Fish and Fish Products Market Size Estimated to Reach $312.4 Billion by 2027
Fish And Fish Products Market size is estimated to reach $312.4 billion by 2027, growing at a CAGR of 4.2% during the forecast period 2022-2027. Fish and fish products partake as food across the world. With additional seafood, they offer the principal source of animal protein. More than one billion people depend on fish as their principal source of animal protein. Fish and additional aquatic organisms are also processed into different food and non-food products. Garum is fermented fish sauce. It was established by the Greeks and Romans and was typical all through the Roman Empire (100BC-400CE). It was both greatly acclaimed owing to its nutritional value and extensively criticized as an exorbitance of extravagant living. For nearly all of the Roman period, the term Liquamen really depicted the principal product which was a rich fish sauce prepared from complete fish.
The vital role of fish in a healthy diet as an abundant source of necessary fatty acids, vitamins, and minerals is set to drive the Fish And Fish Products Market. The surging intake of fish products like fish sauce, the contemporary equivalent of garum owing to not only being an ample source of proteins but also including iodine and zinc is set to propel the growth of the Fish And Fish Products Market during the forecast period 2022-2027. This represents the Fish And Fish Products Industry Outlook.
Fish And Fish Products Market Segment Analysis – By Product Type:
The Fish And Fish Products Market based on product type can be further segmented into Dark Freshwater Fish And Fish Oil, Marine water Fish And Fish Oil, Diadromous Fish, Freshwater Fish And Fish Meal, Marine water Fish And Fish Meal and Others. The Freshwater Fish And Fish Oil Segment held the largest market share in 2021. This growth is owing to the soaring application of freshwater fishes in the aquaculture sector in countries like China. Freshwater fishes are aquatic organisms that reside all or a crucial portion of their lives either in freshwater inland or brackish estuaries. The soaring production of freshwater fish oil is further propelling the growth of the Freshwater Fish And Fish Oil segment.
Furthermore, the Freshwater Fish And Fish Meal segment is estimated to grow with the fastest CAGR of 4.9% during the forecast period 2022-2027 owing to the conventional application of fish meal as the principal protein source in the aquafeed industry involving aquatic organisms like fishes.
Fish And Fish Products Market Segment Analysis – By Application:
The Fish And Fish Products Market based on the application can be further segmented into Food, Feed, Pharmaceuticals, and Others. The Food segment held the largest market share in 2021. This growth is owing to the soaring demand for fermented fish products like fish sauce which may be the contemporary analog of garum. As per the National Research Council (U.S.), nations of Asia-Pacific prefer fermented fish products owing to fermented fish products being able to conquer the perishable characteristic of these products. The delicious taste and flavor of fish and fish food products are further propelling the growth of this segment.
Furthermore, the Others segment is estimated to grow with the fastest CAGR of 5.1% during the forecast period 2022-2027 owing to the consistent augmentation of aquaculture in the Asia-Pacific region in the past period adding to a significant percentage of the fishery production worldwide resulting in export-oriented aquaculture fuelled by heightened government backing and enhanced transportation infrastructure for global trade in conjunction with the soaring potential of proteins and peptides of aquatic organisms like marine fish for cosmeceuticals.
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Fish And Fish Products Market Segment Analysis – By Geography:
The Fish And Fish Products Market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the rest of the World. Asia-Pacific (Fish And Fish Products Market) held the largest share with 33% of the overall market in 2021. The growth of this region is owing to the existence of the biggest producers of fish like China which is also probably the largest consumer of fish in the world, propelled by rapidly surging domestic income and wealth in the region. The surging demand for the fortified fish sauce which may be the modern-day analog of garum in conjunction with the proliferating demand from Southeast Asian countries is further driving the growth of the Fish And Fish Products Market in this region.
Furthermore, the European region is estimated to be the region with the fastest CAGR rate over the forecast period 2022-2027. This growth is owing to factors like soaring spending by Europeans on fish in the European region. The accelerated development of European aquaculture generation and extended arrivals where there is a boost in both demand and prices in conjunction with a strong demand for novel perfected recipes some of which could have evolved from the erstwhile garum recipe and dishes with fish are further fuelling the progress of the Fish And Fish Products Market in the European region.
Fish And Fish Products Market Drivers
Culinary Reawakening Of Erstwhile Garum In Contemporary Times Is Projected To Drive The Growth Of Fish And Fish Products Market:
In spite of being extraordinarily salty, stinky, and prepared necessarily from rotting fish, garum, the ancient Roman sauce, was the ketchup of its day, an omnipresent condiment discovered on each table and in each pantry. Made by fermenting complete, brined tiny fish for numerous months, it was a principal portion of Roman trade and extensively utilized across an assortment of dishes, from meats to salads and even in sweets. Although greatly recognized, ultimately garum lost its place in the Mediterranean kitchens and additional portions of the erstwhile Roman Empire. The ample Atlantic fish, salt pans, and organic clay for developing amphorae made Troia the ideal location for garum generation. This year, thanks to the job of archaeologists performing on the site and a pair of Lisbon restauranteurs, garum was prepared on the site of Tróia’s ruins for the first time in about 1600 years. Victor Vicente and Pedro Almeida – the owner and chef, respectively, of Lisbon’s, Can the Can – are the masterminds behind this operation. In May 2021, they positioned 400 kilos of regionally captured and gutted sardines, 129 kilos of salt, and 320 liters of spring water in one of Tróia’s ancient Roman stone tanks, where archaeologists and researchers permitted the constituents to ferment for six months. The delish revival of garum in the current stylish times is therefore fuelling the growth of the Fish And Fish Products Market during the forecast period 2022-2027.
Surging Potential Of Marine Fish Proteins And Peptides For Cosmeceuticals Is Expected To Boost The Demand Of Fish And Fish Products Market:
Aquatic organisms like marine fish offer an abundant source of bioactive compounds like proteins and peptides. The bioactive proteins and peptides extracted from marine fish have acquired a huge interest in nutraceutical, pharmaceutical, and cosmeceutical industries owing to their wide spectrum of bioactivities, inclusive of antioxidant, antimicrobial, and anti-aging actions. Currently, the progress of cosmeceuticals utilizing marine fish-extracted proteins and peptides acquired from chemical or enzymatical hydrolysis of fish processing by-products has heightened very fast owing to their actions in antioxidation and tissue regeneration. Marine fish-extracted collagen has been used for the progress of cosmeceutical products owing to its capabilities in skin repair and tissue regeneration. Marine fish-extracted peptides have also been utilized for different cosmeceutical uses owing to their antioxidant, antimicrobial, and matrix metalloproteinase inhibitory actions. Additionally, marine fish-extracted proteins and hydrolysates displayed effective anti-photoaging activity. This inspection also shows that marine fish-derived proteins and peptides have soaring potential for biocompatible and efficient cosmeceuticals. The surging potential of marine fish proteins and peptides for cosmeceuticals is driving the growth of the Fish And Fish Products Market during the forecast period 2022-2027.
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Fish And Fish Products Market Challenges
Challenges In Marketing Of Fish Products Are Hampering The Growth Of The Fish And Fish Products Market:
Organically, fish products are greatly perishable and can effortlessly get damaged within a very brief period of time, if not managed correctly. This condition forces the farmers and added marketing agents to market their products at the earliest. Certain facilities required to process the products to a shape that will permit the marketing agents to deposit them securely within a fleeting period of time are not readily accessible and are insufficient where accessible. Furthermore, the capability of fish products to be deposited for a lengthy period of time is reliant on the quality of processing. Certain products provided to the market by the farmers are adulterated and not well processed owing to the accelerated elimination of the products from their hands prior to their getting deteriorated. Poor quality fish products get damaged at the time of marketing during their travel from one agent to another. These issues are hampering the growth of the Fish And Fish Products Market.
Fish And Fish Products Industry Outlook
Strategic expansions, strategic agreements, owning fishery vessels for the acquisition of fish succeeded by combination with fish and fish products are key strategies adopted by players in the Fish And Fish Products Market. Fish And Fish Products top 10 companies include:
Red Boat Fish Sauce
Squid Brand
Koninklijke DSM N.V.
Croda International Plc
Omega Protein Corporation
Corpesca S.A.
TripleNine Group A/S
Colpex International
FF Skagen A/S
Pesquera Diamante S.A.
Recent Developments
In October 2021, Karavela has introduced a plant-based canned seafood product series under a novel brand; Fish Peas. Established from the greatly sustainable yellow pea, the novel series has been revealed at the continuing Anuga global trade fair. The Fish Peas plant-based series will appear in three product kinds: salads, spreads, and flakes, and have been established succeeding over a year of comprehensive market research and financing of about €2.5 million.
In March 2021, Louisiana Fish Fry Products declared the introduction of Boil Boosters, a novel line of salt-free seafood seasoning mixes planned to perform in conjunction with current boil seasoning mixes to improve the flavor of boiled seafood. The most recent in a range of novel products from the firm, Boil Boosters is the earliest for the market and flawlessly timed for seafood boiling season. Boiling admirers can currently access Boil Booster assortments and contribute bonus zest to seafood boils in three flavors: Smashed Garlic, Zesty Citrus, and Herbal Overload.
In September 2020, the founder of Red Boat Fish Sauce, Cuong Pham, was inspired to include a novel product in the brand’s outstanding collection in the ensuing month. Red Boat’s novel Nuoc Cham blend currently permits chefs to effortlessly appreciate this staple of Viet cooking by simply including water to a deliciously planned concentrate. With Red Boat’s Nuoc Cham, the brand seeks to share this family recipe with fans of Vietnamese cuisine both novel and old.
Key Takeaways
Geographically, the Asia-Pacific Fish And Fish Products Market accounted for the highest revenue share in 2021 and it is poised to dominate the market over the period 2022-2027 owing to the soaring demand for fish and fish products like fish sauce, the modern-day analog of garum from nations like India and China in the Asia-Pacific region.
Fish And Fish Products Market growth is being driven by the surging intake of fish and fish products like fish sauce, the current counterpart of the erstwhile garum, worldwide owing to fish being a principal source of high-quality proteins. However, the fish trade worldwide has evolved constraints owing to the Coronavirus pandemic and this is one of the major factors hampering the growth of the Fish And Fish Products Market.
Fish And Fish Products Market Detailed Analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Fish And Fish Products Market report.
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