Smoked Fish Market

Market Overview

The global smoked fish market size valued at USD 16.3 billion in 2022 and is projected to reach USD 29.4 billion by 2031, registering a CAGR of 6.8% during the forecast period (2023-2031). Increased demand for ready-to-cook packaged seafood items, rising per capita income, and the attractiveness of processed seafood are projected to fuel smoked fish market growth.

Smoked fish are fish that have been cured and flavored through the smoking process. Smoking is a centuries-old method of preserving and seasoning seafood. During the process, the fish are exposed to smoke from burning wood chips, herbs, or other flavorings. The smoke not only gives the fish a particular flavor but also helps to preserve it by blocking the growth of microorganisms.

The rising demand for ready-to-cook packaged seafood items will significantly impact the smoked fish market share during the forecast period. Furthermore, the growing working-class population and the growing desire to follow a pescatarian diet are the primary factors driving the smoked fish market in the forecast period. Rising per capita income, which increases customers' purchasing power, and demand for food with a long shelf life are also projected to support the growth of the smoked fish market during the forecast period. However, higher purchasing costs and lower profit margins restrain the smoked fish market. In contrast, health risks produced by preserved food and fish-induced allergic reactions will challenge market expansion throughout the projection period.

Market Dynamics

Smoked Fish Market Drivers

Rising Demand for Ready-to-Eat and Convenient Foods

Busy lifestyles and a propensity for quick-to-eat foods have raised demand for ready-to-eat foods. It is a ready-to-eat protein source consistent with the smoked fish market trend. Smoked fish products, such as pre-sliced smoked salmon or smoked trout fillets, cater to consumers who want to incorporate seafood into their diet but avoid dealing with the time-consuming preparation required for raw fish. These goods are frequently used in salads, sandwiches, or on their own, adding convenience. Traditional sit-down meals are becoming less popular as more people embrace on-the-go lifestyles. Smoked salmon can easily be incorporated into snacking times, providing a protein-rich and tasty choice for people looking for quick and filling snacks.

Furthermore, packaging smoked fish items is critical in terms of convenience. Vacuum-sealed packaging and individually portioned servings keep food fresher longer and allow consumers to grab a quick and portion-controlled snack or meal. Further, urbanization frequently results in smaller living spaces and busier schedules, making ready-to-eat solutions like smoked fish a sensible choice for city dwellers with limited time and kitchen facilities. The global urbanization rate was 57% in 2022. This indicates that cities house 57% of the world's population. The rise of the snacking culture has increased the demand for portable and quick snacks. Smoked fish products capitalize on this trend, particularly in convenient shapes such as smoked salmon slices or snack-sized servings.

Smoked Fish Market Restraints

Health Concerns and Sodium Intake

Some consumers may be concerned about the salt level of smoked fish because of health concerns, particularly those connected to high blood pressure and cardiovascular health. Individuals with special dietary restrictions or medical problems that necessitate a low-sodium diet may limit their consumption of smoked salmon. Furthermore, smoking fish can introduce hazardous substances such as polycyclic aromatic hydrocarbons (PAHs) and heterocyclic amines (HCAs) into the diet. These substances have been linked to an increased risk of some malignancies. Cold-smoked fish, in particular, have been linked to foodborne illnesses. Cold-smoked salmon is not thoroughly cooked and may cause foodborne sickness, notably listeriosis. 

The salt level of smoked fish can vary depending on factors such as the type of fish, cooking method, and seasonings added, according to the United States Department of Agriculture (USDA). For example, a 3-ounce (85-gram) serving of smoked salmon may have 500–600 mg of salt. Health-conscious individuals who carefully watch their salt consumption may choose low-sodium or smoked fish products with a gentler curing process. Sodium intake guidelines are frequently provided by health groups such as the American Heart Association (AHA). Consumers who adhere to these recommendations may be more wary of meals with excellent salt content, such as certain smoked fish products.

Smoked Fish Market Opportunity

Premiumization and Gourmet Offering

Profit from the premiumization trend by selling high-quality, gourmet smoked fish. To entice people willing to spend a premium for a memorable culinary experience, emphasize unique smoking techniques, outstanding flavor profiles, and luxury packaging. According to a Nielsen analysis, premiumization is a substantial trend across many food and beverage sectors. As consumers seek higher-quality options, there is an increasing demand for premium and value-added products in the seafood sector.

Furthermore, as customers become more experimental in their culinary interests, there is an opportunity to offer smoked fish types that are not limited to traditional flavors. Singapore's thriving street food culture is luring visitors. Singaporean street cuisine is a mash-up of many culinary influences, such as Indian, Indonesian, and Chinese, yet it still has a distinct local flavor. As a result, culinary tourism in Singapore is projected to thrive. Customers seeking new culinary experiences will appreciate unique smoking methods and flavor characteristics. The Specialty Food Association reported that specialty food sales in the United States hit USD 170.4 billion in 2019, accounting for 16.1% of the total food market. This report emphasizes the large market share of specialty and gourmet foods. Premium-smoked fish can be positioned as a sophisticated and decadent choice by capitalizing on consumers' willingness to pay for specialty meals.

Regional Analysis

Europe Dominates the Global Market

The global smoked fish market analysis is conducted in North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.

Europe is the most significant global smoked fish market shareholder and is estimated to grow at a CAGR of 6.6% over the forecast period. In the smoked fish market research, the European smoked fish market maintained the most significant market share of 55% in 2022. Growing urbanization and increased spending power of users are driving up market opportunities for smoked fish over the predicted period. Increased consumer awareness of the health advantages of fish, changes in consumer lifestyle, and monetary variables affecting population purchasing power are the key drivers influencing smoked fish consumption across Europe. An increase in the manufacturing of a wide variety of smoked fish and the number of convenience stores and online retailers would further facilitate the growth of the smoked fish market in Europe.

Additionally, new smoked fish products and better preservation techniques have been developed due to technological advancements in processing and packaging in the European seafood industry. The market has grown due to customers' increased access to smoked fish products due to the rise of online retail channels in Europe. Europeans are becoming more adventurous in their culinary choices and willing to try new foods, such as smoked salmon. These factors are expected to drive market expansion for smoked fish in Europe, where the CAGR will be the highest of any continent.

North America is anticipated to exhibit a CAGR of 6.9% over the forecast period. Innovative ways for smoking fish to increase consistency and taste are essential advances in the smoked fish business in the United States and Canada. Vendors are increasingly investing in packaging materials to increase the shelf life of smoked fish items, allowing them to stay fresh and juicy for extended periods. The American Heart Association encourages eating fatty fish like salmon as part of a heart-healthy diet, contributing to smoked salmon's popularity as a health-conscious option. The new smoked fish packaging from Associated Seafood, for example, not only enhances safety but also showcases the company's competence in fish smoking. Consumers in these regions appreciate it because of their hectic schedules and the ease with which they may consume convenience food. These factors have encouraged market expansion in the United States and Canada.

Asia-Pacific holds a significant market share. However, cultural variety characterizes the Asia-Pacific smoked fish industry, resulting in various local differences in smoking processes and flavor profiles. Producers may adapt their products to unique regional preferences. Smoked fish varieties in Southeast Asia, such as ikan bakar and tinapa, represent the region's unique culinary traditions. The Asia-Pacific market is predicted to grow at a high compounded annual growth rate over the forecast period due to rising per capita income, changing lifestyles, and increased online and offline businesses.

In addition, China is predicted to be the Asia-Pacific region's fastest-expanding economy. For example, the per capita fish consumption increased from 22.78 kg/capita in 2019 to 23.59 kg/capita in 2021. Exports to China climbed by around 63%. For example, China's seafood consumption accounted for 45% of the Asia-Pacific volume, totaling 34 million metric tons out of 83 million metric tons in the region.

Segmental Analysis

The global smoked fish market is segmented based on type, application, and region.

By type, the market is further segmented into smoked salmon, smoked mackerel, smoked herring, and smoked trout.

Smoked salmon generates the most revenue in the market.

Smoked Salmon

Smoked salmon is one of the most popular and well-known types of smoked fish. It is primarily made from cured and cold-smoked salmon fillets. Smoked salmon is famous in various culinary applications, including sandwiches, salads, and appetizers, due to its delicate texture, rich flavor, and adaptability. Smoked salmon has dominated the market due to consumer demand and the increased taste of salmon seafood because of its ease of use, accessibility, and high pricing. Smoked salmon is considered a delicacy and is utilized in various regional recipes. Salmon eating also has several health benefits. These factors contribute to the growth of the global smoked fish market.

Smoked Mackerel

Smoked mackerel is prepared from mackerel, which is a fatty fish with a particular flavor. To obtain a flaky and moist texture, it is frequently hot-smoked. Smoked mackerel is famous for its rich and robust flavor. It can be eaten independently, added to salads, or used in recipes such as pâtés and spreads.

The market can be bifurcated by application into hot-smoked fish and cold-smoked fish.

Hot-smoked fish influenced market growth.

Hot Smoked Fish

Hot smoking requires the fish to be exposed to greater temperatures throughout the smoking process. This approach cooks the fish partially while adding a smokey flavor. Many people appreciate the fish's smokey flavor and flaky texture due to hot smoking. Hot-smoked fish is fully cooked during the smoking process, making preparation and serving a breeze. Fish is a convenient alternative for busy people because it can be reheated or eaten cold. Hot smoked salmon is a versatile kitchen ingredient in various cuisines, including salads, pasta dishes, and sandwiches. Hot-smoked fish have a longer shelf life than raw fish because the smoking process protects the fish and prolongs its freshness. Hot smoked fish is a popular choice among customers because of these qualities, accounting for a sizable portion of the market.

Cold-smoked fish

Cold smoking is the process of smoking fish at low temperatures without frying it. Rather than frying the fish, this approach infuses it with a smokey flavor and preserves it. Cold-smoked salmon has a more delicate feel because it is not fully cooked during the smoking process. The emphasis is on enhancing the fish's natural flavor with a mild smokiness. Cold-smoked fish, such as salmon or trout, is popular due to its soft and smooth texture. It is typically used in dishes highlighting the fish's natural flavor, like salads, bagels with cream cheese, or charcuterie boards.

Recent Developments

• September 2023: Oscar Mayer introduced new scramblers to the on-the-go refrigerated breakfast category.
• September 2023: Lery planned to invest 158 million Norwegian crowns in Kjllefjord.