Fish Processing Market insights to 2021 projects a growth of 3.8% CAGR, The market to reach USD 222.71 Billion by 2021

“Fish processing market is projected to grow at a CAGR of 3.8%”

The global market for fish processing has been growing steadily during the last few decades. In terms of value, the market is projected to reach USD 222.71 Billion by 2021, at a CAGR of 3.8% from 2016 to 2021 and is projected to reach 37,194.98 KT in terms of volume by 2021, at a CAGR of 2.2%. Factors such as high nutritional profile and added health benefits of processed fish and fish products, growth in the aquaculture industry, and increase in health consciousness toward value-added fish products are driving the fish processing market.This market is also driven by growing aquaculture industry and increasing health consciousness

The fish processing market, based on category, is segmented into frozen, preserved, and others (which includes cured, dried, smoked, salted, and surimi). The frozen segment accounted for the largest market share and the others segment (which includes cured, dried, smoked, slated, and surimi) is projected to grow at the highest CAGR during the forecast period as convenience and ready-to-cook attributes the popularity of processed fish products among the middle-aged and younger population.

“Curing, drying, smoking, salting & surimi segments growing faster than other forms of fish processing”

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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

“Non-food segment to be the fastest growing segment from2016 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.

“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 dependent on fisheries as an important contributor to their GDP and are leading exporters of processed fish products to most European and North American countries.

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The fish processing market is dominated by leading players such Charoen Pokphand Foods PCL (Thailand), Maruha Nichiro Corporation (Japan), Nippon Suisan Kaisha, Ltd. (Japan), Marine Harvest ASA (Norway), and Thai Union Frozen Products PLC (Thailand). Other players include Pescanova S.A. (Spain), High Liner Foods Incorporated (Canada), Royal Greenland A/S (Denmark), Leroy Seafood Group ASA (Norway), and Norway Pelagic ASA (Norway).

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