This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.
Milkfish Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
GET A FREE SAMPLE
Report Overview
The global milkfish products market was valued at USD 2.6 billion in 2022 and is projected to expand at a CAGR of 8.3% from 2023 to 2030. Milkfish (Chanos chanos) is a species of ray-finned fish found in tropical and subtropical regions of the world. Milkfish is a popular food item in Southeast Asian countries, owing to its high nutritional value and taste. Milkfish is a rich source of proteins, vitamins, minerals, and other essential fatty acids. In addition, milkfish is consumed as a cooked vegetable, raw salad, and grilled fish in various forms. Milkfish is also widely consumed in various dishes, such as fish curry, boiled fish, and fish soup.
The rising demand for healthy food among consumers, coupled with the increasing availability of specialty health foods, is propelling the demand for milkfish products. Furthermore, the growing demand for convenience food products and ready-to-eat meals is also driving the market growth. The development of innovative food products with milkfish as an ingredient is aiding the growth of the market. For instance, in December 2021, Magnifood launched a range of new products, such as ready-to-eat meals, snacks, and soups, with milkfish as an ingredient.
The growing demand for frozen and canned milkfish products is propelling the market growth. Frozen and canned milkfish products are convenient to store and are ready to consume. Furthermore, the increasing demand for seafood, along with the growing number of seafood restaurants and fish processing plants, is supporting the growth of the market. In addition, the rising popularity of online retailing is aiding the market growth. The rising penetration of the internet and the emergence of e-commerce platforms have enabled consumers to purchase these products from the comfort of their homes.
The increasing presence of international players in the market is expected to create new opportunities in the market. For instance, in March 2022, Thai Union Group, a leading seafood company, launched a new product line of milkfish products, including frozen and ready-to-eat products. The company is targeting the local population in Southeast Asia and the international market, mainly focusing on the U.S. and Europe. In addition, the rising awareness among consumers regarding the health benefits of milkfish is expected to drive the growth of the market in the coming years.
Product Insights
The frozen milkfish segment is projected to dominate the market and is expected to register a CAGR of 7.7% over the forecast period. The increasing demand for frozen milkfish products is attributed to its extended shelf life and convenience of storage. Fresh milkfish products are highly vulnerable to spoilage and require proper handling and storage conditions to maintain their quality. In contrast, frozen milkfish products can be stored over a long period of time without significant deterioration in quality. Furthermore, availability of frozen milkfish products in various forms such as whole-round, headed & gutted, and fillets & portions are escalating its demand in domestic and international markets.
The canned milkfish segment is expected to register a CAGR of 8.4% over the forecast period. The growth in this segment is driven by the increasing demand for canned milkfish products in various regions. These products are easy to store and are shelf-stable, which is driving the demand for canned milkfish products. Furthermore, the convenience of preparing meals with canned milkfish products is another factor driving its popularity. In addition, increasing health consciousness among consumers is driving the demand for canned milkfish products with lower sodium content.
Distribution Channel Insights
The supermarkets and hypermarkets segment accounted for a major share of the total revenue in 2022. Supermarkets and hypermarkets are the major distribution channels for milkfish products, as they offer a wide range of products, usually at a lower price. Additionally, supermarkets and hypermarkets provide convenience to customers, as they are located near residential areas and are open 24/7. This has significantly increased the demand for milkfish products in these outlets.
The online segment is expected to expand at the highest CAGR of 10.2% over the forecast period. The increasing presence of online grocery stores, e-commerce websites, and mobile applications has enabled customers to purchase milkfish products with convenience. In addition, the rising number of consumers opting for online grocery shopping amid the COVID-19 pandemic has further boosted the demand for milkfish products.
Type Insights
The fresh segment accounted for the largest revenue share of 73.7% in the year 2022, as the majority of consumers prefer fresh milkfish products due to their taste and texture. The increasing trend of consuming fresh seafood and fish has been a major factor driving the demand for fresh milkfish products. Moreover, the increasing awareness among consumers regarding the health benefits of consuming fish has further boosted the demand for fresh milkfish products.
The frozen segment is estimated to witness the highest growth rate of 6.2% over the forecast period. The increasing demand for frozen milkfish products in the foodservice industry is a major factor driving the growth of the segment. Furthermore, the convenience associated with storage and handling of frozen milkfish products is another factor contributing to the growth of the market. Additionally, the increasing demand for processed and ready-to-eat seafood products is also driving the growth of the segment.
Regional Insights
Asia Pacific dominated the market and accounted for the largest revenue share of over 42.4% in 2022. This is due to the high availability of milkfish and its increasing demand for its nutritional benefits. Furthermore, the presence of several local manufacturers in the region is expected to drive the regional growth. For instance, in April 2021, India-based Seafood Exports launched a new range of milkfish products.
North America is expected to witness the second-fastest growth in the coming years. This is due to the rising demand for milkfish products among health-conscious consumers in the region. Moreover, the presence of prominent players, such as Fiddler’s Seafoods, Inc., is expected to drive the market growth in the coming years. For instance, in October 2021, Fiddler’s Seafoods, Inc. launched a new range of milkfish products in the U.S.
Financial Projections
In this part of the milkfish 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 milkfish products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a milkfish products business comes from the sale of milkfish products, such as canned milkfish, milkfish fillets, and milkfish oil. Other possible sources of profit include the sale of by-products such as fish meal and fish oil, as well as contract processing services.
Projecting Expenses
In this section, all the regular expenses related to keeping the milkfish products business running will be described. The list of operating expenses includes wages, maintenance and repairs, utilities, insurance policies, advertising, and others. Additionally, the business may incur costs related to processing, packaging, and shipping milkfish products.
Key companies & market share insights
Some of the key companies operating in the milkfish 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 August 2022, Oceanic Food Products launched a new hot-smoked milkfish product with an improved flavor and texture.
– In September 2022, A&P Foods launched a new range of milkfish products, including canned, smoked and salted milkfish.
– In October 2022, SeaQuest Foods launched a new range of milkfish products, including smoked, grilled and fried milkfish.
Some of the prominent players in the milkfish products market include:
– Oceanic Food Products
– A&P Foods
– SeaQuest Foods
– Alamar Seafoods
– Pacific Seafoods
– Southernmost Foods
– Redland Foods
– Blue Ocean Seafoods
– Great Lakes Fish
– Pacific Coast Producers
Global Milkfish 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 milkfish products market based on product type, application, distribution channel, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Fresh Milkfish
– Frozen Milkfish
– Processed Milkfish
2. Application Outlook (Revenue, USD Million, 2017 – 2030)
– Food
– Feed
– Others
3. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: Who are the Key Players in the Milkfish Products Market?
[A]: The key players in the global milkfish products market are The Fishin’ Company, Neptune Fisheries, LLC, Mazzetta Company, LLC, JF Fish, Inc., and Lishui Aquatic Products Co., Ltd.
[Q]: What are the Factors Driving the Milkfish Products Market?
[A]: Factors such as the increasing demand for high-protein, low-fat food items, rising health consciousness, and availability of frozen products are expected to drive the growth of the global milkfish products market over the forecast period.
[Q]: What is the Potential for Product Innovation in the Milkfish Products Market?
[A]: Product innovation is expected to play a crucial role in the growth of the global milkfish products market over the forecast period. Companies are introducing a variety of new products, such as dairy-based products, flavored milkfish, and ready-to-eat products, to attract more customers.
[Q]: What is the Regional Outlook of the Global Milkfish Products Market?
[A]: The global milkfish products market is expected to be dominated by Asia-Pacific, followed by Europe and North America. The rising demand for nutrient-rich products in countries such as India, China, and Japan is expected to drive the growth of the milkfish products market in this region.
[Q]: What is the Potential for Growth in the Global Milkfish Products Market?
[A]: The global milkfish products market is expected to grow at a CAGR of 4.5% over the forecast period. The increasing demand for healthy, nutritious, and organic products is expected to drive the growth of the global milkfish products market.
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
To request a free sample copy of this report, please complete the form below.
We value your investment and offer free customization with every report to fulfil your exact research needs.
