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Global Fish Market Size and Share Analysis 2023-2028
The Fish Market is projected to experience substantial growth, increasing from USD 1,044.7 billion in 2023 to USD 1,187.7 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 2.60% during the forecast period spanning from 2023 to 2028.
As stated by the World Health Organization (WHO), more than one billion people rely on fish and fish products as their primary source of protein. Fish is processed into a variety of food and non-food products. The industry has witnessed significant advancements in shipping, cold chain, and distribution channels, which, coupled with the global increase in fish production, has led to a rise in fish consumption.
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USD 1012.6 billion in 2021
Type and Geography
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The growing demand for protein-rich diets as a healthier alternative to high-calorie food products is a key driver of the industry’s demand. Fish is considered a low-fat source of protein, aiding in muscle building, and is rich in essential vitamins, iron, and omega-3 fatty acids, further contributing to the market’s growth.
Government support and improved transport infrastructure have also played a crucial role in enhancing international trade in recent years. For instance, in India, the Marine Products Export Development Authority (MPEDA) has initiated the development of a global positioning system (GPS)-based database of export-oriented aquaculture farms to ensure traceability and quality control.
Additionally, the rising popularity of exclusive restaurants serving exotic seafood dishes made from fish, along with evolving consumer preferences, have further fueled the growth of the fish market. Non-vegetarian consumers are gradually embracing pescetarianism, which involves a diet comprising seafood but excludes other meats like beef, pork, and poultry.
Moreover, increasing concerns about premature skin aging, bone health, and the prevalence of cardiovascular diseases have contri
The market is segmented based on various factors, including type and geography.
Segmentation by Type
Marine Water Fish
Segmentation by Geography
North America – United States, Canada, Mexico
Europe – United Kingdom, Norway, France, Spain, Sweden, Netherlands
Asia-Pacific – China, Japan, India, Indonesia, Vietnam, Myanmar
Latin America – Brazil, Chile
Africa – Egypt, Nigeria, Ivory Coast
Fish has emerged as a significant source of protein, livelihoods, foreign exchange, and overall well-being for populations worldwide. The aquaculture sector has witnessed steady expansion in recent years, and global fish consumption has risen at a growth rate surpassing that of the world population, according to the Food and Agriculture Organization (FAO).
The increasing demand for fish in the export market has led to a focus on producing premium-quality fish. Governments and various market players are taking initiatives to bolster the fish export market. For example, Indonesia’s Program to Increase Fisheries Exports (PROTEKAN) aims to strengthen fisheries exports, thereby contributing to the rise in global fish production and consumption.
Additionally, several countries are engaging in trade agreements to promote fish exports. Vietnam, as a member of ASEAN, has entered into numerous bilateral and free trade agreements, creating substantial demand for Vietnamese aquaculture products, including fish, in major economies like the United States, North America, China, and India. Moreover, in 2020, the European Union and Vietnam signed a free trade agreement that facilitated greater flow of seafood products, including fish, into the European Union (EU).
According to the International Trade Center (ITC) Trademap, the global exports of live fish increased from USD 1,804,763 thousand in 2020 to USD 2,253,730 thousand in 2021, reflecting the growth in export-oriented fish cultivation worldwide. As more investments are made in the fish market, the quality of fish produced is expected to improve, leading to increased fish demand globally during the forecast period.
Asia Pacific has emerged as a major market for fish, driven by opportunities offered by the region’s developing economies. Countries like India and China, known for their popular fish-related cuisines, contribute significantly to the region’s fish market. Rising fish production in countries like India and Indonesia, along with factors like urbanization and increasing disposable income, have stimulated market growth. Moreover, the demand for premium-quality food products, driven by freshness and product diversity, is expected to boost the market further.
Governments in the region recognize the significance and potential of fisheries and aquaculture, as evidenced by initiatives like India’s Pradhan Mantri Matsya Sampada Yojana (PMMSY) aimed at sustainable fisheries sector development.
Furthermore, fish processing establishments in the region are adopting advanced technologies such as high-pressure processing (HPP) to pasteurize fish meat, enhancing operational efficiency. Companies like Avure Technologies and Food Science Australia are widely using HPP technology in fish processing, with Singapore-based company, The Seafood Company, employing it for seafood processing.
Given the growing urbanization, increasing disposable income, governmental initiatives, and adoption of advanced technologies, the fish market in the Asia Pacific region is expected to witness substantial growth in the upcoming years.
Recent Industry Developments
In June 2022, Mitsubishi Corporation (MC) and Maruha Nichiro Corporation (Maruha Nichiro) made a joint announcement regarding their agreement to establish a new company named ATLAND Corporation. This joint venture will focus on the land-based production of salmon.
Also in June 2022, Seafood Connection Holding B.V. (Seacon), a subsidiary of Maruha Nichiro Corporation, completed the acquisition of 100% shares of Northcoast Seafoods Ltd. With this acquisition, Northcoast officially became a member of the Maruha Nichiro Group.
In February 2022, Mowi expanded its product range by introducing two new organic salmon products on the digital grocery service platform Ocado.
Key Questions Answered
What is the duration of the study for the Fish Market?
The Fish Market has been studied from 2018 to 2028.
What is the growth rate of the Fish Market?
The Fish Market is experiencing a Compound Annual Growth Rate (CAGR) of 2.60% over the next 5 years.
What is the size of the Fish Market?
The Fish Market is expected to reach USD 1,044.7 billion in 2023 and is projected to grow at a CAGR of 2.60% to reach USD 1,187.7 billion by 2028.
Which region exhibits the highest growth rate in the Fish Market?
The Asia-Pacific region shows the highest CAGR over the period from 2018 to 2028.
Which region holds the largest share in the Fish Market?
As of 2022, the Asia-Pacific region holds the highest share in the Fish Market.