USD 996.1 million
Report ID: SQMIG30I2307 | Region: Global | Published Date: June, 2023 | Pages: 157 | Tables: 61 | Figures: 75
Mackerel Market size was valued at around USD 996.1 million in 2021 and is expected to rise from USD 1042.92 million in 2022 to reach a value of USD 1505.99 Million by 2030, at a CAGR of 4.7% over the forecast period (2022–2030).
A big population's increasing demand for high protein, healthy meals result in an increase in mackerel consumption, which is anticipated to fuel market expansion during the course of the projected period. The government imposed a state of lockdown in a number of nations around the world as a result of the COVID-19 outbreak. As a required precaution to stop SARS-CoV-2 from spreading further, people worldwide were urged to remain at home.
The primary driver promoting the growth of the global mackerel market is growing consumer awareness of the health benefits. Another factor that has been beneficial to the growth of this market is the increased need for consumers to consume these goods due to their rich sources of protein, fatty acids, and vitamin B-12. Further, it is anticipated that the mackerel industry will expand significantly in the years to come as consumers grow more cognizant of the health benefits of fish, such as immunity boosters and increases in bone strength, heart health, and cognitive health.
New mackerel products are increasingly being developed and launched. Market growth is anticipated to be driven by the introduction of such novel and cutting-edge mackerel products, which increase customer awareness and increase availability. In addition, the increasing use of mackerel in a variety of products, such as its inclusion in pet food to boost its nutritional content, is boosting its uptake and accelerating the growth of the market all over the forecast period.
Due to the main companies' growing investments in the launch of new products, the industry's sales are anticipated to rise. In addition, key industry players are creating networks with various distributors to broaden their reach and develop a larger consumer base in response to the growing demand for mackerel. The lack of mackerel in some regions, however, is impeding the industry's growth. Additionally, it is projected that the market's growth will be restrained by the increasing acceptance of veganism by a growing number of people across the world. In addition, the installation of strict rules for mackerel production and catch yield are going to hinder market growth during the forecast period. The absence of cold supply chains and logistics is also expected to be a substantial challenge for the global mackerel market.
US Mackerel Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 996.1 million
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The global mackerel Market is segmented based on form, distribution channel, and region. In terms of form, the market is segmented into frozen, and canned. With respect to distribution channels, the market is classified into supermarkets/hypermarkets, convenience stores, online, and others. Based on region, the global Mackerel Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
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Asia Pacific held the largest industry share of more than 65% in 2022 since it accounts for the majority of fish harvesting and aquaculture. The popularity of mackerel has increased in developing countries due to its numerous health benefits at low costs. Additionally, the region's expansive coastline regions and expanding population support fish cultivation and fishing. These factors may contribute to an expansion of the market in this area during the coming few years.
Latin America is anticipated to witness significant growth during the projection period. Due to the region's rising mackerel consumption, the category is predicted to grow at a 5.5% rate during 2023 and 2030. This is driven by the rising demand for omega-3 fatty acids and the drive for better diets. The consumption of mackerel in this region has also increased significantly.
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Mackerel Market Drivers
Growing Demand from Food Industry
Mackerel Market Restraints
Competition from Other Fish Species
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The global mackerel market is highly competitive in nature, with numerous players operating in the industry. These companies are involved in various activities such as fishing, processing, packaging, and distribution of mackerel products. They are continuously investing in research and development to introduce new products, and are expanding their distribution networks to reach new markets.
Mackerel Market Top Player’s Company Profiles
Mackerel Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, we found that the Mackerel market is the demand for consumption is therefore anticipated to grow over the coming years. A big population's increasing demand for high protein, healthy meals result in an increase in mackerel consumption, which is anticipated to fuel market expansion over the course of the projected period. The government imposed a state of lockdown in a number of nations around the world as a result of the COVID-19 outbreak.
|Market size value in 2021||USD 996.1 million|
|Market size value in 2030||USD 1505.99 Million|
|Forecast Unit (Value)||USD Million|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Mackerel 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 Global Mackerel 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.
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