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The global fish market size was valued at USD 732.87 billion in 2023. The market is further projected to grow at a CAGR of 3.4% between 2024 and 2032, reaching a value of USD 985.17 billion by 2032.
There is a growing awareness and interest in sustainable fishing practices and responsible aquaculture. This trend is shaping the seafood industry by encouraging businesses and consumers to seek seafood from sources that do not over-exploit marine resources or harm the environment. The Global Aquaculture Alliance (GAA) has developed the Best Aquaculture Practices (BAP) certification program, which sets standards for responsible aquaculture practices.
As per industry reports, global aquaculture production has increased by 250% between 2000 and 2015, while the use of wild fish for feed has declined. Moreover, aquaculture's reliance on wild fish has been weakening due to improvements in feed conversion efficiency and the use of plant-based ingredients in fish feed. This has resulted in fish market development.
The introduction of advanced tools and technologies, such as drone technology, precision fishing, and big data analytics, is enhancing the efficiency of the fishing industry. This trend is reducing waste, improving product quality, and making fishing practices more environment friendly. The impact is increased productivity and better resource management in the fishing sector.
Among regions, Asia Pacific dominates the fish market share as China is the world's largest producer of seafood, accounting for a significant portion of both wild catch and aquaculture production.
Seafood producers are increasingly recognising the importance of mitigating climate change and adapting to its impacts, such as ocean acidification and rising sea temperatures. This trend is driving research and innovation in more resilient species, investment in developing plant-based and cell-based seafood production methods, and the development of alternative feed sources.
The Intergovernmental Panel on Climate Change (IPCC) has recommended the development of climate-resilient aquaculture species, such as tilapia and catfish, which can better withstand changes in water temperature and pH levels.
Global Fish Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
Market Breakup by Form
Market Breakup by Distribution Channel
Market Breakup by Region
Market players are actively engaging in partnerships, product innovation, and strategic acquisitions to drive growth, and meet the evolving demands of consumers in the seafood industry.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Form |
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Breakup by Distribution Channel |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the market reached an approximate value of USD 732.87 billion.
The market is expected to grow at a CAGR of 3.4% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 985.17 billion by 2032.
The market is being driven due to increasing demand for fish and seafood products driven by growing population, rising disposable incomes, and changing dietary preferences, expansion of the aquaculture industry.
Key trends aiding the market expansion include technological advancements in fishing and fish farming techniques to improve productivity and efficiency, increasing focus on sustainable fishing practices, and growing demand for value-added and processed fish and seafood products.
Regions considered in the market are North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Different forms of fish in the market are fresh and processed.
Based on distribution channel, the market segmentations include hypermarkets/supermarkets, specialty stores, online channels, among others.
Freshwater and marine water fishes are considered in the report.
Key players in the market include Maruha Nichiro Corporation, Nissui Corporation, Thai Union Group PCL, Mowi ASA, Cermaq Group AS, Dongwon Group, Trident Seafoods, The Pacific Seafood Group, among others.
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