A new report has projected that the fish processing market will reach US$222.71bn in terms of value, at a compound annual growth of 3.8% from 2016 to 2021 and 37,194.98 KT in terms of volume by 2021, at a compound annual growth of 2.2% from 2016 to 2021.
The report, Fish Processing Market by Category (Frozen, Preserved, Others), Species (Fish, Crustaceans, Mollusks, Others), Application (Food & Non-food), Source (Marine & Inland), Equipment, and by Region - Global Forecast to 2021, says that high nutritional profile and added health benefits of processed fish and fish products, growth in the aquaculture industry and increasing health consciousness have been contributing to the growth in the fish processing market.
In the report, the fish processing market is classified into food and non-food applications such as fish meal, fish oil, cosmetics, fertilisers, and other industrial uses, with food for human consumption being the leading segment.
Based on sources for fish harvesting, the marine segment captured the largest market share in the fish processing market in 2015. Due to the introduction of modern techniques for fishing, increased use of motorised fishing boats, and abundance of nutrients available from coastal upwelling and land runoff beneficial for the breeding of fish, the capture rates from marine sources have increased, leading to the growth of the market.
The Asia-Pacific region has abundant processing facilities, and with the changing eating habits there has been a rise witnessed in this market. China led the fish processing market in this region. Several Asian economies such as Thailand, Vietnam, and South Korea are dependent on fisheries as an important contributor to their GDP and are leading exporters of processed fish products to most European and North American countries.
The full report is available to buy from www.marketsandmarkets.com.
