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What is the Anticipated CAGR of the Fish Processing Market, and What Factors Will Drive It?

The market size of fish processing has been experiencing consistent expansion in the past few years. The market is projected to surge from a valuation of $215.6 billion in 2024, to an estimation of $225.42 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 4.6%. Factors accounting for such growth during the historical period include the balance of worldwide supply and demand, shifts in consumer preferences, introduction of new species in the market, changes in export and trade regulations, environmental issues, along with labour and automation aspects.

The market size of fish processing is projected to witness significant expansion in the coming years. It is predicted to hit the $279.67 billion mark by 2029, growing at a compound annual growth rate (CAGR) of 5.5%. The projected growth within the forecasted period can be credited to factors such as customization and innovation, emerging markets, the rise of alternative protein sources, the escalating demand for convenience foods, and enhancements in supply chain efficiency. Key trends for the forecasted period include an emphasis on market transparency and consumer education, heightened customization and personalisation, an increased focus on health and nutrition, and the emergence of value-added processing.

What Strategic Factors Are Influencing the Accelerated Growth of the fish processing Market?

The expansion of the aquaculture sector is set to boost the fish processing market. Aquaculture consists of rearing aquatic species such as fish, shellfish, and aquatic plants in diverse water bodies. It serves as a source of food, aids in recovering endangered species populations, replenishes naturally occurring stocks, and restores habitats for water-based organisms. With the exponential demand for seafood and a declining yearly catch of wild fish, an increase in aquaculture is anticipated, thereby augmenting the requirement for fish processing. For example, the Sea Fish Industry Authority, a UK-based agency supporting the seafood industry, projected in September 2023 that aquaculture production will escalate to 106 million tons by 2030, signifying a 22% overall growth, or approximately 19 million tons. Hence, the development of the aquaculture sector is fuelling the demand for the fish processing market.

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Who Are the Top Companies Contributing to the Growth of the Fish Processing Market?

Major companies operating in the fish processing market include:

• Maruha Nichiro Corporation_x000D_

• Charoen Pokphand Foods Public Company Limited_x000D_

• GEA Group_x000D_

• Mowi Feed AS_x000D_

• Marine Harvest ASA_x000D_

How Are Technological Trends Affecting the Growth and Development of the Fish Processing Market?

In the fish processing market, key players are increasingly innovating, creating unique seafood snack products to diversify their offerings and meet changing consumer preferences. Essentially, these unique seafood snacks combine fish and seafood tastes with traditional snack formats, targeting experimental eaters. A case in point is Profand, a seafood product company based in Spain. In April 2024, they unveiled their fish-flavored churros at the Seafood Expo Global. These churros are a quirky culinary experiment, using fish flour derived from salmon and cod instead of regular wheat flour. This innovative variation of the well-known Spanish delight folds in fish fumet in the dough, enriching the taste and promoting sustainability by utilizing seafood that could otherwise be discarded. This new product appeals not just to the adventurous palette, but also supports a shift away from traditional fish processing techniques.

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What Are the Major Categories and Their Growth Dynamics in the Fish Processing Market?

The fish processing market covered in this report is segmented –

1) By Source: Marine, Inland

2) By Species: Fish, Crustaceans, Mollusks, Other Species

3) By Processing: Frozen, Preserved, Other Processes

4) By Application: Food, Non-food

Subsegments:

1) By Marine: Wild Caught Fish, Farmed Marine Fish, Shellfish

2) By Inland: Freshwater Fish, Aquaculture Fish, Specialty Inland Fish Species

What Are the Key Regions Powering Growth in the Fish Processing Market?

Asia-Pacific was the largest region in the fish processing market share in 2024. The regions covered in the fish processing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Defines the Scope of the Fish Processing Market?

Fish processing comprises of processes involving fish and fish products from the point the fish was caught or harvested until the final product is delivered to the consumer. Additionally, fish processing includes any aquatic organism harvested for commercial purposes, whether obtained in wild fisheries, aquaculture, or fish farming. The method ensures that fish products are entirely safe for human consumption and that suitable hygienic conditions are maintained.

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