(Entertainment-NewsWire.com, December 07, 2017 ) The Global Fish Processing Market was worth USD 183.24 billion in 2016 and estimated to be growing at a CAGR of 3.75%, to reach USD 220.28 billion by 2021. The market is showcasing evident potential in the mentioned forecasting period. The market continues to gain momentum with the rapid increase in consumption of fish eating.
Fish processing is the process which starts with the catching of fishes and ends at final shipping to customers. It includes entire species of aquatic organisms, irrespective of the place from where they are obtained. Fish is a very perishable food and hence needs to be stored and preserved properly for protection against decaying. Some of the popular fish processes used for fish preservation are surimi, curing, salting, drying, and smoking.
The major driving factors for the Global Fish Processing Market are the gradually increasing demand for seafood, change in the diet of consumers and rising demand for a variety of seafood products. Apart from this, the growing fish feed, as well as development in methods of packing and preserving the fish, also promote the growth of global fish processing market. However, the growing consumption of processed fish of some specific species is making them extinct, thereby resulting in high price, leading to market decline. The increasing adoption of vegan or vegetarian lifestyle is also preventing the growth of this market.
The Global Fish Processing Market is segmented on the basis of Fish Processing Category into Frozen, Preserved and others. On the basis of Application, the market is segmented as Food and Non-Food. The food segment leads the market under the segmentation on the basis of application due to increased inclusion of fish in people’s diets. Based on Source the market is categorized as Marine and Inland. The fish harvested from marine sources lead the market due to the development of new techniques for fishing. On the basis of Species, the market is segmented as Fish, Crustaceans, Mollusks, and Others. On the basis of Equipment the market is segmented as Slaughtering, Gutting, Scaling, Filleting, Deboning, Skinning, Smoking and Others.
On the basis of geography, the Global Fish Processing Market is analyzed under various regions namely North America, Europe, Asia-Pacific and Rest of the World. The Fish Processing market was dominated by Europe, with the largest market share globally. Asia-Pacific region was followed by Europe and North America. Asia Pacific is predicted to grow at a rapid pace in the coming few years.
Some of the major companies dominating the Global Fish Processing Market, by their products and services Maruha Nichiro Corporation (Japan), Pescanova S.A. (Spain), Royal Greenland A/S (Denmark), Norway Pelagic ASA and Charoen Pokphand Foods PCL (Thailand).
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