Fresh Fish Market Size is projected to reach USD 276.66 Billion by 2030, growing at a CAGR of 2.76%: Straits Research

New York, United States, Sept. 28, 2022 (GLOBE NEWSWIRE) -- Fresh Fish are aquatic vertebrates lacking limbs with digits like fingers or toes but have gills. Animals with internal backbones are known as vertebrates. Most fish have streamlined bodies—any of the approximately 34,000 species of fish found worldwide in freshwater and saltwater. From the earliest jawless lampreys and hagfishes to the cartilaginous sharks, skates, and rays, the diversity and abundance of living species are astounding.

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Increasing Demand from Developed and Developing Economies Is Driving Market Growth

The market will be driven by the rising demand for and consumption of fresh fish products in established and developing nations. The Food and Agriculture Organization (FAO) reports that global food fish consumption has grown at a rate that is noticeably higher than the rate of population growth. The primary driver of the market is the increased fish production in developing nations like India and Indonesia. A rise in the consumption of fish meals high in protein has resulted in a boom in the market for fresh fish due to growing urbanization and the rising disposable income of the populace. Additionally, the variety of goods and increasing demand for high-quality food are anticipated to drive market expansion over the following years.

Increasing Export-Based Fish Production Due to Government Support Is Driving the Market Growth

Improvements in the cold chain, transportation, and distribution channels, as well as a rise in global fish product output, have all fueled the consumption of fish products. However, in recent years, the importance of foreign trade has increased due to better transportation infrastructure and increasing government assistance. For instance, the Marine Products Export Development Authority (MPEDA) in India has started a project to create a GPS-based database of aquaculture farms focused on export to guarantee their traceability and quality control. Given the importance and potential of fisheries and aquaculture, the government of India approved the Pradhan Mantri Matsya Sampada Yojana (PMMSY) in May 2020 as part of the Aatmanirbhar Bharat COVID-19 Relief Programme to develop the fisheries sector sustainably and responsibly. The PROTEKAN (Initiative to Increase Fisheries Exports) program in Indonesia has a similar goal of boosting fisheries exports. As a result, increasing fish output for export is projected to boost world fish consumption and production even more.

Growth Opportunities for The Global Fresh Fish Market

• Growing awareness about the health benefits of fish

Over the projected period, the market is expected to show growth opportunities due to rising awareness of the health advantages of fresh fish, such as lowering the risk of chronic diseases and regulating hormone levels. The industry demand is accelerating because of the growing need for diets high in protein as an alternative to high-calorie foods. Fish food includes a low-fat source of protein, essential for developing muscle, and iron and vitamins like omega-3 fatty acids, stimulating the market's expansion.

Report Scope

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Regional Analysis of the Global Fresh Fish Market

The global market for fresh fish is broken down into North America, Asia-Pacific, Europe, Central & South America, and the Middle East & Africa.

In 2021, Asia-Pacific had the highest revenue share—more than 55.0 percent—due to the region's strong consumption of fresh fish products in nations like China, India, and Indonesia and the consequent rise in demand for fish products high in protein. Fish food products are in more demand due to changing eating patterns and consumer preferences for a healthy lifestyle.

During the forecast period, Europe is anticipated to have the fastest CAGR. This area's market expansion is driven by increased sustainability popularity and growing awareness of the health benefits. The market for fish products in the European region is also growing as awareness of early skin ageing, bone health, and the high prevalence of cardiovascular disorders grows. Additionally, the growing demand for premium quality fish products due to their freshness, variety, and ease of use for food safety is anticipated to spur market expansion throughout the projection period.

Key Highlights

• The global fresh fish market size 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%.
• 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 percent of the market.
• Based on form, the market is broken down into Fresh and Frozen. In 2021, the fresh segment earned more than 55.0 percent of total revenue. The frozen fish market is predicted to grow at the fastest CAGR rate.
• Based on the distribution channel, the market is bifurcated into Online & Offline. In 2021, the offline channel had the highest revenue share of more than 80.0 percent.
• The market is broken down into North America, Asia-Pacific, Europe, Central & South America, and the Middle East & Africa. Asia-Pacific dominated the market.

Some key players contributing majorly to the global fresh fish market are

• Leigh Fisheries
• Cermaq Group AS
• Priory Fishery Ltd
• Huon Aqua
• Stolt Sea Farm
• Mowi
• Thai Union Group PC
• Stehr Group and True World Foods.

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Market Segmentation

By Product

• Pelagic
• Demersal

By Form

• Fresh
• Frozen

By Distribution Channel

• Offline
• Online

By Region

• North America
• Europe
• Asia-Pacific
• Central & South America
• The Middle East & Africa

TABLE OF CONTENT

1. Introduction
   1. Market Definition
   2. Market Scope
2. Research Methodology
   1. Primary Research
   2. Research Methodology
   3. Assumptions & Exclusions
   4. Secondary Data Sources
3. Market Overview
   1. Report Segmentation & Scope
   2. Value Chain Analysis: Fresh Fish Market
   3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
   4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
   5. Market Share Analysis
4. Product Overview
   1. Introduction
      1. Market Size & Forecast
   2. Pelagic
      1. Market Size & Forecast
   3. Demersal
      1. Market Size & Forecast
5. Form Overview
   1. Introduction
      1. Market Size & Forecast
   2. Fresh
      1. Market Size & Forecast
   3. Frozen
      1. Market Size & Forecast
6. Regional Overview
   1. Introduction
      1. Market Size & Forecast
   2. America
      1. North America
      2. U.S.
         1. By Product
         2. By Form
      3. Canada
         1. By Product
         2. By Form
      4. Mexico
         1. By Product
         2. By Form
      5. Latin America
         1. By Product
         2. By Form
   3. Europe
      1. Market Size & Forecast
      2. Germany
         1. By Product
         2. By Form
      3. France
         1. By Product
         2. By Form
      4. U.K.
         1. By Product
         2. By Form
      5. Italy
         1. By Product
         2. By Form
      6. Spain
         1. By Product
         2. By Form
      7. Rest of Europe
         1. By Product
         2. By Form
   4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
         1. By Product
         2. By Form
      3. China
         1. By Product
         2. By Form
      4. Australia
         1. By Product
         2. By Form
      5. India
         1. By Product
         2. By Form
      6. South Korea
         1. By Product
         2. By Form
      7. Rest of Asia-Pacific
         1. By Product
         2. By Form
   5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
         1. By Product
         2. By Form
      3. South Africa
         1. By Product
         2. By Form
      4. Kuwait
         1. By Product
         2. By Form
      5. Rest of Middle East & Africa
         1. By Product
         2. By Form
7. Company Profile
   1. Leigh Fisheries
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
   2. Cermaq Group AS
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
   3. Priory Fishery Ltd
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
8. Conclusion & Recommendation
9. Acronyms & Abbreviations

Full Table of Content and Figure @ https://straitsresearch.com/report/fresh-fish-market/toc

Recent Developments

• July 2022, Mitsubishi, which owns salmon farming behemoth Cermaq, is forming a joint venture with fishing and aquaculture company Maruha Nichiro to build an on-land salmon farm in Japan.
• In February 2022, Mowi, a premium salmon brand, launched organic lines on Ocado.

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