Asia-Pacific to Grab the Lion’s Share in the Fish Leather Market

Aquaculture and fish farming have increased steadily in the past few years due to the world’s shift in consumption of a healthier diet. However, more than 50% of the fish caught is discarded, resulting in higher wastes. Fish skin requires fewer resources and energy for the development of leather for post-consumer usage. This significantly reduces the pressure mounted on cotton and polyester material by the apparel industry and aids in reduced landfills. Moreover, international organizations and governments are promoting the use of fish leather to create employment opportunities for the economy.

Impact of COVID-19

The fashion industry is anticipated to observe a slow growth rate in 2020 as a result of the unprecedented supply chain disruptions caused by the COVID-19 outbreak worldwide. The expected decline in the sales of the products globally is a prime cause of the supply chain disruptions, particularly in Europe and China.

From the production standpoint, the manufacturers are unable to operate at full capacity, thus lowering profit margins. The luxury apparel industry is the most adversely hit sector due to the reduced demand from the consumers. The pandemic has changed the working and business styles, which have hampered the income levels of individuals. These factors are hindering the revenue potential of the fish leather market during the studied period.

Asia-Pacific is anticipated to witness the fastest growth in the fish leather market, owing to the increased population and disposable incomes of the people. The growing number of fisheries and fish producing companies in the region accelerates the market growth. In developed countries, fish production is primarily done for human consumption, whereas the developing countries produce fish for a plethora of uses in the food industry.

The huge production of fish in the region has created a large pool of raw-materials, such as fish skin, available for leather production. Moreover, the region has the largest number of motorized fishing vessels deployed for its fishing activities, resulting in a strong fishing industry. As per the FAO statistics, more than 79% of the motorized fishing vessels are found in the APAC region.

Impact of COVID-19

The fashion industry is anticipated to observe a slow growth rate in 2020 as a result of the unprecedented supply chain disruptions caused by the COVID-19 outbreak worldwide. The expected decline in the sales of the products globally is a prime cause of the supply chain disruptions, particularly in Europe and China.

From the production standpoint, the manufacturers are unable to operate at full capacity, thus lowering profit margins. The luxury apparel industry is the most adversely hit sector due to the reduced demand from the consumers. The pandemic has changed the working and business styles, which have hampered the income levels of individuals. These factors are hindering the revenue potential of the fish leather market during the studied period.

Market Segments

1. By Type
   1. Salmon
   2. Perch
   3. Wolffish
   4. Cod
   5. Shark
   6. Nile Perch
   7. Haddock
   8. Tilapia
2. By Application
   1. Clothing
   2. Shoes
   3. Handbag
   4. Wallet
   5. Belt
   6. Footwear
   7. Automotive
   8. Furniture
   9. Accessories
3. By Distribution Channel
   1. Online
   2. Offline