Fresh Fish Market Size, Share & Trends Analysis Report By Product (Pelagic, Demersal), By Form (Fresh, Frozen), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2022 - 2028

Report Overview

The global fresh fish market size was valued at USD 228.3 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 2.6% from 2022 to 2028. The growing demand and consumption of fresh fish products in developed and developing economies will drive the market. As per the Food and Agriculture Organization (FAO), global food fish consumption has increased at a growth rate significantly above that of the world population growth. Moreover, growing awareness regarding the health benefits of fresh fish such as reducing the risk of chronic diseases and balancing hormone levels is expected to accelerate the market growth over the forecast period. 

The COVID-19 pandemic disturbed transportation and suspended the supply of fish food products for a short duration. The supply chain of fish products was disrupted due to COVID-19 restrictions. These products are highly dependent on international trade, which suffered quite early from the pandemic due to the limitations and closures of the global market. In aquaculture, the unsold production of fresh fish has resulted in increasing levels of live fish stocks. Further, it has created higher costs for feeding and risks of fish mortalities across the globe.

The consumption of fish products has been driven by advancements in the cold chain, shipping and distribution channel, and an increase in the production of fish products across the globe. Moreover, the rising demand for protein-rich diets as an alternative to high-calorie food products is accelerating the industry demand. Fish food consists of a low-fat source of protein, which is used for muscle building, and also contains iron and vitamins such as omega-3 fatty acids, thereby accelerating the market growth.

The rising production of fish in developing economies including India and Indonesia is the major driving force of the market. The market for fresh fish has been witnessing growth due to factors such as growing urbanization and increasing disposable income of the people, which has led to a rise in the consumption of protein-rich fish food. Moreover, the growing demand for premium quality food products due to the freshness and diversity of the products are expected to boost the market growth over the forecast period.

However, increased government support and improved transport infrastructure have increased the importance of international trade in past years. For instance, in India, the Marine Products Export Development Authority (MPEDA) has launched an initiative to develop a GPS-based database of export-oriented aquaculture farms to ensure their traceability and quality control. Identifying the significance and potential of the fisheries and aquaculture, in May 2020, the Government approved the Pradhan Mantri Matsya Sampada Yojana (PMMSY) in India under the Aatmanirbhar Bharat COVID-19 Relief Programme with an aim of sustainable as well as responsible fisheries sector development. Likewise, in Indonesia, the PROTEKAN (Program to Increase Fisheries Exports) program aims to strengthen fisheries exports. Therefore, increasing export-oriented fish production is likely to further increase global fish production and consumption.

A recent trend observed in the target market is innovation and change in seafood dishes and the global demand for protein and fat-free foods. Exclusive restaurants serving exotic seafood and changing consumer tastes are some of the other factors contributing to the growth of the global seafood market. Some of the limiting factors are the short shelf life of the product, government regulations on fish farming and packaging, and disease outbreaks while farming and processing seafood.

Form Insights

The fresh segment captured the largest revenue share of more than 55.0% in 2021. The growth of the market is mainly due to the increasing consumption of fresh fish due to several health benefits such as reducing the risk of chronic diseases. Moreover, consumers’ inclination toward protein-rich fish food is significantly accelerating the segment demand.

The frozen segment is anticipated to expand at the fastest growth rate of 2.8% from 2022 to 2028. The growing demand for fish and innovative chilling, packaging, and distribution technologies have led to significant growth of the market over the forecast period. Furthermore, continuously changing lifestyles and busy life schedules of consumers are increasing the demand for frozen fish.

Distribution Channel Insights

The offline channel held the largest revenue share of over 80.0% in 2021. Suppliers of fresh fish use the traditional retail channel to increase sales. Consumers are preferring offline platforms for purchasing goods, groceries, and fish food products, where they can physically verify product quality. Moreover, easy access and searching for various fish products through stores is likely to drive the segment. Offline channels are expected to remain dominant over the forecast period due to the improved distribution channel networks across the globe.

The online segment is expected to register the fastest CAGR of 3.6% from 2022 to 2028. The internet penetration rate has registered lucrative growth in recent years, which is accelerating the market growth. Several suppliers of fresh fish are offering products not only on their websites but also on e-commerce platforms, which is projected to fuel the market growth.

Product Insights

The pelagic segment held the largest market share of more than 60.0% in 2021. The rising popularity of fish food due to growing health consciousness among consumers will boost the market growth over the forecast period. Additionally, increasing consumption of pelagic fish has significantly reduced the level of micronutrient and protein malnutrition, thus accelerating market growth. Moreover, increasing consumption and production of pelagic fish in developing economies like India, China, and Indonesia due to more affordable pricing is propelling the growth of this segment.

The demersal segment is expected to register the fastest CAGR of 3.0% from 2022 to 2028 due to the increasing demand for demersal fish as it is a valuable protein source for human consumption. Increasing consumption of seafood across the world, especially in developing countries, is anticipated to increase the product demand. However, regulations on seasonal fishing may restrain the growth of this product over the forecast period.

Regional Insights

Asia Pacific held the largest revenue share of over 55.0% in 2021 due to the high consumption of fresh fish products in countries such as China, India, and Indonesia owing to rising demand for protein-rich fish products. Consumer inclination toward a healthy lifestyle and changing eating habits are boosting the demand for fish food products.

Europe is expected to register the fastest CAGR of 3.4% from 2022 to 2028. The increasing awareness regarding the health benefits and rising popularity due to sustainability are propelling the market growth in this region. Moreover, the rising concerns over premature skin aging and bone health and the high prevalence of cardiovascular diseases are accelerating the demand for fish products in the European region. In addition to this, the growing demand for premium quality fish products due to freshness, diversity of the products, and convenience for food safety are expected to boost the market growth over the forecast period.  

Key Companies & Market Share Insights

The market is fragmented with the presence of various established market players and suppliers of fresh fish across the globe, coupled with numerous domestic players. Major manufacturers and suppliers are constantly focusing on innovative packaging solutions and logistic development and supporting distribution channels to grow their businesses. Such initiatives are expected to boost the adoption rate of the product among consumers around the globe. The market is further driven by mergers & acquisitions, joint ventures, and innovative packaging design. Some prominent players in the global fresh fish market include: -

• Mowi

• Thai Union Group PCL

• Cermaq Group AS

• Huon Aqua

• Stolt Sea Farm

• Stehr Group

• Leigh Fisheries

• True World Foods

• Priory Fishery Ltd.

Fresh Fish Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global fresh fish market report on the basis of product, form, distribution channel, and region:

• Product Outlook (Revenue, USD Million, 2017 - 2028)

  • Pelagic

  • Demersal

• Form Outlook (Revenue, USD Million, 2017 - 2028)

  • Fresh 

  • Frozen

• Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)

  • Offline

  • Online

• Regional Outlook (Revenue, USD Million, 2017 - 2028)

  • North America

    • U.S.

  • Europe

    • Germany

    • U.K.

    • France 

  • Asia Pacific

    • China

    • Indonesia

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa

    • South Africa