Fish Products Market Size (2024–2030)

The Global Fish Products Market was valued at USD 155 billion in 2023 and is projected to grow at a CAGR of 4.6% from 2024 to 2030, reaching approximately USD 213 billion by 2030.

The market for fish products encompasses a wide variety of products derived from fish, including fresh, frozen, and canned fish, as well as fishmeal and fish oil. The growing demand for seafood as a healthy protein source, rising consumption of fish-based supplements, and increasing applications of fishmeal and fish oil in the animal feed industry are the key drivers behind the market's growth.

With heightened awareness about health benefits related to fish consumption, the market has expanded globally. Additionally, the growing aquaculture industry and advancements in preservation techniques have facilitated a consistent supply of fish products, which has helped meet rising demand across various sectors, including food, pharmaceuticals, cosmetics, and animal feed.

Key Market Insights:

• The fresh fish segment accounted for the largest market share, contributing approximately 45% of the total market value in 2023, driven by growing consumer preference for fresh, unprocessed seafood.

• The fishmeal segment is expected to grow at the highest CAGR of 5.7% over the forecast period, largely due to its extensive use in aquaculture and animal feed industries.

• Asia-Pacific is the largest market for fish products, representing over 50% of global revenue in 2023, supported by robust aquaculture industries in countries like China, India, Vietnam, and Indonesia.

• The pharmaceutical application segment is expected to witness the fastest growth at a CAGR of 6.2%, driven by the increasing use of fish oil in the production of omega-3 supplements and nutraceuticals.

• The frozen fish segment is gaining traction due to its longer shelf life and ease of storage, accounting for around 30% of the total market in 2023.

Global Fish Products Market Drivers:

Rising Consumer Awareness About the Health Benefits of Fish Consumption is driving the market growth:

The increasing awareness of the health benefits associated with consuming fish is a major driver of the global fish products market. Fish is a rich source of high-quality protein, vitamins, and omega-3 fatty acids, which are known to promote cardiovascular health, reduce inflammation, and support brain function. As consumers become more health-conscious and seek out nutritious foods, fish has become a preferred protein source, particularly in developed economies such as the United States, Canada, and parts of Europe. Omega-3 fatty acids, which are abundant in fatty fish like salmon, mackerel, and sardines, are particularly valued for their ability to reduce the risk of heart disease and stroke. This has led to a significant increase in demand for both fresh fish and fish-based supplements, such as fish oil capsules. In addition to heart health, fish consumption is associated with benefits for mental health, joint health, and eye health, further driving its popularity. Moreover, the global shift toward more sustainable and plant-based diets has influenced the market positively, as fish is seen as a more environmentally sustainable protein compared to red meat. With a growing number of consumers adopting pescatarian or flexitarian diets, the demand for fish products is expected to remain robust over the forecast period.

Growing Aquaculture Industry and Advancements in Fish Farming Techniques is driving the market growth:

The expansion of the global aquaculture industry is another significant factor driving the fish products market. Aquaculture, or fish farming, now accounts for more than half of the world’s seafood supply. This shift toward farmed fish has been fueled by the growing demand for seafood and the limitations of wild fish stocks due to overfishing and environmental degradation. Modern aquaculture techniques, such as recirculating aquaculture systems (RAS) and offshore fish farming, have significantly improved the efficiency and sustainability of fish production. These methods allow for better control of water quality, feeding, and disease management, resulting in higher yields and better-quality fish products. Additionally, advancements in selective breeding and genetic research have led to faster-growing and more resilient fish species, further boosting aquaculture output. The increased availability of farmed fish, such as tilapia, salmon, and shrimp, has made seafood more affordable and accessible to a wider consumer base. This, in turn, has led to greater consumption of fish products in both developed and developing regions. Governments in many countries, particularly in Asia and Latin America, are supporting the growth of aquaculture through favorable policies and investments, further driving the market.

Increasing Demand for Fishmeal and Fish Oil in Animal Feed and Pharmaceuticals is driving the market growth:

The rising demand for fishmeal and fish oil in the animal feed and pharmaceutical industries is a key driver of the global fish products market. Fishmeal, which is produced from ground and processed fish, is a highly nutritious feed ingredient used in aquaculture, livestock, and poultry farming. It is rich in essential amino acids, omega-3 fatty acids, and other nutrients that promote healthy growth and development in animals. As the global aquaculture industry continues to grow, the demand for fishmeal as a primary feed ingredient has surged. In particular, fishmeal is essential for the production of high-quality feed for farmed fish such as salmon, trout, and shrimp. Additionally, the use of fishmeal in livestock and poultry feed is increasing, as farmers seek to improve the nutritional content of animal diets. Fish oil, which is extracted from the tissues of oily fish, is widely used in the production of omega-3 supplements and pharmaceuticals. Omega-3 fatty acids, particularly EPA and DHA, are known for their anti-inflammatory properties and their role in supporting heart health, brain function, and joint health. The growing consumer demand for dietary supplements, particularly in North America and Europe, has led to a significant increase in the production of fish oil-based products.

Global Fish Products Market Challenges and Restraints:

Overfishing and Environmental Concerns is restricting the market growth:

One of the key challenges facing the global fish products market is the issue of overfishing and the resulting environmental impact. Overfishing occurs when fish are harvested at a faster rate than they can reproduce, leading to the depletion of fish stocks and the degradation of marine ecosystems. Many of the world’s most important fisheries are currently facing overexploitation, which threatens the long-term sustainability of the fish products industry. In response to this challenge, governments and international organizations have implemented stringent regulations to promote sustainable fishing practices. For example, the Marine Stewardship Council (MSC) certification program aims to ensure that fish are caught using sustainable methods that minimize environmental impact. However, the implementation and enforcement of these regulations vary widely across different regions, and illegal, unreported, and unregulated (IUU) fishing remains a significant problem in many parts of the world. The environmental impact of fish farming also poses a challenge to the industry. Aquaculture operations can lead to water pollution, habitat destruction, and the spread of diseases if not managed properly. While modern aquaculture techniques have improved the sustainability of fish farming, concerns about the environmental impact of large-scale fish farming operations persist.

Supply Chain Disruptions and High Costs of Cold Chain Logistics is restricting the market growth:

Another significant challenge in the fish products market is the high cost of cold chain logistics and the vulnerability of the supply chain to disruptions. Fish and seafood products are highly perishable and require specialized storage and transportation conditions to maintain their quality and safety. The cold chain, which involves the refrigerated transport and storage of fish products, is essential for preserving the freshness and extending the shelf life of fish. However, maintaining an uninterrupted cold chain can be expensive, particularly in regions with limited infrastructure for refrigeration and transport. The costs associated with cold chain logistics, including energy consumption, equipment maintenance, and transportation, can drive up the price of fish products, making them less affordable for consumers. Additionally, any disruption in the cold chain, such as equipment failure or transportation delays, can lead to significant losses due to spoilage and waste. The global supply chain for fish products is also vulnerable to disruptions caused by natural disasters, geopolitical tensions, and trade restrictions. For example, the COVID-19 pandemic led to widespread disruptions in seafood supply chains, as lockdowns and restrictions on international trade affected the movement of goods. The pandemic also highlighted the need for greater resilience and flexibility in the supply chain to mitigate the impact of future disruptions.

Market Opportunities:

The global fish products market presents several growth opportunities, driven by increasing consumer demand for sustainable seafood, rising awareness of the health benefits of fish, and expanding applications of fish-based products in various industries. One of the most promising opportunities lies in the growing demand for plant-based and alternative seafood products. As concerns about overfishing and environmental sustainability continue to rise, there is increasing interest in plant-based alternatives to traditional seafood. Companies are developing innovative products made from algae, soy, and other plant-based ingredients that mimic the taste and texture of fish. These products appeal to consumers who are looking for sustainable and ethical alternatives to conventional seafood, as well as those with dietary restrictions or preferences for plant-based diets. In addition to plant-based seafood, cell-cultured fish is another emerging trend in the market. This technology involves growing fish cells in a lab to produce fish meat without the need for traditional fishing or farming. While still in the early stages of development, cell-cultured fish has the potential to revolutionize the seafood industry by providing a more sustainable and environmentally friendly source of protein. Another area of opportunity is the expansion of fish-based products in the pharmaceutical and nutraceutical industries. As research continues to uncover the health benefits of omega-3 fatty acids and other bioactive compounds found in fish, there is growing demand for fish oil supplements, functional foods, and nutraceuticals. This trend is particularly strong in regions with aging populations, such as North America and Europe, where consumers are increasingly focused on maintaining their health and wellness.

FISH PRODUCTS MARKET REPORT COVERAGE:

Fish Products Market Segmentation: By Product Type

• Fresh Fish

• Frozen Fish

• Canned Fish

• Fishmeal

• Fish Oil

The fresh fish segment dominates the market, accounting for approximately 45% of the total market share in 2023. Fresh fish is highly sought after due to its superior taste and nutritional value. Consumers, particularly in developed regions such as North America and Europe, prefer fresh fish for its unprocessed and natural form. Additionally, advancements in transportation and cold storage technologies have made it easier to deliver fresh fish to markets worldwide, contributing to the segment's dominance.

Fish Products Market Segmentation: By Application

• Food

• Pharmaceuticals

• Animal Feed

• Cosmetics

The food segment is the largest application area for fish products, contributing over 60% of the market revenue in 2023. Fish and seafood are staple foods in many cultures and are consumed for their rich protein content and health benefits. The rising demand for fish as a healthy source of protein, combined with the increasing popularity of sushi, seafood restaurants, and ready-to-eat fish products, has cemented the food segment’s leading position.

Fish Products Market Segmentation: By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa

Asia-Pacific dominates the global fish products market, accounting for more than 50% of the market share in 2023. The region is home to some of the largest fish-producing countries, including China, India, Vietnam, and Indonesia, where aquaculture and fishing industries are well-established. High seafood consumption rates, especially in coastal areas, combined with a rapidly growing middle-class population and rising disposable incomes, are key factors driving the market's growth in the region.

COVID-19 Impact Analysis:

The COVID-19 pandemic had a mixed impact on the global fish products market. In the early stages of the pandemic, disruptions in supply chains, restrictions on fishing activities, and reduced consumer demand led to significant challenges for the industry. Many fish processing plants were forced to shut down temporarily due to labor shortages and safety concerns, while the closure of restaurants and foodservice outlets resulted in a sharp decline in demand for fish and seafood products. However, as the pandemic progressed, the market began to recover, driven by a surge in demand for frozen and canned fish products. With consumers cooking more at home and seeking convenient, long-lasting food options, frozen and canned fish products experienced a spike in sales. In addition, the rise of e-commerce and online grocery shopping helped fish product suppliers reach consumers who were reluctant to visit physical stores. The pandemic also highlighted the importance of resilient and sustainable supply chains in the fish products market. Many companies have since invested in improving their cold chain logistics and expanding their online retail presence to mitigate the impact of future disruptions. As a result, the market is expected to continue its recovery and experience steady growth in the post-pandemic era.

Latest Trends/Developments:

Several key trends are shaping the global fish products market, including the increasing focus on sustainability and the growing demand for plant-based and alternative seafood. As consumers become more environmentally conscious, there is a rising interest in sustainable fishing practices and products that have minimal impact on marine ecosystems. Certifications such as the Marine Stewardship Council (MSC) label are gaining popularity, as they assure consumers that the fish they are purchasing is sourced sustainably. The development of plant-based and cell-cultured seafood alternatives is another significant trend. Companies are investing in research and innovation to create seafood products that mimic the taste, texture, and nutritional profile of real fish without the environmental and ethical concerns associated with traditional fishing and aquaculture. These alternatives are particularly appealing to consumers who are seeking sustainable and plant-based protein options. In addition, there is increasing interest in the health benefits of fish-based products. The rising awareness of the importance of omega-3 fatty acids for heart, brain, and joint health is driving demand for fish oil supplements and other nutraceuticals derived from fish. This trend is particularly strong in regions with aging populations, where consumers are looking for ways to maintain their health and wellness.

Key Players:

1. Thai Union Group

2. Marine Harvest ASA

3. Nippon Suisan Kaisha, Ltd.

4. Maruha Nichiro Corporation

5. Chareon Pokphand Foods

6. Trident Seafoods Corporation

7. High Liner Foods Inc.

8. Pacific Seafood Group

9. Dongwon Group

10. Royal Greenland A/S