The global fish products market, was pegged at 177.7 million tons in 2018, according to Fish Products Market Report, by Product Type (Fish Oil, Fishmeal, and Others (Fish Sauce, Fermented Fish, etc.)), by Application (Food, Feed, Pharmaceuticals, and Others (Fertilizer, etc.)), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027
The global fish products market was estimated at 177.7 million tons in 2018, and is expected to reach 228.25 million tons by 2027, exhibiting a CAGR of 3.2% during the forecast period (2019-2027). The fish products market growth is attributed to high demand for fish oil and fishmeal. Fish oil is majorly used in the pharmaceutical industry for manufacturing Omega-3 tablets. For instance, according to the article published by American Society of Nutrition, Omega-3 fatty acids have been linked to healthy ageing, fetal development, curing Alzheimer’s disease, and increasing cardiovascular function.
Fish oil is also used in the food industry to enhance and add a typical flavor to the food. Fishmeal is generally used as feed for pigs, chickens, and in aquaculture. The growth of the fish product industry is also attributed to increasing demand for fish meal in aquaculture. There has been a drastic increase in the fish meal used in aquaculture in the past decade. For instance, according to IFFCO, in 2016, demand for fish meal in aquaculture was around 70.0% of the total fishmeal consumed globally, compared to 58.8% in 2008. This growth in fishmeal consumption is attributed to increasing fishmeal obtained from crustaceans, salmon, and marine fish.
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Browse 35 market data tables* and 24 figures* on "Fish Products Market” - Global forecast to 2027 Recent developments in scientific studies on fish oil and its medicinal qualities are driving the market for fish oil globally. For instance, in October 2016, a study presented at the American Society of Reproductive Medicine explained how the use of omega-3 fatty acids has the potential to improve fertility.
Key Takeaways:
- Asia Pacific held the largest share for fish products consumption globally mainly due to growing demand from China. The country has many inland freshwater bodies, which provide a significant growth opportunities for market players operating in inland fisheries and aquaculture. For instance, in a report published by the Food and Agricultural Organization of United Nations (FAO) in 2015, increasing fish product demand is mainly met by the domestic freshwater aquaculture.
- Europe is the second-largest market in terms of fish product consumption, and the fish product market in the region is expected to grow at a CAGR of around 3.3% during the forecast period mainly due to rise in demand for fermented fish products
- In Europe, fermented fish is considered as a staple food in various cuisines. A product named ‘garum’ is gaining popularity in Rome and Greece. Garum is in the form of pasta and has a strong smell.
- In Indonesia, fermented fish is made in a wide variety of flavors. However, people in Indonesia believe in only local supply of the product and do not make them available nationwide. Therefore, the market opportunities are available for supply of all types of flavored fermented fish such as the shrimp paste and fish sauce in Indonesia.
- Major player’s operating in the fish products market include Omega Protein Corporation, FMC Corporation, Corpesca S.A., TripleNine Group A/S, Colpex International, FF Skagen A/S, Pesquera Diamante S.A., Marvesa Holding N.V, TASA, American Marine Ingredients, Croda Inc., GC Rieber Oils, and Pelagia.
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