Fish Processing Market Witness a Spike in Growth Pace Recent Improvements in Pricing Models: FMI

 Fish processing is the practice allied with fishes and its products, which is carried out between the timespan when fishes are caught and continues till the final product made out of them is shipped to customer. The final product delivered can be ready-to-eat also. Fish processing covers all range of aquatic organisms, regardless where they are caught (wild fisheries or fish farming). One of the main concern of this process is to prevent fishes from deteriorating. Fish processing is necessary because fish is highly perishable and thus, requires preservation and proper handling, so that the end product can have nutritional quality and longer shelf life. Preservation is the main technique for fish processing (preventing fish spoilage and increasing shelf life).

One of the main benefits of fish processing is that it helps in the sustainable utilization of marine resources, thus growing the demand for more processed fish in the market. It is found that freshness of raw fish (seafood) can be enhanced by ozone. Treating processing equipment and raw fish with ozone, reduces bacteria attack, which can spoil fish otherwise. Thus, usage of ozone increases profitability in the fish processing industry. Fish processing involves a primary step and a secondary step. Primary processing involves cleaning, sorting, freezing and packaging of fish. Secondary processing involves creation of processed fish and seafood for meal components or ready meals.

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Fish Processing: Market Segmentation

The global fish processing market is segmented on the basis of source, application, processing type and equipment. Source from where fishes are obtained are freshwater, marine and inland. Marine segment occupies the largest market share due to modern techniques and methods of fishing. Application is segmented into food, feed, biomedical and others (fertilizers, cosmetics and industrial uses). Food occupies the largest market share in fish processing market followed by feed and biomedical, due to changing consumption habits of human. Types of processing fish are frozen, preserved, dried and others (smoked and surimi). Frozen is the most common fish processing type practiced. Equipment used for fish processing are deheading & gutting, skinning, scaling, filleting, desliming & rinsing and others.

Fish Processing: Regional Outlook

Geographically, the fish processing industry can be divided by major regions which include North America, Latin America, Europe, Asia Pacific and Middle East & Africa. Processed fish has highest consumption in North America followed by Asia Pacific and Europe. The United States ranks first in the consumption of Bluefin tuna and Atlantic salmon. Asia Pacific has huge fish processing facilities, with China being the market leader. Other Asian countries such as Japan, Malaysia and South Korea are majorly dependent of fish processing.

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Fish Processing Market: Growth Drivers

Major drivers identified driving the market of fish processing are the continuous rise in demand of seafood, changing consumers dietary habits and consumers demand for differentiated and value-added seafood products. Fish processing industries is also accessible by seafood producers and so they can control the final product, quality and hygiene. Increasing fish feed is also a major driver identified driving growth for the global fish processing market. Development and distribution channel with improvements in technology in packaging, processing and storage of fish is also a factor identified driving the market growth.

However, the increasing consumption of processed fish of a particular species is dropping their existence, thus increasing their price in market, which is resulting in decline of market growth.

Fish Processing Market: Players

As processing facilities empower fish processors have supervision over quality and hygiene of the final product, it has increased the value of fish processing companies. Some of the key players identified for the global fish processing market includes Pelagia AS, Leroy, Pescanova USA, Maruha Nichiro Corporation, Thai Union Group Public Company Limited, Royal Greenland A/S, NISSUI, High Liner Foods, Charoen Pokphand Foods PCL, Channel Fish Processing Company, Inc., and Marine Harvest ASA. The companies are expected to expand their business by enhancing their product portfolio in global fish processing market. The companies are projected to frame certain strategies in future in order to gain the competitive advantage in global fish processing market till 2026.