The global market for fresh fish was valued at USD 222.51 billion in 2021, and it is anticipated to reach USD 276.66 billion by 2030 at a CAGR of 2.76%.
Fish are vertebrate animals that live in water and have gills, but they do not have any limbs that include digits like fingers or toes. Any animal with a backbone running through its body is considered a vertebrate. The bodies of most fish are designed to be as aerodynamic as possible.
Fish are about 34,000 species of vertebrate animals belonging to the phylum Chordata and can be found in the world's fresh and salt water. There are many living species, ranging from the jawless lampreys and hagfishes found in prehistoric environments to the cartilaginous sharks, skates, and rays seen in modern oceans to the plentiful and diversified bony fishes.
The market will be driven by the rising demand for and consumption of items made from fresh fish in both established economies and developing economies. Food and Agriculture Organization (FAO) data shows that human fish consumption has increased at a rate that is more than twice as fast as global population growth. The primary factor pushing the industry forward is the rapidly increasing fish output in developing economies such as India and Indonesia. The market for fresh fish has been experiencing expansion due to several factors, including expanding urbanization and rising disposable income levels among the general population. Both have contributed to an increase in the consumption of protein-rich fish meals. In addition, the expanding demand for premium quality food products due to the freshness and variety of the products is anticipated to drive the expansion of the market throughout the forecast period.
The growth in the production of fish products worldwide and improvements in the cold chain, transportation, and distribution channels have contributed to increased consumer demand for fish-based products. However, throughout the past few years, increased government assistance and improvements in transit infrastructure have contributed to a rise in the significance of international trade. For instance, the Marine Products Export Development Authority (MPEDA) in India has initiated a project to establish a GPS-based database of export-oriented aquaculture farms to secure the traceability and quality control of these farms' products. As a result of the government's recognition of the significance and potential of fisheries and aquaculture, in May of 2020, it approved the Pradhan Mantri Matsya Sampada Yojana (PMMSY) in India as part of the Aatmanirbhar Bharat COVID-19 Relief Programme. It encouraged the growth of a responsible and sustainable fishing industry. Similarly, Indonesia's PROTEKAN (Program to Increase Fisheries Exports) program is geared toward improving the country's fisheries exports. As a result, boosting fish production with an eye toward export is likely to increase both fish production and consumption globally.
Growing awareness about the health advantages of fresh fish, such as lowering the risk of chronic diseases and restoring hormone levels, is predicted to show high growth opportunities throughout the forecast period. It is one of the factors that will drive the market's growth. The demand in the business is increasing faster due to the growing interest in diets high in protein as an alternative to diets high in calories. Fish food comprises a source of protein that is low in fat and utilized for muscle formation. In addition, fish food contains iron and various vitamins, such as omega-3 fatty acids, which contribute to the expansion of the market.
The "long-term preservation" and "responsible and rational exploitation" of fisheries resources are stressed in the North and South provinces' fisheries rules. Recreational fishing is governed, and both professional and artisanal fishers need licenses. For a few marine species, fishing techniques, gear, and size restrictions are regulated, and conservation measures are laid out. Individual quotas, seasonal closures, region closures, and gear limits are a few more management tools. It is anticipated that these regulations will impede market expansion.
The global market for fresh fish is segmented into four parts based on product, form, distribution channel and region. Further, the market is bifurcated into Pelagic and Demersal based on product. In 2021, the pelagic sector accounted for more than 60.0 per cent of the market. Over the projection period, the market will rise due to the rising consumer awareness of the health benefits of fish food. Rising pelagic fish intake has dramatically decreased protein and micronutrient deficiency levels, spurring the market's expansion. Additionally, this sector is expanding due to rising pelagic fish consumption and production in developing nations like China, Indonesia, and India, where prices are more competitive.
the market is broken down into Fresh and Frozen. In 2021, the fresh segment earned more than 55.0 per cent of total revenue. Since eating fresh fish has several health benefits, including lowering the chance of developing chronic diseases, the industry has grown significantly. Additionally, customer preference for protein-rich fish food is considerably boosting category demand. The frozen fish market is predicted to develop at the fastest CAGR rate.
the market is bifurcated into Online & Offline. In 2021, the offline channel had the highest revenue share at more than 80.0 per cent. Fresh fish suppliers use the conventional retail channel to boost sales. Customers favour offline stores where they can physically see the items, foodstuffs, and fish food supplies before making a purchase. Additionally, the segment is likely driven by simple access to and searching for different fish products through retailers. As a result of the expanded distribution channel networks around the world, offline channels are anticipated to continue to dominate during the projection period.
The market is broken down into North America, Asia-Pacific, Europe, Central & South America, and the Middle East & Africa. Asia-Pacific dominated the market.
The global market for fresh fish is broken down into North America, Asia-Pacific, Europe, Central & South America, and the Middle East & Africa.
Asia-Pacific had over 55.0% of the total revenue in 2021. It is because countries like China, India, and Indonesia eat a lot of fresh fish products, and the demand for protein-rich fish products is growing. Demand for items made from fish is growing due to consumers' interest in leading healthier lifestyles and adjusting their eating patterns.
During the time covered by the forecast, it is anticipated that Europe will record the highest CAGR. The market growth in this region is fueled by the rising popularity of environmentally friendly products and the growing awareness of the positive effects on health. In addition, the growing worries regarding early skin ageing, the health of bones, and the high frequency of cardiovascular diseases are boosting the demand for items derived from fish in the European region. In addition, the rising demand for premium quality fish products due to freshness, diversity of the goods, and convenience for food safety are anticipated to increase the market growth throughout the forecast period. This demand is predicted to be the primary factor driving the market.
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|