Global Fresh Fish Market

Fresh Fish Market Size, Share, Growth Analysis, By Type(Salmon and Tuna), By Distribution Channel(Offline retail and Online retail), By Region - Industry Forecast 2024-2031


Report ID: SQMIG30I2124 | Region: Global | Published Date: April, 2024
Pages: 198 |Tables: 59 |Figures: 75

Fresh Fish Market Insights

Global Fresh Fish Market size was valued at USD 5.10 billion in 2022 and is poised to grow from USD 5.31 billion in 2023 to USD 7.32 billion by 2031, growing at a CAGR of 4.10% in the forecast period (2024-2031).

The market is expected to see significant growth due to increasing demand and consumption in both developed and developing economies. The Food and Agriculture Organization (FAO) reports that global food fish consumption has increased at a rate higher than world population growth. The market is further fueled by growing awareness of the health benefits of fresh fish, such as reducing the risk of chronic diseases and balancing hormone levels. Technological advancements in the cold chain, shipping, and distribution channels, as well as increased fish production, have also contributed to the market growth. The rising demand for protein-rich diets as an alternative to high-calorie foods is driving the industry demand, as fish products are a low-fat source of protein and contain beneficial vitamins like omega-3 fatty acids. The market is particularly driven by the increased production of fish in developing economies such as India and Indonesia. This growth is further supported by factors such as urbanization, rising disposable incomes, and increasing demand for premium quality, diverse, and fresh food products.

Market Snapshot - 2024-2031

Global Market Size

USD 5.10 billion

Largest Segment

Salmon

Fastest Growth

Tuna

Growth Rate

4.10% CAGR

Global Fresh Fish Market ($ Bn)
Country Share for North America Region (%)

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Fresh Fish Market Segmental Analysis

Global Fresh Fish market is segmented by type, distribution channel, and region. Based on type, the market can be segmented into Salmon and Tuna. Based on distribution channel, the market is segmented into Offline retail and Online retail. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Analysis by Type

By type the market can be segmented into Salmon and Tuna. Salmon dominated the fresh fish market due to its high nutritional value, rich flavor, and versatility in cooking. Salmon is a rich source of omega-3 fatty acids, which are beneficial for heart health and brain function. In addition, salmon has a unique flavor that is enjoyed by consumers all around the world. It can be cooked in various ways, such as grilling, baking, and smoking, making it a versatile ingredient in many dishes.

Tuna, on the other hand, is the fastest-growing segment in the fresh fish market. This can be attributed to the increasing awareness about the health benefits of seafood, such as its high protein content and low fat content. Tuna is also a good source of omega-3 fatty acids and is often consumed as a healthy alternative to red meat. Tuna can be served raw as sushi or sashimi, or cooked in various ways, such as grilling and baking. The growing popularity of sushi and sashimi is also driving the demand for tuna in the market.

Analysis by Distribution Channel

By distribution channel, the market can be segmented into offline retail and online retail. Offline retail, which includes supermarkets/hypermarkets, fish shops, and other physical retail stores, dominated the global market. This is due to the convenience and accessibility that offline retail offers to consumers. Supermarkets/hypermarkets are the most preferred distribution channel for fresh fish, as they offer a wide variety of fish products and are easily accessible to consumers. Fish shops, on the other hand, are known for their high-quality and fresh fish, attracting customers who are looking for premium products.

Online retail is the fastest-growing segment in the fresh fish market. This can be attributed to the increasing use of e-commerce platforms, rising internet penetration, and changing consumer preferences. Online retail offers the convenience of shopping from anywhere, at any time, and eliminates the need for physical store visits. Consumers can choose from a wide variety of fresh fish products available online and get them delivered to their doorstep.

Global Fresh Fish Market Size By Type, 2023 (%)

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Fresh Fish Market Regional Insights

North America dominated the global market due to the high demand for fresh and healthy food products. The United States is a key player in the North American market and has been witnessing steady growth in the demand for fresh fish products, driven by the growing health consciousness among consumers. The availability of advanced technology and the presence of established market players in the region have contributed to the growth of the market in North America. Moreover, initiatives by the government to promote healthy food habits among the population have further fueled the demand for fresh fish products.

The APAC region is the fastest-growing market for fresh fish products, owing to factors such as rising disposable income, growing population, and increasing demand for protein-rich diets. China is the dominant market in the APAC region due to its large population and growing urbanization, which has led to an increase in the consumption of fresh fish products. Furthermore, the government's initiatives to promote aquaculture and improve infrastructure for the production and transportation of fish products have contributed to the market's growth in the region.

Global Fresh Fish Market By Region, 2024-2031
  • Largest
  • Fastest

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Fresh Fish Market Dynamics

Drivers

Increasing demand for protein-rich diets

  • One of the main drivers of the market for fresh fish products is the increasing demand for protein-rich diets as an alternative to high-calorie foods. Fish products are a low-fat source of protein and contain beneficial vitamins such as omega-3 fatty acids, which are essential for muscle building and overall health. This trend is expected to continue over the forecast period as consumers become more health-conscious and seek out natural, sustainable, and nutritious food options.

Restraints

Environmental impact of commercial fishing and aquaculture practices

  • One of the major restraints in the market for fresh fish products is the environmental impact of commercial fishing and aquaculture practices. Overfishing, habitat destruction, and pollution can lead to the depletion of fish stocks and harm marine ecosystems. Additionally, concerns around the use of antibiotics and other chemicals in fish farming practices can impact consumer trust in the safety and sustainability of fish products. To address these concerns, there is a growing emphasis on sustainable and responsible fishing practices and the development of innovative technologies for fish production.

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Fresh Fish Market Competitive Landscape

The market is highly competitive, with a large number of players operating globally. The market is characterized by the presence of both large and small-scale companies, with a focus on product innovation and sustainability. Key strategies employed by companies in the market include mergers and acquisitions, partnerships, and collaborations to expand their product portfolios and distribution networks. Additionally, companies are investing in research and development activities to introduce new technologies and processes to improve fish production and ensure the safety and quality of their products.

Top Player’s Company Profiles

  • Nippon Suisan Kaisha, Ltd. (Japan)
  • High Liner Foods Incorporated (Canada)
  • Clearwater Seafoods Incorporated (Canada)
  • Lerøy Seafood Group ASA (Norway)
  • Marine Harvest ASA (Norway)
  • Dongwon Industries Co. Ltd. (South Korea)
  • Austevoll Seafood ASA (Norway)
  • Tassal Group Limited (Australia)
  • Huon Aquaculture Group Limited (Australia)
  • Lyons Seafoods Limited (United Kingdom)
  • Sea Watch International Ltd. (United States)
  • The Union Frozen Products Co., Ltd. (Thailand)
  • Trident Seafoods Corporation (United States)
  • Pacific Seafood Group (United States)
  • AquaChile S.A. (Chile)
  • Cermaq Group AS (Norway)
  • Thai Union Frozen Products PCL (Thailand)

Recent Developments

  • In March 2023, Impossible Foods announced its launch of plant-based ethnic food products, including Indian-style kebabs and Thai-style curries.
  • In January 2024, The Global Seafood Alliance (GSA) announced the outcomes of its recent marketing initiative, Choose Seafood with Standards. This campaign coincided with U.S. National Seafood Month in October and aimed to promote awareness of the Best Aquaculture Practices (BAP) certification program while increasing sales of BAP-certified seafood. Ten retail and foodservice partners participated in the campaign, including ALDI, Giant Eagle, Green Chef, H-E-B, Lidl, Meijer, Wakefern Food Corp., and WinCo Foods.

  • In March 2024, Norwegian football sensation Erling Haaland has teamed up with the Norwegian Seafood Council (NSC) in a new worldwide partnership. This collaboration highlights the mutual dedication of both Haaland and the Norwegian Seafood Council to excel in their respective domains, aiming to boost seafood consumption together.

  • In March 2024, Revo Foods unveiled the world's inaugural retail-ready vegan octopus. Leveraging its proprietary 3D-printing innovation, the company transforms fungi into a seafood alternative, offering a sustainable option amidst concerns over unethical octopus farming practices.

Fresh Fish Key Market Trends

  • One key market trend in the fresh fish products market is the increasing demand for sustainable and traceable fish products. Consumers are becoming more aware of the environmental impact of fishing practices and are seeking out products that are responsibly sourced and produced. This trend is driving companies to adopt more sustainable practices in their fishing and farming operations, as well as investing in technology solutions to ensure traceability throughout the supply chain. Companies are also focusing on product labeling and certifications to increase consumer trust and confidence in the safety and sustainability of their products.

Fresh Fish Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our global fresh fish market analysis, the market is driven by increasing demand from both developed and developing economies, due to growing awareness of the health benefits of fish consumption and advancements in cold chain and distribution channels. The rising demand for protein-rich diets as an alternative to high-calorie food products is also fueling market growth. However, concerns about the environmental impact of commercial fishing and aquaculture practices, including overfishing and pollution, are restraining market growth. Key market trends include a focus on sustainability and traceability of fish products, with companies adopting responsible fishing practices and investing in technology solutions to ensure the safety and quality of their products.

Report Metric Details
Market size value in 2023 USD 5.10 billion
Market size value in 2031 USD 7.32 billion
Growth Rate 4.10%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Salmon and Tuna
  • Distribution Channel
    • Offline retail and Online retail
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Nippon Suisan Kaisha, Ltd. (Japan)
  • High Liner Foods Incorporated (Canada)
  • Clearwater Seafoods Incorporated (Canada)
  • Lerøy Seafood Group ASA (Norway)
  • Marine Harvest ASA (Norway)
  • Dongwon Industries Co. Ltd. (South Korea)
  • Austevoll Seafood ASA (Norway)
  • Tassal Group Limited (Australia)
  • Huon Aquaculture Group Limited (Australia)
  • Lyons Seafoods Limited (United Kingdom)
  • Sea Watch International Ltd. (United States)
  • The Union Frozen Products Co., Ltd. (Thailand)
  • Trident Seafoods Corporation (United States)
  • Pacific Seafood Group (United States)
  • AquaChile S.A. (Chile)
  • Cermaq Group AS (Norway)
  • Thai Union Frozen Products PCL (Thailand)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Fresh Fish Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Fresh Fish Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Fresh Fish Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Fresh Fish Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Fresh Fish Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Fresh Fish Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Fresh Fish Market size was valued at USD 5.10 billion in 2022 and is poised to grow from USD 5.31 billion in 2023 to USD 7.32 billion by 2031, growing at a CAGR of 4.10% in the forecast period (2024-2031).

The market is highly competitive, with a large number of players operating globally. The market is characterized by the presence of both large and small-scale companies, with a focus on product innovation and sustainability. Key strategies employed by companies in the market include mergers and acquisitions, partnerships, and collaborations to expand their product portfolios and distribution networks. Additionally, companies are investing in research and development activities to introduce new technologies and processes to improve fish production and ensure the safety and quality of their products. 'Thai Union Group PCL (Thailand)', 'Maruha Nichiro Corporation (Japan)', 'Nippon Suisan Kaisha, Ltd. (Japan)', 'Mowi ASA (Norway)', 'High Liner Foods Incorporated (Canada)', 'Clearwater Seafoods Incorporated (Canada)', 'Lerøy Seafood Group ASA (Norway)', 'Marine Harvest ASA (Norway)', 'Dongwon Industries Co. Ltd. (South Korea)', 'Austevoll Seafood ASA (Norway)', 'Tassal Group Limited (Australia)', 'Huon Aquaculture Group Limited (Australia)', 'Lyons Seafoods Limited (United Kingdom)', 'Sea Watch International Ltd. (United States)', 'The Union Frozen Products Co., Ltd. (Thailand)', 'Trident Seafoods Corporation (United States)', 'Pacific Seafood Group (United States)', 'AquaChile S.A. (Chile)', 'Cermaq Group AS (Norway)', 'Thai Union Frozen Products PCL (Thailand)'

One of the main drivers of the market for fresh fish products is the increasing demand for protein-rich diets as an alternative to high-calorie foods. Fish products are a low-fat source of protein and contain beneficial vitamins such as omega-3 fatty acids, which are essential for muscle building and overall health. This trend is expected to continue over the forecast period as consumers become more health-conscious and seek out natural, sustainable, and nutritious food options.

One key market trend in the fresh fish products market is the increasing demand for sustainable and traceable fish products. Consumers are becoming more aware of the environmental impact of fishing practices and are seeking out products that are responsibly sourced and produced. This trend is driving companies to adopt more sustainable practices in their fishing and farming operations, as well as investing in technology solutions to ensure traceability throughout the supply chain. Companies are also focusing on product labeling and certifications to increase consumer trust and confidence in the safety and sustainability of their products.

North America dominated the market due to the high demand for fresh and healthy food products. The United States is a key player in the North American market and has been witnessing steady growth in the demand for fresh fish products, driven by the growing health consciousness among consumers. The availability of advanced technology and the presence of established market players in the region have contributed to the growth of the market in North America. Moreover, initiatives by the government to promote healthy food habits among the population have further fueled the demand for fresh fish products.

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Global Fresh Fish Market

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