Fresh Fish Market is expected to grow from USD 222 billion in 2021 to USD 281 billion by 2029 : GreyViews

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Fresh Fish Market By Product (Pelagic and Demersal), By Form (Fresh and Frozen), By Distribution Channel (Offline and Online), Regions, Segmentation, and forecast till 2029.

Pune India, Dec. 13, 2022 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the fresh fish market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the fresh fish market are present across various countries in the above-mentioned regions.

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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product, form, distribution channel and region. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs. 

The significant players operating in the global fresh fish market  are Mowi, Thai Union Group PCL, Cermaq Group AS, Huon Aqua, Stolt Sea Farm, Stehr Group, Leigh Fisheries, True World Foods, Priory Fishery Ltd. To achieve a substantial market share in the worldwide fresh fish market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.

Fish have gills and are aquatic vertebrates, but they have no limbs with digits like fingers or toes. They are vertebrates as well. Any animal with a backbone running through its body is considered a vertebrate. The majority of fish have aerodynamically designed bodies. More than 34,000 different species of fish, which are vertebrate animals that dwell in both fresh and salt water, are found in the phylum Chordata. There are many living species, from the jawless lampreys and hagfishes seen in ancient ecosystems to the cartilaginous sharks, skates, and rays seen in modern oceans to the numerous and diversified bony fishes. Rising demand for and consumption of fresh fish products in developed and developing countries will drive the market. According to the Food and Agriculture Organization (FAO), fish consumption worldwide has increased at a rate that is substantially faster than the rate of population growth. Additionally, the market is expected to grow more quickly over the course of the forecast period as people become more aware of fresh fish’s health benefits, which include reducing the risk of chronic diseases and regulating hormone levels.

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Scope of fresh Fish Market Report

Report Metric Information
Study Period 2021-2029
Base Year           2021
Forecast Period 2022-2029
Market Share Unit USD Billion
Segments Covered Product, Form, Distribution Channel and Regions
Regions Covered North America, Europe, Asia-Pacific, South America, and Middle-East and Africa
Major Players Mowi, Thai Union Group PCL, Cermaq Group AS, Huon Aqua, Stolt Sea Farm, Stehr Group, Leigh Fisheries, True World Foods, Priory Fishery Ltd.

Segmentation Analysis

The pelagic segment is expected to be the fastest-growing segment in 2021. 

The product segment is Pelagic and Demersal. The pelagic segment is expected to witness the highest growth rate during the forecast period. The market will grow throughout the forecast period as consumers become more aware of the health advantages of fish food. The market has expanded as a result of the sharp decline in levels of protein and vitamin deficit caused by increased pelagic fish consumption. This industry is also growing since pelagic fish consumption and production are booming in emerging countries like China, Indonesia, and India, where costs are more affordable.

Form cloud is expected to be the fastest-growing segment in 2021. 

The form segment includes Fresh and Frozen. The form cloud segment is expected to witness the highest growth rate during the forecast period. The sector has experienced substantial growth since eating fresh fish has numerous health advantages, including a decreased risk of acquiring chronic diseases. Demand for this category is also being considerably boosted by consumer preference for fish foods that are high in protein.

Offline is expected to be the fastest-growing segment in 2021. 

The distribution channel segment includes Offline and Online. The offline segment is expected to witness the highest growth rate during the forecast period. Suppliers of fresh fish use the traditional retail channel to increase sales. Customers prefer brick-and-mortar establishments because they can physically inspect the goods, foods, and fish feed before making a purchase. The category may also be influenced by consumers’ easy access to and searches for various fish products through merchants. Offline channels are expected to continue to rule during the forecast period as a result of the enlarged distribution channel networks globally.

Regional Analysis           

The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the fresh fish include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.

  • The Europe region witnessed a major share. Market expansion in this area is being driven by the rising demand for environmentally friendly products and the growing awareness of their positive effects on health. Additionally, due to worries about early skin aging, bone health, and the incidence of cardiovascular diseases, there is a growth in demand for fish-based goods in the European region. The market is also expected to grow over the course of the forecast period as a result of rising consumer demand for premium quality fish products due to their freshness, variety, and simplicity of use for food safety. This demand is thought to be the primary market driver.
  • Country Analysis
  • Germany

Germany’s fresh fish market size was valued at USD 2.29 billion in 2021 and is expected to reach USD 2.85 billion by 2029, at a CAGR of 2.8% from 2022 to 2029. Expanding interest in sustainability and growing knowledge of its health advantages are driving this market’s expansion. Demand for fish products is also rising in Germany due to the rising incidence of cardiovascular disorders, as well as rising worries about premature skin aging, bone health, and other difficulties.

  • China

China’s fresh fish market size was valued at USD 1.7 billion in 2021 and is expected to reach USD 2.07 billion by 2029, at a CAGR of 2.5% from 2022 to 2029. The FAO report 2020 states that in 2018, the catches from inland fisheries hit a record high of 12.0 million tonnes. The top seven producers accounted for nearly half of all captures, with China accounting for 15% of the total, followed by Indonesia (7%), Peru (7%), and India (6%). However, aquaculture’s potential to take off as a major business in the country is being hampered by the fact that the average fisherman’s income in the country, which was USD 2,685 in 2018, was even lower than the industrial wage. China produces the most fish in the world, but it also consumes by far the most fish, thanks to the country’s fast-rising GDP and affluence.

  • India

India’s fresh fish market size was valued at USD 1.4 billion in 2021 and is expected to reach USD 1.66 billion by 2029, at a CAGR of 2.2% from 2022 to 2029. As a result of increased worldwide fish product production as well as improvements in the cold chain, transportation, and distribution systems, consumer demand for fish-based products has surged. However, increased government assistance and improvements in the transportation system over the past few years have increased the significance of foreign trade. The Marine Products Export Development Authority (MPEDA) in India has launched an initiative to build a GPS-based database of export-oriented aquaculture farms in order to guarantee the traceability and quality control of the products from these farms.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.

Furthermore, the growth of this market is mainly driven by the growing fish consumption.

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