Fish Processing Hooked on Rising Consumer Demand

---

Researched by Industrial Info Resources (Sugar Land, Texas)--The fish processing sector plays a vital role in the global food chain and serves as a major economic driver, with production rising each year. Driven by the increasing inclination toward seafood due to its benefits, evolving dietary habits and a rise in aquaculture, the market for fish processing is expanding.

According to OECD-FAO Agricultural Outlook 2021-2030, fish production is expected to reach 201 million metric tons in 2030, an increase of 23 million metric tons from the 2018-2020 average. The outlook is a collaborative effort of the Organization for Economic Co-operation and Development (OECD) and the Food and Agriculture Organization (FAO) of the United Nations. Out of the total fish produced, a majority is projected to be consumed as food (181 million metric tons in 2030), with only 10% going to non-food uses (mainly fishmeal and fish oil). Global consumption of food from fish is projected to increase by 1.3% per annum, with aquaculture expected to provide 57% of the total fish used for consumption in 2030.

Prior to being sold for consumption, a variety of tasks are carried out in a fish processing plant. These tasks encompass sorting, grading, scaling, gutting, filleting, skinning, washing, freezing and packaging. As fish are highly perishable, handling requires optimum care. Processes such as temperature and moisture control, microbial growth management along with salting, smoking and dry freezing become essential in preventing decomposition and maintaining the shelf life of processed fish.

Products produced in a fish processing plant include fish fillets, fish sticks and cakes, fish-protein concentrate used as both human food and animal feed. Fish oils find applications in products like margarine and omega-3 supplements; enzymes such as pepsin and chymotrypsin have various industrial uses, and other by-products can be processed into nutrient supplements used in pharmaceuticals and chemicals such as biodiesel and fertilizers.

Industrial Info is tracking 401 operational fish processing plants globally, the majority of which operate in Europe (219) and Asia (71). Subscribers to Industrial Info's Global Market Intelligence (GMI) Food and Beverage Plant Database can click here for a list of plant profiles.

Industrial Info is also tracking more than 229 capital spending projects that are worth nearly US$2.5 billion, geared toward fish processing plants globally. Subscribers to Industrial Info's GMI Food and Beverage Project Database can click here for a list of detailed project reports.

Europe is the biggest driver of investment and owns the majority of the market (57%) with a project spending of over US$1 billion across 82 projects. It is followed by Asia (US$357 million) and South America (US$321 million).

By country, Norway leads the way, owning about 41% of the market with a spend pipeline of US$1 billion across 40 projects. It is followed by the U.S., with an investment of US$200 million, and Brazil with US$164 million. Other countries with substantial investments include China, Chile, Oman, Iceland and Austria.

With a combined project spending of around US$565 million, Driva Aquaculture AS (Berkak, Norway), Eco Seafood (Rovik, Norway) and Nordic Aquafarms (Fredrikstad, Norway) are the top players in the market, having a cumulative market share of around 25%.

More than half of the investment (59%) is geared toward plant expansions while 26% is towards grassroot projects.

With 67% of the investment in the initial planning stages, 13% in the latter engineering phase and 4% already under construction, most of these projects are anticipated to be completed between December 2024 and December 2025, while the rest will reach fruition by May 2029.

As the industry progresses, 45 fish processing plants are anticipated to come up globally, most of which will set up base in Europe and Asia by 2027.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).