SEATTLE--(BUSINESS WIRE)--The global fish products market was pegged at 177.70 million tons in 2018 and is projected to exhibit a CAGR of 3.2% over the forecast period (2019 – 2027).
Fish and fish products are a major source of proteins, and are consumed all over the world by over 1 billion people, according to the World Health Organization (WHO). Major types of fish products are fishmeal and fish oil. Fishmeal is generally fed to farm animals such as pigs and chicken, and also for human consumption. Fish oil, however, is used in pharmaceutical and food industries due to its health benefits and flavor. Fish oil is also rich in zinc and iodine which is driving the market for fish products globally. Fish oil also plays an important role in increasing brain function, and reducing inflammation.
Fish products market is segmented according to products types such as fish oil, fish meal and others. Fish oil segment accounted for the largest share by volume, followed by fish meal products in 2018. The demand for fish oil is growing significantly due to its use in the pharmaceutical industry as it provides important proteins for various health problems such as cancer, cardiovascular disease, arthritis, mood disorders and others. For instance, according to IFFCO (International Fishmeal and Fish Oil Organization), fish oil is one of the important sources of omega-3 fatty acids.
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Trade barriers and import tariffs levied on exporting countries are one of the restraining factors for growth of fish products market globally. As stated by the World Trade Organization, there are numerous concerns for countries indulging in the trading of fish products other than the existing commitments in import tariffs. These concerns are in terms of technical barriers for trade, anti-dumping, subsidies, dispute resolution, and other sanitary measures.
Key Trends and Analysis of the Fish Products Market:
- 70% of the fishmeal and fish oil products are derived from captured whole fish, and the rest from the by-product of aquaculture. Moreover, the by-product consumption would increase owing to its increased availability.
- According to National Research Council (US) Panel on the Applications of Biotechnology, the countries in Southeast Asia are inclined towards using fermented fish products, as fermented fish products can overcome the perishable nature of these products. Consumers are attracted towards such products owing to characteristics of the products such as aroma, texture, and flavor.
Key Market Takeaways:
- The global fish products market is expected to exhibit a CAGR of 3.2% (by volume) during the forecast period (2019 – 2027). Factors such as rising demand for protein rich food and supplements is predicted to boost growth of the fish products market over the forecast period.
- Asia Pacific held the largest market share in the global fish products market in 2018. This is attributed to growing population in India and China. India’s population is estimated to grow at a faster pace over the forecast period, and add 273 million people to the country’s current population by 2050 according to United Nations Report (June 2019)
Major Player’s operating in the fish products market include-
Omega Protein Corporation, FMC Corporation, Corpesca S.A., TripleNine Group A/S, Colpex International, FF Skagen A/S, Pesquera Diamante S.A., Marvesa Holding N.V, TASA, American Marine Ingredients, Croda Inc., and GC Rieber Oils, and Pelagia.
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Global Fish products Market, By Product Type:
- Fish Oil
- Fish Meal
- Others (Fish Sauce, Fermented Fish, etc.)
Global Fish products Market, By Application:
- Others (Fertilizer, etc.)
Global Fish products Market, By Region:
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of Latin America
- Rest of Middle East
- North Africa
- Central Africa
- South Africa
- Rest of Africa
- North America
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