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Fresh Fish Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global fresh fish products market was valued at USD 92.3 billion in 2021 and is expected to expand at a CAGR of 5.2% from 2022 to 2029. The growing population, coupled with the rising demand for protein-rich food, is the key factor driving the growth of the market. In addition, the increasing trend of consumption of fresh fish among health-conscious consumers is further propelling the growth of the market.
Furthermore, the rising preference for frozen fish products among consumers is expected to drive the growth of the market. The rising demand for frozen fish products is attributed to their convenience and extended shelf life, which makes them a desirable option for consumers. For instance, in January 2021, Nissui launched a new frozen fish product, Bonita Frozen Flake, which can be served as a topping on various items such as salads, pasta, and pizza.
The increasing demand for organic fish products is propelling the growth of the market. Organic fish products are free from synthetic fertilizers and pesticides, thus providing numerous health benefits. Moreover, changing lifestyles and the increasing focus on health and wellness are driving the demand for organic fish products. For instance, in February 2020, Salmofoods launched an organic salmon product, which is free from antibiotics and other hormones.
The rising trend of meal kits is further propelling the growth of the market. Meal kits are convenient and provide consumers with the ingredients and recipes for preparing a meal. The increasing demand for seafood meal kits is expected to drive the demand for fresh fish products. For instance, in April 2021, Blue Apron launched a new meal kit, called Seafood & Veggie Meal Kit, which includes fresh fish products along with vegetables and other ingredients.
In addition, the increasing number of seafood festivals and competitions is further driving the growth of the market. Numerous seafood festivals and competitions are held across the world to promote the consumption of fresh fish products. For instance, in March 2021, the National Shrimp Festival was held in Alabama, USA, where numerous seafood dishes were prepared using fresh fish products. Thus, the growing number of seafood festivals and competitions is expected to drive the demand for fresh fish products.
Product Insights
The fresh fish product segment dominated the market and accounted for a share of around 55.6% in 2022. This is attributed to the growing demand for fresh fishes in the market due to their high nutritional value. Furthermore, the rising trend of health consciousness among consumers is also driving the demand for fresh fish products.
The frozen fish product segment is anticipated to expand at the fastest CAGR of 8.1% over the forecast period. This is attributed to the convenience offered by frozen fish products, as they are easy to store and have a longer shelf-life. Furthermore, technological advancements in freezing and packaging techniques have enabled manufacturers to offer a diverse range of frozen fish products. According to an article published by the Institute of Marine Research, in January 2019, frozen fish accounted for the largest share of total fish sales in the European market.
Distribution Channel Insights
The supermarkets and hypermarkets segment constituted the major share of the global fresh fish products market in 2022. The increasing demand for fresh fish products from supermarkets and hypermarkets is attributed to the convenience of locating and buying the desired product, along with the various discounts and offers that these outlets offer. Moreover, supermarkets and hypermarkets also provide an extensive range of seafood products, which attracts customers to buy from these outlets.
The online segment is expected to register the highest CAGR of 8.6% over the forecast period. The growing trend of online shopping is one of the major factors fuelling the demand for fresh fish products from online stores. Customers can easily search for and find the product of their choice in online stores. Moreover, online stores offer a wide range of discounts and offers, which is further driving the segment growth. Furthermore, online stores offer delivery options, which enables customers to get the products delivered at their doorstep. This has further escalated the demand for fresh fish products from online stores.
Type Insights
The frozen fish segment accounted for the largest revenue share of 60.4% in the year 2022. The rising demand for convenience foods, the availability of a wide range of frozen fish, and the growing demand from restaurants and hotels are the major factors driving the growth of the frozen fish segment. Also, the increasing demand for canned fish in the emerging regions of Asia Pacific, Latin America, and Africa is further boosting the demand for frozen fish.
The fresh fish segment is anticipated to expand at the highest CAGR of 8.4% over the forecast period. This is attributed to the increasing demand for healthy and fresh food, especially in developed countries. The growing number of restaurants and hotels offering fresh fish dishes is also driving the demand for fresh fish products. Additionally, the growing demand for nutraceuticals and omega-3 fatty acids is also increasing the demand for fresh fish.
Regional Insights
Europe is expected to be the leading regional market for fresh fish products over the forecast period. The regional market is driven by the increasing seafood consumption, coupled with the presence of a large number of seafood producers. The demand for fresh fish products is also driven by the presence of fishing fleets in the region, which are engaged in catching different types of fish. This is further complemented by the presence of an expansive retail network that facilitates the distribution of fresh fish products in the region.
The Asia Pacific region is expected to register the second-highest growth over the forecast period. This can be attributed to the rising population and the surge in disposable income in the region, which has enabled the consumers to purchase these products. In addition, the increased focus of the key players on the expansion and establishment of new production units in the region is expected to drive the demand for fresh fish products. Moreover, the rise in health consciousness among the consumers is further expected to drive the demand for these products in the region.
Financial Projections
In this part of the fresh fish products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your fresh fish products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main sources of revenue for a fresh fish products business comes from retail sales, commercial customers, wholesale customers, and online sales. Here you will find a list of potential customers and other possible sources of profit such as catering, private events, and meal kits.
Projecting Expenses
In this section, all the regular expenses related to keeping the fresh fish products business running will be described. The list of operating expenses includes fishing licenses, wages, packaging and shipping materials, utilities, insurance policies, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the fresh fish products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In July 2022, Trident Seafoods Corporation launched a line of fresh fish products in the US market.
– In August 2022, Nippon Suisan Kaisha, Ltd. launched a range of frozen fish products in the Japanese market.
– In September 2022, Marine Harvest ASA launched a range of frozen fish products in the European market.
Some of the prominent players in the fresh fish products market include:
– Nippon Suisan Kaisha, Ltd.
– Trident Seafoods Corporation
– Marine Harvest ASA
– High Liner Foods Inc.
– Thai Union Group PCL
– Cooke Inc.
– Dongwon Industries Co., Ltd.
– Icicle Seafoods, Inc.
– Dong Phuong Seafood Joint Stock Company
– SeaHarvest Corporation
Global Fresh Fish Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global fresh fish products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Salmon
– Tuna
– Shrimp
– Cod
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Fresh
– Frozen
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the primary factors driving the global fresh fish products market?
[A]: The primary factors driving the global fresh fish products market include the increasing demand for premium quality seafood, growing health consciousness among consumers, and increasing disposable income. The rising popularity of sushi and the introduction of new packaging and distribution technologies are further driving the market.
[Q]: What are the main regions of the fresh fish products market?
[A]: The main regions of the fresh fish products market include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
[Q]: What are the key trends impacting the fresh fish products market?
[A]: Key trends impacting the fresh fish products market include the trend of sustainable fishing, increasing popularity of aquaculture, and growing demand for value-added products.
[Q]: What is the competitive landscape of the fresh fish products market?
[A]: The competitive landscape of the fresh fish products market is highly fragmented, with a large number of local and international players. Some of the key players operating in the market include Marine Harvest, Trident Seafoods Corporation, Thai Union Group, and High Liner Foods.
[Q]: What are the major growth opportunities for the fresh fish products market?
[A]: Major growth opportunities for the fresh fish products market include the increasing demand for convenience foods, focusing on organic seafood, and the development of innovative packaging.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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