Future Market Insights, an ESOMAR-certified market research firm, published a research report on the “Fish Processing Market.” With 39.7% of the market, Europe is second in market share. Europe has a wealth of resources, such as cutting-edge equipment and ships, which are expected to boost the local economy. Cold rolling and hot smoking are traditional methods for preserving fish in several European countries. According to a study, Portugal, the part of Europe growing the fastest, has a strong demand for cauldrons, clams, sardines, oysters, and fish. Fishing is a major industry in several European countries, contributing to their GDP. The report comprehensively explains the scope and content of the research, encompassing the driving factors, market size, and forecast data for the fish processing industry.
NEWARK, Del, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The fish processing market is estimated to attain a value of US$ 368,460.4 million by 2033, up from its 2023 value of US$ 213,619.7 million, showcasing a projected CAGR of 5.9%
Increasing demand for seafood is the key driver fueling the fish processing industry's growth. Overfishing is the primary restraint, and with this, the availability of fish decreases. Moreover, there is a potential threat to the fish processing market due to the possibility of customer preferences changing. If customers shift towards plant-based food options, it could adversely impact the demand for fish products.
Request to Download a Sample Report: Dive into the Future of Fish Processing Market! Get a Glimpse with a Sample Report. Explore Growth Potential in Seafood Industry:
The market offers numerous opportunities, primarily because it will likely experience significant growth, with a CAGR of 5.9% expected through 2033. One of the key reasons driving this growth is the increasing demand from customers for healthy and sustainable food varieties, and seafood is perfectly suited to fulfill this demand.
The market is experiencing significant growth, and one excellent factor contributing to this is the increasing popularity of ready-to-eat and ready-to-cook seafood products. This trend is likely to fuel market expansion during the forecast period. Additionally, the current trend of customers acquiring online food deliveries to their homes is another reason behind the expansion of the fish processing market.
- The fish processing industry is experiencing robust and steady growth, and it is anticipated to maintain a notable CAGR of 5.9% from 2023 to 2033. This positive trend points toward promising prospects for the industry.
- The fish processing industry is poised for exceptional growth, as it is projected to reach an impressive revenue of US$ 368,460.4 million by 2033. This highlights its bright future and substantial market potential.
- In 2022, the United States asserted its dominance in the fish processing industry, holding an impressive market share of 21.1%. This notable percentage highlights the country's commanding position in the industry.
- In 2022, Germany established a strong presence in the fish processing industry, securing a substantial share of 7.8%. This notable achievement placed the country ahead of its competitors in the industry.
- In 2022, Japan secured a notable position in the fish processing industry by capturing a significant share of 4.4%, demonstrating its growing presence and competitiveness.
- India is expected to demonstrate strong growth in the fish processing industry, with a projected CAGR of 5.6% during the forecast period. This growth forecast reflects the country's potential to expand its market presence and make significant progress in the industry.
Fish Processing Market Research Report Coverage:
|Growth Rate||CAGR of 5.9% from 2023 to 2033|
|Base Year for Estimation||2022|
|Historical Data||2018 to 2022|
|Forecast Period||2023 to 2033|
|Quantitative Units||Revenue in US$ billion, Volume in Kilotons, and CAGR from 2023 to 2033|
|Report Coverage||Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis|
|Segments Covered|| |
|Regions Covered|| |
|Key Countries Profiled|| || || |
|Key Companies Profiled|| || |
Dive into the Fish Processing Industry's Success Story! Seize the Opportunity Now. BUY NOW and Explore the Path to Profitable Growth :
Competitors Winning Strategies:
Competitors in the fish processing market are implementing numerous strategies, such as building their brands to gain customer trust and loyalty. They are also expanding their operations into new markets to foster business growth. Additionally, they are creating new channels, like the online seafood market, to attract new customers.
They are introducing new products, such as ready-to-eat and ready-to-cook meals since these have become increasingly popular in the market due to high demand. Additionally, they are creating new flavors and varieties in the ready-to-eat and ready-to-cook categories. This initiative is aimed at providing customers with a wide range of options to choose from.
Thai Union Group, Maruha Nichiro, Austevoll Seafood, Icelandic Seachill, Wild Planet Foods, John West Foods, Birds Eye Foods, and Conagra Brands are a few of the leading competitors in the fish processing market.
- Austevoll Seafood: Austevoll Seafood stated that it is spending US$ 100 million on an additional fish processing factory in Norway. The factory is anticipated to be finished in 2024 and can produce 40,000 tons of fish annually.
- Icelandic Seafood: Icelandic Seafood stated that it will purchase the fish processing business of Faroese Prime Seafood for US$ 165 million.
- Wild Planet Foods: Wild Planet Foods plans to raise its manufacturing capacity by 50%. The development is scheduled to be finished in 2024, enabling the firm to manufacture an extra 10 million fish cans annually.
Explore FMI’s related ongoing Coverage in the Food and Beverage Market Domain:
Fortified Foods Market: is expected to reach US$ 140,608 million in 2023. The market value is expected to reach US$ 257,715 million by 2033, exhibiting growth at a CAGR of 6.2% from 2023 to 2033.
Vanillic Acid Market: Reached US$ 20.1 billion in 2022. Demand is estimated to surpass US$ 20.7 billion in 2023. In the forecast period from 2023 to 2033, demand is poised to exhibit a 2.2% CAGR. Revenue is anticipated to cross around US$ 25.8 billion by the end of 2033.
United States Pet Food Market: is anticipated to rise at a lucrative CAGR of 4.0% from 2023 to 2033. The market is further expected to reach US$ 60,234.0 million by 2033, growing from US$ 40,860.8 million in 2023.
Pea Protein Market: is expected to develop at a CAGR of 7.0% from 2023 to 2033. The overall market share value is projected to reach US$ 7,810.4 million by the end of 2033, increasing from US$ 3,959.2 million in the current year 2023.
Zinc Methionine Chelates Market: is expected to be valued at US$ 14.2 million in 2023 and is projected to grow at a CAGR of 6.7% during the forecast period, to reach a value of US$ 27.3 million by 2033.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
For Sales Enquiries: firstname.lastname@example.org
LinkedIn| Twitter| Blogs | YouTube
plant-based conagra brands