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Mackerel Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global mackerel products market was valued at USD 2.2 billion in 2021 and is projected to expand at a CAGR of 3.2% from 2022 to 2030. The increasing demand for mackerel products from the foodservice sector is expected to drive the market. Furthermore, the increasing demand for canned and frozen mackerel products is anticipated to propel the market growth in the forecast period.
The rising demand for mackerel products in the food sector due to its rich nutritional content is expected to spur the market growth. Mackerel is rich in omega-3 fatty acids, selenium, and vitamins. Furthermore, it is an excellent source of minerals like iron and magnesium, which is beneficial for health. The increasing demand for mackerel products from the foodservice industry due to its convenience and versatility is further expected to fuel the market growth.
The growing demand for convenience food due to the hectic lifestyle of the consumers is expected to boost the market growth in the coming years. The increasing demand for ready-to-eat meals due to its time-saving nature is expected to drive the mackerel product market. Additionally, the increasing demand for food products that are low in fat and high in proteins is also expected to fuel the growth of the mackerel products market.
Growing health consciousness among consumers is expected to boost the market growth. The increasing awareness of mackerel’s health benefits, such as its high content of omega-3 fatty acids, is expected to drive the market growth in the coming years. Furthermore, the increasing availability of mackerel products in hypermarkets and supermarkets is expected to benefit the market growth.
The emergence of online retailing is expected to drive the growth of the market in the coming years. Increasing penetration of the internet in the world is expected to bolster the online sales of mackerel products. Furthermore, the availability of discounts and offers on online platforms are expected to drive the market growth. Moreover, the increasing trend of subscription-based ordering is expected to benefit the market growth.
Product Insights
Mackerel products such as canned mackerel, frozen mackerel, and smoked mackerel have gained immense popularity owing to their unique taste, nutrition, and health benefits. Canned mackerel accounted for the largest share in the market in 2022. This can be attributed to the convenience offered by canned mackerel, which makes it ideal for consumption by consumers. Moreover, it is easy to store and transport as compared to fresh mackerel, which makes it a preferred choice among consumers. Furthermore, the rising trend of global consumption of canned seafood products is expected to drive the demand for canned mackerel over the forecast period.
The frozen mackerel segment is anticipated to witness the fastest growth in the market owing to its increasing availability and rising demand among consumers. Moreover, frozen mackerel contains more omega-3 fatty acids, vitamins, and minerals than canned mackerel, which makes it a healthier option. Furthermore, the growing health-consciousness among consumers is expected to drive the demand for frozen mackerel over the forecast period.
Distribution Channel Insights
The supermarkets and hypermarkets segment is anticipated to capture the major share of the mackerel products market in 2022. The growth of the segment is mainly driven by the increasing availability of mackerel products in supermarkets & hypermarkets across the globe. In addition, supermarkets & hypermarkets offer a wide variety of products from different companies and brands, which makes them a preferred destination for consumers. For instance, Lidl, a leading global retail chain, offers mackerel products from various brands, such as Fjordland and NorgesGrossisten, in its stores across Europe.
The online segment is anticipated to expand at the highest CAGR of 11.3% over the forecast period. The increasing penetration of the internet and the rising number of e-commerce platforms are expected to drive the growth of the segment. Online retail stores such as Amazon, Walmart, and Alibaba offer mackerel products from different companies and brands, which makes them a preferred choice for consumers. Additionally, these platforms also provide discounts, offers, and promotions to attract customers, which is expected to drive the growth of the segment.
Type Insights
Fresh mackerel accounted for the largest revenue share of 29.3% in the year 2022. The increasing demand for fresh mackerel is mainly due to its unique taste and nutritional benefits. Moreover, the growing health consciousness among consumers is encouraging them to opt for fresh mackerel as their preferred choice of seafood. In addition, the convenience offered by modern retailing channels such as supermarkets and hypermarkets is also driving the growth of this segment.
The canned mackerel segment is expected to register the highest CAGR of 8.1% over the forecast period. The increasing demand for convenience food is driving the growth of this segment. Moreover, the rising health consciousness among consumers is also expected to drive the demand for canned mackerel as it is a rich source of protein, omega-3, and other essential vitamins. Furthermore, the growing availability of canned mackerel products in supermarkets and hypermarkets is also contributing to the growth of this segment.
Regional Insights
Europe dominated the market and accounted for the largest revenue share of over 32.4% in 2022. This can be attributed to the increasing demand for high-quality seafood products in this region. The growing popularity of mackerel as an inexpensive and healthy food source has also been driving the growth of the market in Europe. Additionally, the increasing demand for canned mackerel products is further fueling the growth of the market in this region.
North America is expected to witness the second-fastest growth in the coming years. This can be attributed to the increasing demand for seafood and fish products in the region. The changing lifestyle of consumers and the growing demand for convenience food have been driving the growth of the market in North America. Additionally, the rising health consciousness among consumers has been encouraging them to switch to a healthy diet. For instance, in October 2021, Wild Planet Foods launched a line of Mackerel products in the U.S. with an aim to provide consumers with high-quality seafood products.
Financial Projections
In this part of the mackerel 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 mackerel products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main sources of revenues for a mackerel products business come from sales of mackerel products, sales of mackerel by-products, and sales of mackerel-related services. Here you will find a list with a description of each of them and other possible sources of profit such as wholesaling mackerel products, retailing mackerel products, or providing mackerel-related services.
Projecting Expenses
In this section, all the regular expenses related to keeping the mackerel products business running will be described. The list of operating expenses includes wages, ingredients and raw materials, marketing, utilities, insurance policies, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the mackerel 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, Dongwon F&B Co. Ltd. launched the canned mackerel product range with various flavors such as spicy, soy sauce, and miso for the Korean market.
– In August 2022, Thai Union Group Plc. launched a range of mackerel-based products such as canned mackerel, dried mackerel, and mackerel flakes.
– In September 2022, Nippon Suisan Kaisha Ltd. launched a range of mackerel-based products such as canned mackerel and smoked mackerel.
Some of the prominent players in the mackerel products market include:
– Dongwon F&B Co., Ltd.
– Thai Union Group Plc.
– Nippon Suisan Kaisha Ltd.
– Maruha Nichiro Corporation
– Itoham Foods Inc.
– Mitsubishi Corporation
– High Liner Foods Inc.
– Trident Seafoods Corporation
– Tri Marine Group
– Sajo Industries Co., Ltd.
Global Mackerel 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 mackerel products market based on product, distribution channel, type, and region :
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Frozen Mackerel
– Canned Mackerel
– Smoked Mackerel
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Wild
– Farmed
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 Major Drivers of the Mackerel Products Market?
[A]: The major drivers of the mackerel products market include the demand for convenience and healthy food products, increasing disposable incomes, growing health awareness, the availability of a wide range of mackerel products, and the increasing number of health-conscious consumers.
[Q]: Who are the Key Players in the Mackerel Products Market?
[A]: Key players in the mackerel products market are Thai Union Group PCL, Mitsubishi Corporation, Nippon Suisan Kaisha Ltd, China Fishery Group, Thai Union Frozen Products Public Company Limited, The Sirena Group, China National Fisheries Corporation, and Trident Seafoods Corporation.
[Q]: What are the Key Factors Determining the Price of Mackerel Products?
[A]: The key factors determining the price of mackerel products are quality, product variety, supply and demand conditions, the availability of raw materials, and the cost of production.
[Q]: What are the Major Categories of Mackerel Products?
[A]: The major categories of mackerel products include canned mackerel, fresh and frozen mackerel, salted mackerel, smoked mackerel, and mackerel fillets.
[Q]: What are the Growth Opportunities for Mackerel Product Manufacturers?
[A]: Growth opportunities for mackerel product manufacturers include launching innovative products with health benefits, marketing campaigns targeted at health-conscious consumers, and expanding their product portfolios to include more mackerel product varieties.
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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