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The fish processing market has experienced steady growth in recent years. It is projected to rise from $208.01 billion in 2023 to $217.39 billion in 2024, reflecting a compound annual growth rate (CAGR) of 4.5%. This growth during the historical period can be attributed to global supply and demand dynamics, shifting consumer preferences, the introduction of new species into the market, export and trade policies, environmental considerations, and factors related to labor and automation.
What Are The Forecasts For The Global Fish Processing Market Size And The Predicted Annual Growth Rates?
The fish processing market is anticipated to experience steady growth in the coming years. It is expected to reach $262.01 billion by 2028, with a compound annual growth rate (CAGR) of 4.8%. This growth during the forecast period can be attributed to factors such as customization and innovation, the rise of emerging markets, alternative protein sources, increasing demand for convenience foods, and improvements in supply chain efficiency.
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What Are The Major Factors Driving The Growth Of The Fish Processing Market?
The expansion of the aquaculture industry is projected to drive the growth of the fish processing market in the future. Aquaculture involves the cultivation of fish, shellfish, and aquatic plants in fresh, salt, and brackish waters. It serves multiple purposes, including providing food, rebuilding populations of endangered species, replenishing natural stocks, and restoring the habitats of aquatic life. Given the high demand for seafood and the declining annual catch of wild fish, aquaculture is expected to grow, leading to an increased need for fish processing.
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Which Major Market Players Are Propelling the Fish Processing Market?
Key players in the fish processing market include Maruha Nichiro Corporation, Skagin 3X, Charoen Pokphand Foods Public Company Limited, Amway Corp., GEA Group, Mowi Feed AS, Marine Harvest ASA, The Union Frozen Company, Thai Union Frozen Products Public Co. Ltd., BIOMERIEUX S.A., The Middleby Corp., Leroy Seafood Group, JBT Corporation, Marel Ltd., Nippon Suisan Kaisha Ltd., Higher Liner Food Incorporated, Royal Greenland A/S, Norway Palegic ASA, Baader Linco Inc., SEAC AB, Arenco AB, Sykes Seafood Ltd., Pisces Fish Machinery Inc., Uni-Food Technic A/S, Kaj Olesen A/S, Pescanova SA, Optimer AS, KROMA A/S, Pelagic ASA, Zhengda Food Machinery Co. Ltd.
What Trends Are Shaping the Future of the Fish Processing Market Size?
Key companies in the fish processing market are concentrating on implementing advanced solutions, including 3D printing technology, to deliver reliable services to their customers. 3D printing technology is a technique for creating three-dimensional objects layer by layer based on a computer-generated design.
What Is the Segmentation of the Global Fish Processing Market?
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
Regional Insights: Asia-Pacific's Dominance in the Fish Processing Market
Asia-Pacific was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is The Definition Of The Fish Processing Market?
Fish processing encompasses all processes related to fish and fish products from the moment the fish is caught or harvested until the final product reaches the consumer. It also includes any aquatic organisms harvested for commercial purposes, whether sourced from wild fisheries, aquaculture, or fish farming. This method ensures that fish products are completely safe for human consumption while maintaining appropriate hygienic conditions throughout the process.
The Fish Processing Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Fish Processing Market Report: Trends, Opportunities, Strategies, and More
The Fish Processing Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into fish processing market size, fish processing market drivers and trends, fish processing competitors' revenues, and fish processing market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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