising disposable income are driving the growth of the processed fish market. Besides, change in lifestyle pattern, particularly in the developing countries, are increasing demand for processed fish. Due to hectic lifestyle, time-strapped people prefer processed fish products over others as it provides healthy food options which are convenient to cook and minute ready to eat. On the other hand, the major factor restraining the growth of processed fish market is the increase in the price of raw material used for manufacturing processed fish. Regarding geography, the processed fish market has been categorized into seven key regions including North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific excluding Japan, Japan, and the Middle East & Africa.

The Processed Fish market is expected to register healthy CAGR during the forecast period. Asia Pacific excluding Japan is experiencing the rapid increase in the production capacity of processed fish market as a demand ready to eat seafood as a substitute for protein is rising in developing countries such as China, India, and South Korea. The Eastern and Western Europe are projected to register healthy growth in countries such as UK, Portugal, Italy, France, Germany shows increment in the usage of marine food in catering while demanding processed seafood. North and Latin America is also witnessing steady growth in processed food market.

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Some of the key player’s global processed fish market are Iglo Group, High Liner Foods, Norway Pelagic ASA - Pesconova S.A., Royal Greenland A/S, Leroy Seafood Group, Thai Union Frozen Products Public Company Limited, Marine Harvest, Dong Won Fisheries, Nippon Suisan Kaisha, Ltd., Leroy Seafood Group ASA, Empresas Aqua Chile, Beijing Princess Seafood International Trading, Findus Group, Faroe Seafood, Kverva, Hansung Enterprise, Maruha Nichiro Corporation, and Charoen Pokphand Foods PCL among others.

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