The global carp market size was valued at USD 95.82 billion in 2021. It is projected to reach USD 165.49 billion by 2030, growing at a CAGR of 6.26% during the forecast period (2022–2030). The term "carp" refers to a species of greenish-brown fish from the Cyprinidae family most frequently found in freshwater habitats. Carp is an excellent source of lean proteins, vitamins, and essential minerals. As a result, it provides a wide range of health advantages, including improving vision, boosting immunity, easing respiratory issues, maintaining good heart health, etc. Some common varieties include silver carp, common carp, grass carp, bighead carp, crucian carp, Catla carp, black carp, etc. The expanding aquaculture industry and the escalating volume of fish trade activities are the primary drivers of the global carp market.
Market expansion is aided by the rising demand for and consumption of fish products in developed and developing economies. Global demand for fish is growing due to health concerns about premature skin aging, bone health, and the high penetration of cardiovascular diseases. It is anticipated that rising consumer awareness of the health advantages of carp in lowering the risk of chronic diseases and balancing hormone levels will further fuel market growth.
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Increased Awareness about the Health Benefits
One of the essential factors driving the global carp market is the growing consumer awareness of the health benefits of carp, particularly in developing countries like India, Bangladesh, Vietnam, and Indonesia. Carp is a good source of proteins, iron, vitamin B12, and omega-3 fatty acids. Omega-3 fatty acids help reduce muscle inflammation and the risk of heart failure, blood clotting, triglycerides, and blood pressure by reducing the number of free radicals produced by vigorous exercise. Additionally, government organizations started various initiatives and events to raise awareness about the health advantages of eating carp, which will fuel market expansion throughout the projection period.
Growth Prospects in E-Commerce
The potential growth of e-commerce is one of the key trends in the carp market, and it is anticipated that this trend will positively affect the sector. The expansion of well-known business-to-consumer (B2C) e-commerce platforms, such as Amazon, Walmart, JD.com, and Alibaba, is responsible for increased sales generated through online retailing.
Rising Demands of Substitutes
The increasing demand for substitutes like tuna, salmon, and other types of seafood is one of the significant obstacles to the growth of the global carp market. Consumers prefer prepared seafood such as fillets, canned goods, and other items. The sales and exports of salmon and tuna increased globally. Few people eat carp because it is an invasive species, and the meat contains a lot of bones. Compared to other fish products like tuna, salmon, and tilapia, the lack of innovation in carp products is also anticipated to impede market growth over the forecast period.
The global carp market analysis is segmented by Species, form, and distribution channel.
Based on species, the market is divided into grass, silver, common, bighead, catla, and others.
The grass market segment currently accounts for the largest revenue share of the global carp market. The market is anticipated to grow due to the growing consumer awareness of the importance of health. Additionally, the prevalence of chronic diseases will decline due to the growing demand for fish products. Additionally, the market is expanding due to rising grass product production and consumption in emerging nations like China, Indonesia, and India.
Based on form, the market is categorized into frozen and canned.
The frozen market segment is expected to expand and contribute the most significant percentage of sales to the global carp market during the forecast period. The market is growing due to the rising demand for processed and packaged seafood worldwide. Additionally, the demand for frozen carp has significantly increased due to consumer preference for high-protein seafood. Furthermore, it is anticipated that market growth will increase due to the expanding working population around the world.
Based on distribution channels, the market is categorized into hypermarkets and supermarkets, convenience stores, online, and others.
The channels of supermarkets and hypermarkets accounted for the largest share of the global carp market. Suppliers of carp products use the traditional retail channel to generate sales through marketing, advertising, and word-of-mouth promotion. Customers increasingly favor shopping for goods, groceries, and seafood at hypermarkets and supermarkets is driving the global market. Due to improved distribution channel networks worldwide, supermarkets and hypermarkets are anticipated to maintain dominance during the forecast period.
The global carp market is segmented into five regions, namely North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa.
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The Asia-Pacific region contributed the most to the global carp market due to the high demand for protein-rich seafood products in countries such as China, India, and Indonesia. Consumers' inclination toward a healthy lifestyle and rising disposable income is increasing the demand for nutritious and healthy food products. This has increased the production of products made from carp, where a vast consumer base for food items is present.