From Ocean to Table: Navigating the US$ 368,460.4 Million, Fish Processing Market by 2033 - Seizing Growth Opportunities Amidst Shifting Tides in Consumer Preferences | Future Market Insights, Inc.
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**:*
*Market **Opportunities**:*
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.
*Key **Takeaways**:*
· 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:*
*Attribute* *Details*
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 · Source
· Application
· Processing Type
· Equipment
· Region
Regions Covered · North America
· Latin America
· The Asia Pacific
· Middle East and Africa
· Europe
Key Countries Profiled · USA
· Canada
· Brazil
· Argentina
· Germany
· United Kingdom
· France
· Spain
· Italy
· Nordics
· BENELUX
· Australia & New Zealand
· China
· India
· ASIAN
· GCC
· South Africa
Key Companies Profiled · Mowi Feed
· Leroy Seafood Group ASA
· Charoen Pokphand Foods PCL
· High Liner Foods Inc.
· Norway Pelagic ASA
· Pesconova S.A.
· Nippon Suisan Kaisha Ltd.
· Maruha Nichiro Corporation
· Royal Greenland A/S
· Thai Union Frozen Products Public Company Ltd.
· Sykes Seafood
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*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.
*Recent Developments:*
· *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**:*
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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.
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