Fresh Fish Market Size Is Poised To Reach $273.96 Billion By 2028: Grand View Research Inc.

 

The global fresh fish market size is expected to reach USD 273.96 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 2.6% from 2022 to 2028. The growing demand for and consumption of fresh fish products in developed and developing economies is driving the market. Moreover, the rising concerns over premature skin aging and bone health and high prevalence of cardiovascular diseases are accelerating the demand for fresh fish around the globe. In addition, growing demand for premium quality food products due to freshness, diversity of the products, and convenience for food safety are expected to boost the market growth over the forecast period.

Factors such as innovation which leads to more variety in seafood dishes and the global demand for protein and fat-free foods are contributing to the growth of the market. Exclusive restaurants serving exotic seafood and changing consumer tastes are some of the other factors driving the market. In addition, advancements in fish breeding and fishing methods are expected to drive this market in the coming years. Increasing awareness regarding healthy food will contribute to the growing global demand for seafood. Some of the restraining factors are the short shelf life of the product, government regulations on illegal fishing and packaging, and disease outbreaks while farming and processing seafood.

Moreover, a lockdown situation was observed during the COVID 19 pandemic, and it showed a slight decline in the market owing to the suspended supply chain of the products in various countries. Fresh fish food products are highly dependent on international trade, which suffered quite early from the pandemic due to the limitations and closures of the global market. Aquaculture and fishery supply chain is susceptible to being disrupted by measures arising from COVID-19 restrictions. The restaurant industry was one of the first industries to be shut down, resulting in a significant reduction in foodservice demand in many important markets. The impact on retail sales is more mixed; however, as households look to stock up on non-perishable food items, demand for packaged and frozen products has increased.

The demersal segment is expected to register the fastest CAGR of 3.0% from 2022 to 2028. Demersal fish is a sustainable fish product and is considered safe and nutritious. The increasing demand for demersal fish as it is a valuable protein source for human consumption is projected to fuel the growth of this segment in the forecast period.

The frozen segment is anticipated to expand at the fastest growth rate of 2.8% from 2022 to 2028. The growing demand for fish and innovative chilling, packaging, and distribution technologies have led to significant growth of the market over the forecast period. Furthermore, continuously changing lifestyles and busy life schedules of consumers are increasing the demand for frozen fish.

The online segment is expected to register the fastest CAGR of 3.6% from 2022 to 2028. The internet penetration rate has registered lucrative growth in recent years, which is accelerating the market growth. Several suppliers of fresh fish are offering products not only on their websites but also on e-commerce platforms, which is projected to fuel the market growth.

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https://www.grandviewresearch.com/industry-analysis/fresh-fish-market-report/request/rs1

The growing demand and consumption of fresh fish products in developed and developing economies will drive the market. As per the Food and Agriculture Organization (FAO), global food fish consumption has increased at a growth rate significantly above that of the world population growth. Moreover, growing awareness regarding the health benefits of fresh fish such as reducing the risk of chronic diseases and balancing hormone levels is expected to accelerate the market growth over the forecast period.

Fresh Fish Market Report Highlights

  • Asia Pacific captured the largest revenue share of over 55.0% in 2021 owing to the high consumption of fresh fish products in countries such as India and China
  • The demersal product segment is expected to register the fastest CAGR of 3.0% from 2022 to 2028 as it is a valuable protein source for human consumption
  • Offline distribution channel held the largest revenue share of over 80.0% in 2021 due to well-established distribution network across the globe
  • The frozen form segment is expected to register the fastest CAGR of 2.8% from 2022 to 2028 owing to several health benefits such as reducing the risk of chronic diseases

The COVID-19 pandemic disturbed transportation and suspended the supply of fish food products for a short duration. The supply chain of fish products was disrupted due to COVID-19 restrictions. These products are highly dependent on international trade, which suffered quite early from the pandemic due to the limitations and closures of the global market. In aquaculture, the unsold production of fresh fish has resulted in increasing levels of live fish stocks. Further, it has created higher costs for feeding and risks of fish mortalities across the globe.

The consumption of fish products has been driven by advancements in the cold chain, shipping and distribution channel, and an increase in the production of fish products across the globe. Moreover, the rising demand for protein-rich diets as an alternative to high-calorie food products is accelerating the industry demand. Fish food consists of a low-fat source of protein, which is used for muscle building, and also contains iron and vitamins such as omega-3 fatty acids, thereby accelerating the market growth.

The rising production of fish in developing economies including India and Indonesia is the major driving force of the market. The market for fresh fish has been witnessing growth due to factors such as growing urbanization and increasing disposable income of the people, which has led to a rise in the consumption of protein-rich fish food. Moreover, the growing demand for premium quality food products due to the freshness and diversity of the products are expected to boost the market growth over the forecast period.

List of Key Players of Fresh Fish Market

  • Mowi
  • Thai Union Group PCL
  • Cermaq Group AS
  • Huon Aqua
  • Stolt Sea Farm
  • Stehr Group
  • Leigh Fisheries
  • True World Foods
  • Priory Fishery Ltd.  

 

 

 

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