During the projected period, Smoked Fish Market is expected to grow at a CAGR of 4.6%. The market value is projected to increase from US$ 5.1 billion in 2023 to US$ 8.0 billion by 2033.
The demand for smoked fish has been rising at a higher rate with significant growth rates over the previous few years, and it is expected to increase constantly in the forecasted period, i.e. 2023 to 2033. The smoked fish market is expected to be driven by rising demand for ready-to-cook packaged seafood items, rising per capita income, and the popularity of processed seafood in the coming years.
The rising popularity of prepared seafood such as snapper smoked salmon, crap, catfish, and Alaskan Pollock, among others, is expected to fuel market expansion in the near future. These items are simple to prepare and can be completed in a short period of time.
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Other factors that are expected to contribute significantly to the growth of the global smoked fish market include rising per capita income, a rise in the number of working-class people, and increasing demand for ready-to-eat (RTE) packaged seafood items.
Companies are now focusing their efforts on promoting their goods through online forums. This not only raises product awareness among customers, but it’s also quickly becoming the preferred choice for most people. Because of the rapid rise in global digitization, online retailing platforms are expected to fuel market growth prospects in the near future.
The Growth Prospect in E-Commerce Likely to Increase the Smoked Fish Market.
The expansion of the e-commerce industry has had a positive effect on many other industries, as it provides retailers with a new channel of distribution. The smoked fish vendors’ business-to-business (B2B) and business-to-consumer (B2C) operations are both supported by online and e-commerce outlets, providing a new revenue source to the industry.
Ocean Executive, for example, is a B2B marketplace that links seafood businesses from fishers, processors, and wholesalers to grocery stores and large restaurant chains. The advent of this channel has a significant impact on the market’s development.
The US and Canada Smoked Fish Market Outlook
One of the key developments in the US and Canada smoked fish market is innovative strategies for smoking fish to improve consistency and taste. Vendors there are now investing in packaging materials to extend the shelf life of smoked fish items, allowing them to remain fresh and juicy for longer.
For example, Associated Seafood’s’ new smoked fish packaging not only improves safety but also demonstrates the company’s expertise in fish smoking. Consumers in these regions mostly prefer convenience food due to hectic lifestyles and its easy-to-consume property. These factors have boosted the market growth in the US and Canada.
Europe Demand Outlook for Smoked Fish
Europe in the combination of the Middle East and Africa accounts for the highest market share of smoked fish. With a combined 45% share of total intake, Portugal, Germany, and Spain are the countries with the largest amounts of smoked fish consumption.
Europe has the highest market share due to reasons like local manufacturers and suppliers providing good discounts and a large number of distribution chain markets like supermarkets, hypermarkets, and grocery stores in this area.
In the near future, commercial tariffs and legislation in international trade, the Code of Federal Regulations (CFR), and several other protocols could have an effect on business development.
Who are the Key Manufacturers and Suppliers of Smoked Fish?
One of the main developments in the global smoked fish industry is the use of innovative methods for smoking fish to improve consistency and taste. SNV Netherlands, in collaboration with the Food and Agriculture Agency, launched FTT-Thiaroye, a new technology for smoking fish, in 2016.
This technology will enable industry participants to develop innovative goods that follow new safety standards and help to dry and smoking operations regardless of weather conditions.
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Some of the leading manufacturers and suppliers of smoked fish are-
- Kraft Heinz
- Unilever
- Leroy Seafood Group
- Marine Harvest
- 2 Sisters Food Group
- General Mills
- Nestle
- Epermarket
- The Hain Celestial Group
- Conagra Foods
- Others.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE – All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
Key Segmentation of Smoked Fish Market
By Product:
- Smoked salmon
- Smoked mackerel
- Smoked herring
- Smoked trout
- Other smoked fish
By Method:
- Hot smoked fish
- Cold smoked fish
By Region:
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- EU5
- Nordics
- Benelux
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- India
- ASEAN
- Rest of Asia Pacific
- Japan
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
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Smoked Fish Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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