Fish And Fish Products Market Overview
Fish And Fish Products Market Size is estimated to reach $327.5 billion by 2027. Furthermore, it is poised to grow at a CAGR of 4.8% over the forecast period of 2022-2027. Fish products are eaten all around the world hence they are one of the best sources of high-quality protein. Fish and fish products are a major source of protein for approximately 1 billion people globally, according to the World Health Organization (WHO). Food and non-food goods are made from fish and other aquatic organisms. Fish oil, fish meal, and other fish products are divided into three categories. Garum is a fish sauce that has been fermented. It was much praised for its nutritious content while also being widely criticized as an example of a lavish lifestyle. For almost the entire Roman period, the term Liquamen referred to the main product, which was a rich fish sauce made from whole fish. The global consumption of fish products is expanding as a result of the numerous benefits that these items provide. Farm animals like pigs and chickens are usually given fishmeal, as well as to humans. Fish products, in addition to being high in protein, also include iodine and zinc, which has contributed to an increase in their intake. Food, feed, medications, and other uses for fish products are the most common.
According to the National Research Council's Panel on Biotechnology Applications, countries in Southeast Asia are more likely to use fermented fish products due to their properties to overcome the perishability of these goods. Consumers are drawn to such products owing to their features such as scent, texture, and flavor. Such increasing use of fish and fish products boosts the market forward during the forecast period 2022-2027.
Fish And Fish Products Market Report Coverage
The report: “Fish And Fish Products Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the Fish And Fish Products Market.
- Geographically, Asia-Pacific held a dominant market share in the year 2021 owing to rising demand for fish and fish products such as fish sauce, the modern-day analog of garum, from Asia-Pacific countries such as India and China.
- Fish And Fish Products Industry growth is being driven by the surging intake of fish and fish products like fish sauce, the current counterpart of the erstwhile garum, worldwide owing to fish being a principal source of high-quality proteins.
- However, the rising number of substitutes for fish and fish products is the main expected to hinder the growth of the target market over the forecast period 2022-2027.
- A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Fish And Fish Products Market Report.
Fish And Fish Products Market: Market Share (%) by region, 2021
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Fish And Fish Products Market Segmentation Analysis- By Product Type
Fish And Fish Products Market based on product type can be further segmented into fresh water fish and fish oil, Marine water fish and fish oil, Diadromous fish and fish oil, Fresh water fish and fish meal, Marine water fish and fish meal, and Others. The Fresh water fish and fish oil segment held a dominant market share in the year 2021 and is estimated to grow with the fastest CAGR rate of 5.9% over the forecast period 2022-2027. Freshwater fishes are being used more frequently in aquaculture in nations like China, which is driving this increase. Freshwater fish are aquatic creatures that spend their whole lives, or a significant portion of it, in freshwater inland or brackish coastlines. Worldwide fish production reached roughly 177.8 million metric tonnes in 2019, according to a report by the Sea Fish Organization, with aquaculture accounting for nearly 52.0 % of global fish production. Freshwater fish and fish oil production are on the rise, which is fuelling the expansion of the Freshwater Fish And Fish Oil segment.
Fish And Fish Products Market Segmentation Analysis- By Application
Fish And Fish Products Market based on the application can be further segmented into Food, Feed, Pharmaceuticals, and Others. The Food segment held a dominant market share in the year 2021 due to the increase in the demand for fermented fish products. Countries in the Asia Pacific are more likely to use fermented fish products, according to the National Research Council (U.S.), since fermented fish products are used to overcome the perishable character of these products. Consumers are drawn to such products since of features such as scent, texture, and flavor. Over the forecast period, such applications of Fish Food are expected to grow the market.
However, Pharmaceuticals application is estimated to grow with the fastest CAGR rate of 5.6% over the forecast period 2022-2027 as fish is high in collagen and has a moisture content equivalent to human skin, and sterile skin strips are used to treat second-and third-degree burns. Its excellent application for the treatment of burns is tilapia skin. It helps to rebuild tissue through temporary grafts since it has a high collagen content and a structure that is similar to human skin. Such applications of fish in the pharmaceutical business are expected to help enhance market growth throughout the forecast period.
Fish And Fish Products Market Segmentation Analysis- By Geography
The Fish And Fish Products Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. Asia-Pacific held a dominant market share of 31% in the year 2021. The existence of the world's largest producers of fish, such as China, which is also likely the world's largest consumer of fish, has accelerated this region's expansion, which has been fuelled by quickly rising domestic income and wealth. The growing need for fortified fish sauce, which may be a modern-day equivalent of garum, as well as demand from Southeast Asian countries, is propelling the region's Fish And Fish Products Market forward.
Furthermore, Europe is estimated to grow with the fastest CAGR over the forecast period 2022-2027. This increase is due to reasons such as an increase in Europeans' expenditure on fish in the European region. As per the data of EUMOFA in Denmark, the only household consumption of fresh products in 2021 was 13,819 tons. The accelerated development of European aquaculture generation and extended arrivals has resulted in an increase in both demand and prices, as well as strong demand for novel perfected recipes, some of which may have evolved from the erstwhile garum recipe and fish dishes, are fueling the growth of the European Fish And Fish Products Market.
Fish And Fish Products Market Drivers
Export Oriented Aquaculture to Drive the Fish Products Production Fueling the Market Growth
Throughout recent years, aquaculture has grown substantially in the Asia-Pacific region. Many Asian countries earn half a billion dollars each year from aquaculture exports, which is significantly contributing to aquaculture growth in the Asia-Pacific area. On the market side, Europe and North America are the primary drivers of aquaculture export growth in Asia. More than half of local manufacturing in nations like Vietnam, Thailand, the Philippines, India, and Indonesia is bound only for European and North American markets, with Vietnam accounting for roughly three-quarters of the total. In 2020, it exports $278 million worth of all types of fish, up 15.8% from the previous year. Such export-oriented aquaculture helps to boost the fish and fish products market over the forecast period. The delectable resurgence of garum in today's trendy times is thus fuelling the growth of the Fish And Fish Products Market from the forecast period 2022 to 2027.
The Market For Fish And Fish Products Is Expected To Grow Due To The Growing Potential Of Marine Fish Proteins And Peptides For Cosmeceuticals.
Bioactive substances such as proteins and peptides are plentiful in aquatic creatures such as marine fish. Due to their vast range of bioactivities, including antioxidant, antibacterial, and anti-aging properties, bioactive proteins and peptides isolated from marine fish have piqued the interest of the nutraceutical, pharmaceutical, and cosmeceutical sectors. Since of their anti-oxidant and tissue regeneration properties, the development of cosmeceuticals based on marine fish-extracted proteins and peptides obtained from chemical or enzymatical hydrolysis of fish processing by-products has accelerated rapidly. Along with its capacities in skin repair and tissue regeneration, marine fish-extracted collagen has been used in the development of cosmeceutical products. ActivLayr, a New Zealand engineering company, launched marine collagen and kiwi-based under-eye firming mask in January 2019 that uses nanofiber technology and electrospinning to create a product that is sustainable, easy to apply, and waterless. Since of their antioxidant, antibacterial, and matrix metalloproteinase inhibitory properties, marine fish-extracted peptides have also been used in cosmeceutical applications. As per FAO, in 2019, about 88% (156 million tonnes) of world fish production was utilized for direct human consumption. The remaining 12% (22 million tonnes) was used for non-food purposes, of which 82% (or 18 million tonnes) was used to produce fishmeal and fish oil. The rising demand for marine fish proteins and peptides in cosmeceuticals is propelling the Fish And Fish Products Market during the forecast period 2022-2027.
Fish And Fish Products Market Challenge
The Growth Of The Fish And Fish Products Market Is Being Hampered By Marketing Challenges.
Organically, fish products are quite perishable and easily become spoiled in a short amount of time if not handled properly. Farmers and additional marketing agencies are compelled to promote their products as soon as possible as a result of this situation. Certain facilities required to process the products into a shape that allows the marketing agents to deposit them securely within a short period of time are not widely available, and where they are, they are insufficient. Furthermore, the ability of fish products to be stored for an extended amount of time is dependent on processing quality. Due to the hastened removal of products from their hands, before they decay, several products given to the market by farmers are contaminated and poorly processed. Poor-quality fish items are harmed during the marketing process as they go from one agent to the next. As per research overall fish and seafood production per year is around 200 million tonnes. As per UNEP, 30% of all food in the U.S. of $48.3 billion worth is lost every year. The growth of the Fish And Fish Products Market is being hampered by these difficulties.
Fish And Fish Products Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Fish And Fish Products Market. The top 10- Fish And Fish Products Market companies are-
- Alpha Group Ltd
- Fish farming Technologies Asia Limited
- Cermaq Group AS
- Cooke Aquaculture
- Leroy Seafood Group ASA
- Marine Harvest ASA
- Nippon Suisan Kaisha
- P/F Bakkafrost
- Tassal Group Limited
- Thai Union Group PLC
- In January 2022, Cermaq Group and Benchmark Animal Health got a fund of $4,85,431.28 from the Research Council of Norway for developing Tenacibaculum vaccines for salmon fish. Tenacibaculum vaccines used for mostly mouth rot and tenacibaculosis caused by Tenacibaculum species are opportunistic pathogens that primarily cause extensive skin lesions and gill abrasion, and subsequent systemic infections which lead to 30% mortality.
- In January 2021, Leroy Seafood Group ASA in collaboration with DNV GL developed the product certification protocol ‘STP 86 Salmo Solar’. Which stands company with a higher standard of quality and sustainability in the Industry. This certified product has a higher content of Omega 3 than other Norwegian industry standards with zero antibiotics.
- In February 2019, Cooke Aquaculture partnered with Martha Stewart to launch launched Blend, and Seafood Medley with Herb Spice Blend.
Report Code: FBR 0262
Report Code: FBR 0501
Report Code: FBR 86484
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