Categories: Market Research

Fish Processing Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Fish Processing Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Fish Processing Global Market Report 2024, The fish processing market size has grown steadily in recent years. It will grow from $208.01 billion in 2023 to $217.39 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to global supply and demand, consumer preferences, market entry of new species, export and trade policies, environmental concerns, labor and automation.

The fish processing market size is expected to see steady growth in the next few years. It will grow to $262.01 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to customization and innovation, emerging markets, alternative protein sources, demand for convenience foods, supply chain efficiency. Major trends in the forecast period include market transparency and consumer education, customization and personalization, health and nutrition focus, value-added processing.

The growth of the aquaculture industry is expected to propel the growth of the fish processing market going forward. Aquaculture is the practice of harvesting fish, shellfish, and aquatic plants in fresh, salt, and brackish waterways. Aquaculture provide food, rebuilds populations of endangered species, replenishes natural stocks, and restores habitats of water-based species. Due to the enormous demand for seafood and the decreasing annual catch of wild fish, aquaculture is predicted to grow, thus increasing the need for fish processing. For instance, in September 2023, according to the Sea Fish Industry Authority, a UK-based non-departmental public body (NDPB) that supports the seafood industry, the production of aquaculture is predicted to rise to 106 million tons by 2030, representing a 22% total growth or about 19 million tons. Therefore, the growth of the aquaculture industry is driving the demand for the fish processing market.

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The fish processing market covered in this report is segmented –

1) By Source: Marine, Inland

2) By Species: Fish, Crustaceans, Mollusks, Other Species

3) By Processing: Frozen, Preserved, Other Processes

4) By Application: Food, Non-food

Major companies operating in the fish processing market are focusing on introducing advanced solutions, such as 3D printing technology, to provide reliable services to customers. 3D printing technology is a method of creating three-dimensional objects layer-by-layer using a computer-generated design. For instance, in December 2023, Steakholder Foods, an Israel-based deep-tech food company, launched a 3D-printed eel. 3D-printed eel is a plant-based product that replicates the texture, taste, and appearance of real eel. 3D-printed eel is used in the fish processing process by automating and customizing the production of eel fillets, which helps reduce processing time and lower production costs.

The fish processing market report table of contents includes: