Rockville, Dec. 14, 2022 (GLOBE NEWSWIRE) -- According to this new report by Fact.MR, a market research and competitive intelligence provider, the global herring market stands at US$ 9.08 billion in 2022 and is predicted to expand at a CAGR of 1.5% between 2023 and 2033.
Herring, which is served mainly during festive celebrations like Christmas and New Year’s Eve, is a traditional source of food in many European countries. In addition, excitement that prevails among the population for herring spawning seasons also helps in amplifying herring sales across the world.
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Herring and its associated products contain several health-benefiting essential nutrients such as vitamins, proteins, and minerals, making this fish an excellent source of healthy eating. This, in turn, has favoured the acceptance of herring among the health-conscious population, thereby propelling the sales of herring. On the other hand, the noticeable scales of herring make them an excellent bait for fishing for a range of aquatic species. This has favoured fishermen remarkably, boosting the adoption of herring in the feed industry.
On the flip side, overfishing and coastal habitat destruction have been restraining market growth to some extent. Fact.MR suggests that by focusing on herring preservation and adopting measures to reduce the depletion of the herring population through conservation programs will amplify market growth over the coming years.
Key Takeaways from Market Study
- The global herring market is projected to expand at a CAGR of 1.5% and reach US$ 10.54 billion by 2033.
- The market expanded at a 1.3% CAGR from 2018 to 2022.
- Under the species segment, Atlantic herring dominates the market and is valued at US$ 5.79 billion in 2023.
- North America will dominated the global market with 25.2% share in 2023.
- Demand for ice herring is expected to increase at CAGRs of 1.4% and 3% in North America and Europe, respectively.
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Market Development
Herring suppliers are focusing on labelling and certifications. Provision of labels and claims on herring and its associated products will instate consumer faith in each manufacturers’ brand. Furthermore, participation in various seafood exhibitions by leading and emerging players will give them a chance to reach out to a larger consumer base and increase their sales. Additionally, incorporating inorganic strategies such as mergers, partnerships, and acquisitions will help market players maintain a prominent position in the herring market.
Key Companies Profiled
- Acme Smoked Fish Holding Corp.
- Bay View Packing Company,
- Inc.
- Feature Foods International Inc.
- Lowell international foods
- Ma Baensch
- Noon Hour Food Products
- Ocean Beauty Seafoods
- Santa Bremor
- Scwartz Food Distribution
- Vita Food Products
- Other Key Players
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Segmentation of Herring Industry Research
- By Species :
- Atlantic Herring (Clupea harengus)
- Pacific Herring
- Araucanian Herring
- Others
- By Type :
- Smoked
- Fresh
- Frozen
- Marinated/Pickled/Cured
- Canned (not considered elsewhere)
- By Cut type :
- Whole
- Fillets
- Roll Mops
- Others
- By End Use :
- Food
- Bait
- Feed
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & ASEAN
- Oceania
- MEA
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global Ice Herring market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights into species (Atlantic herring (Clupea harengus), Pacific herring, Araucanian herring, others) type (smoked, fresh, frozen, marinated/pickled/cured, canned (not considered elsewhere)), cut type (whole, fillets, roll mops), and end use (food, bait, feed), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & ASEAN, Oceania, and the Middle East & Africa).
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