The global freshwater fish market is evaluated at US$149.895 billion for the year 2019 and is projected to grow at a CAGR of 2.94% to reach a market size of US$183.544 billion by the year 2026.
A key factor expected to drive the market for freshwater fishes during the forecast period is the rising awareness of its health benefits. The main difference in nutrients is that freshwater fish tend to have higher amounts of calcium, monounsaturated fatty acids, and polyunsaturated fatty acids as compared to that of sea water fishes. Moreover, a global rise in the fish industry is expected to be a tailwind to the market in the coming years. According to a report by the SeaFish Organization, global fish production peaked at around 177.8 million metric ton in 2019 with aquaculture representing nearly 52.0% of the world fish production. Fisheries and aquaculture are increasingly becoming a primary source of protein, foreign exchange, livelihoods, and well-being of the population in the Asia-Pacific region. According to the Food and Agricultural Organization’s (FAO) data for the period of 2010-17, China dominated the global fish production, peaking at 26.9 million metric ton in 2018. To date, the production solely from aquaculture continues to increase at a steady rate of 5.0% since 2016, driven by higher incomes and urbanization, growing global consumption of fish at a faster rate than the global population.
Nearly half of all fish species live in freshwater, which means they swim in the rivers, lakes, and wetlands that make up less than 3 percent of Earth’s water supply. There are more than 800 known freshwater fish species in North America alone. Worldwide, the number is over 10,000 species. Freshwater fish face threats from human activity, such as overfishing, marine pollution, habitat loss, dam building, and the introduction of invasive species. Around 40 percent of North American freshwater fish species have become imperiled in recent decades. And since 1900, at least 57 species of freshwater fish in North America have gone extinct.
Furthermore, a significant shift of the millennials towards freshwater aquarium fishes is expected to fuel the demand in the coming years. Growing millennials’ interest in colorful ornamental fishes for the aquarium as a part of the luxury lifestyle at the global level is expected to remain a key factor for the industry growth. Furthermore, various scientific studies revealed that the use of ornamental fishes in household aquariums is expected to provide psychological advantages to the millennials in terms of reducing stress after a daily hectic schedule, along with providing a feeling of good experience.
GLOBAL Freshwater fish market, US$ billion, 2020 to 2026
Source: Knowledge Sourcing Intelligence Analysis
The advent of COVID-19 harmed the global freshwater fish market. The immense downturn in the global industry is noticeable owing to a substantial drop in consumer trust due to the rise in the scare of the disease during the period. This resulted in significantly lesser sales during the period as several supply chains were disrupted owing to the lockdown that was getting imposed in several countries to curb the widespread of the disease. Heightened restrictions disrupted both domestic and international demand for British seafood. While retail sales remained strong to the end of the year, the re-closure of much of the foodservice market at home and abroad challenged businesses once more. Global transport remained slower and more expensive through the end of the year. Market volatility and operating uncertainty throughout this period were further compounded by the fast-approaching ‘end of the transition period.’ By October, businesses across the supply chain engaged in trade with the EU had shifted much of their focus away from Covid-19 and onto Brexit planning. Businesses worried about the possible impacts of the UK and EU not reaching a favorable trade agreement. There was a focus on planning for a worst-case, ‘no-deal scenario. By the end of the year, however, Covid-19 issues regained prominence.
The segmentation of the global freshwater fish market has been done by water temperature, type, distribution, and geography. By water temperature, the classification of the market has been done into warm water, cold water. By type, the classification of the market has been done into (Carp, Barbel, and Cyprinid), Tilapia and others. By distribution, the classification of the market has been done into Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others. Furthermore, based on geography, the global market has been distributed as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
Rapid developments in aquaculture will drive the market during the forecast period
The rising pace of developments in aquaculture in several countries is expected to fuel the market for freshwater fishes during the forecast period. The Asia Pacific has significantly developed in the sector in recent years, contributing to 40% of the global fishery production. The exports of aquaculture products in many Asian countries are earning half a billion dollars per year, which is primarily contributing to aquaculture growth in the Asia-Pacific region. On the market side, aquaculture export growth in the Asian market is majorly driven by Europe and North American markets.
More than half of the domestic production in the countries, such as Vietnam, Thailand, Philippines, India, and Indonesia are destined only for Europe and North American markets, with Vietnam covering nearly three-quarters of production to export share in 2019. ?However, increased government support and improved transportation infrastructure increased the importance of international trade in the last ten years. For instance, in India, the Marine Products Export Development Authority (MPEDA) launched an initiative to develop a GPS-based database of export-oriented aquaculture farms in the country to ensure their traceability and quality control. Similarly in Indonesia, the PROTEKAN (Program to Increase Exports of Fisheries) program is aimed at intensifying the fishery exports.? Thus the increasing export-oriented production of fish is likely to further enhance the production thereby enhancing fish consumption in the world.
Global Freshwater fish market share, by geography
Source: Knowledge Sourcing Intelligence Analysis
Across the Asia Pacific, developing economies such as China and India are becoming the centers of some of the most popular fish-related cuisines in the world. That being said, the country has a strong tradition of making and consuming authentic fish related dishes, that can be witnessed by the level of offerings across restaurants’ menu. Along with this, the rising demand for organized food services and the growing trend of out-of-home dining in the markets are expected to boost the growth of freshwater fishes during the forecast period.
The players in the global freshwater fish market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the market.