(I-BusinessNews.Com, March 27, 2020 ) The report “Fish Processing Market by Category (Frozen, Preserved, Others), Species (Fish, Crustaceans, Mollusks, Others), Application (Food & Non-food), Source (Marine & Inland), Equipment, and by Region – Global Forecast to 2021″, The fish processing market is projected to reach USD 222.71 Billion in terms of value, at a CAGR of 3.8% from 2016 to 2021 and 37,194.98 KT in terms of volume by 2021, at a CAGR of 2.2% from 2016 to 2021. High nutritional profile and added health benefits of processed fish and fish products, growth in the aquaculture industry and increasing health consciousness have been contributing to the growth in the fish processing market.
Food segment led the market with the largest share in 2015
On the basis of application, the fish processing market is classified into food and non-food applications such as fish meal, fish oil, cosmetics, fertilizers, and other industrial uses. The fish processing market is led by the food for human consumption segment. The reasons behind the growth of this segment are diversified portfolio of processed fish products, changing eating habits of the people, and inclusion of fish into people’s daily diets.
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Fish from marine captures dominated the fish processing market
Based on sources for fish harvesting, the marine segment captured the largest market share in the fish processing market in 2015. Due to the introduction of modern techniques for fishing, increased use of motorized fishing boats, and abundance of nutrients available from coastal upwelling and land runoff benefitial for the breeding of fish, the capture rates from marine sources have increased, leading to the growth of this market.
Significant growth for fish processing equipment is observed in the Asia-Pacific region
The Asia-Pacific region has abundant processing facilities, and with the changing eating habits there is a rise witnessed in this market. China led the fish processing market in this region. Several Asian economies such as Thailand, Vietnam, and South Korea are dependant on fisheries as an important contributor to their GDP and are leading exporters of processed fish products to most European and North American countries.
This report includes a study of marketing and development strategies, along with the product portfolio of leading companies. It includes the profiles of leading companies such Charoen Pokphand Foods PCL (Thailand), Maruha Nichiro Corporation (Japan), Nippon Suisan Kaisha, Ltd. (Japan), Marine Harvest ASA (Norway), and Thai Union Frozen Products PLC (Thailand). Other players include Pescanova S.A. (Spain), High Liner Foods Incorporated (Canada), Royal Greenland A/S (Denmark), Leroy Seafood Group ASA (Norway), and Norway Pelagic ASA (Norway).
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