Freshwater Fish Market Analysis

Global Freshwater Fish Market Overview

Freshwater Fish Market Size was valued at USD 225.5 Billion in 2022. The Freshwater Fish Market industry is projected to grow from USD 233.3 Billion in 2023 to USD 307.33 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.50% during the forecast period (2023 - 2032). Increasing consumer awareness regarding the nutritional advantages of aquatic cuisine, ongoing advancements in aquaculture technology, government initiatives actively promoting sustainability in fisheries, and changing consumer preferences towards protein-rich diets are expected to be a significant market driver for the Freshwater Fish Market.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Freshwater Fish Market Trends

• Rising awareness of its health benefits and a significant shift of the millennials towards freshwater aquarium fishes is driving the market growth

Market CAGR for freshwater fish is being driven by the rising awareness of its health benefits and a significant shift of the millennials towards freshwater aquarium fishes. The primary nutritional distinction in freshwater fish lies in their elevated levels of calcium, monounsaturated fatty acids, and polyunsaturated fatty acids compared to their seawater counterparts. Additionally, the surge in the fish industry is poised to positively impact the market in the forthcoming years. According to a SeaFish Organization report, fish production reached its zenith at approximately 177.8 million metric tons in 2019, with aquaculture contributing nearly 52.0% to the world's fish production. Fisheries and aquaculture are increasingly becoming pivotal sources of protein, foreign exchange, livelihoods, and community well-being in the Asia-Pacific region. China, dominating fish production according to Food and Agricultural Organization (FAO) data for the period 2010-17, peaked at 26.9 million metric tons in 2018. Notably, aquaculture production has consistently grown at a rate of 5.0% since 2016, driven by increased incomes, urbanization, and a surge in fish consumption outpacing population growth.

Moreover, a noteworthy trend among millennials toward freshwater aquarium fish is anticipated to drive demand in the foreseeable future. The rising interest of millennials in vibrant ornamental fishes for aquariums as part of a luxury lifestyle is expected to be a key factor influencing industry growth. Furthermore, scientific studies indicating the psychological benefits of ornamental fishes in household aquariums, such as stress reduction and positive experiences, are likely to contribute to the sustained demand in this market segment. As a result, it is anticipated that throughout the projection period, demand for the Freshwater Fish Market will increase due to the rising awareness of its health benefits and a significant shift of the millennials towards freshwater aquarium fishes. Thus, driving the Freshwater Fish Market revenue.

Freshwater Fish Market Segment Insights

Freshwater Fish Market Water Temperature Insights

The Freshwater Fish Market segmentation, based on Water Temperature includes Warmwater and cold Water. The warmwater segment dominated the market, accounting for 58% of market revenue (130.7 Billion). Warmwater fish are recognized for their nutritional richness, boasting high levels of omega-3 fatty acids, premium-quality protein, and essential nutrients. The increasing awareness of the health benefits associated with fish consumption, coupled with the nutritional profile of warm water species, has generated a surge in consumer demand. This nutritional value proposition serves as a strategic point of differentiation and market appeal within the business landscape.

Freshwater Fish Market Type Insights

The Freshwater Fish Market segmentation, based on Type includes Carp, Barbel, Cyprinid, Tilapia, and Other Freshwater Fish. The Carp, Barbel, and Cyprinid segments dominated the market, accounting for 58% of market revenue (130.7 Billion). The Carp, Barbel, and Cyprinid segments feature a spectrum of species, each offering unique flavors and textures. This diversity enhances their culinary versatility, rendering them suitable for an extensive array of cooking methods and culinary applications. This characteristic adds significant market appeal, catering to a broad spectrum of consumer tastes and preferences within various cuisines and culinary trends.

Figure 1: Freshwater Fish Market, by Type, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Freshwater Fish Market Distribution Insights

The Freshwater Fish Market segmentation, based on Distribution includes Supermarkets and hypermarkets, Convenience Stores, Online Retail, and Others. The Supermarkets and hypermarkets segment dominated the market, accounting for 60% of market revenue (130.7 Billion). Supermarkets and hypermarkets generally possess a strong cold chain infrastructure that is crucial for the adequate storage and preservation of both fresh and frozen freshwater fish products. This infrastructure is essential to uphold product freshness and adhere to stringent quality standards.

Freshwater Fish Market Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The anticipated expansion of the Freshwater Fish market in North America can be attributed to several key factors. The increasing desire for protein-rich fish products is driving the demand for fish-based food items. According to the Fisheries of the United States report for 2020, commercial landings by U.S. fishermen at ports across the 50 states reached 8.4 billion pounds or 3.8 million metric tons, valued at $4.8 billion. In 2019, the estimated combined freshwater and marine aquaculture production in the U.S. was 658 million pounds, with a total value of $1.5 billion.

Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: FRESHWATER FISH MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's Freshwater Fish Market accounts for the second-largest market share as anticipated market growth in the coming years is driven by increasing demand for high-quality fish products characterized by freshness, product diversity, and adherence to food safety standards. As per the European Union report, there was a notable surge in the consumption of fish and seafood products at home in 2021. Household expenditure on fish and seafood in the EU-27 witnessed a 7% growth from 2020, maintaining the upward trajectory observed between 2019 and 2020. The apparent consumption in the EU in 2020 was estimated at 10.41 million tonnes of live weight equivalent, translating to 23.28 kg per person. Further, the German Freshwater Fish Market held the largest market share, and the UK Freshwater Fish Market was the fastest-growing market in the European region

The Asia-Pacific Freshwater Fish Market is expected to grow at the fastest CAGR from 2023 to 2032. In the Asia-Pacific region, emerging economies like China and India are emerging as hubs for some of the world's most popular fish-related cuisines. These countries boast a rich tradition of creating and enjoying authentic fish dishes, evident from the extensive offerings featured on restaurant menus. Additionally, the increasing preference for organized food services and the rising trend of dining out are anticipated to contribute to the growth of freshwater fish consumption in the foreseeable future. Moreover, China’s Freshwater Fish Market held the largest market share, and the Indian Freshwater Fish Market was the fastest-growing market in the Asia-Pacific region.

Freshwater Fish Market Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the Freshwater Fish market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Freshwater Fish industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Freshwater Fish industry to benefit clients and increase the market sector. In recent years, the Freshwater Fish industry has offered some of the most significant advantages to the culinary landscape, nutritional well-being, and economic development of various regions. Major players in the Freshwater Fish Market, including Phillips Foods, Inc., Trident Seafoods Corporation, Marine Harvest ASA, Thai  Union Group PCL, HIRO, Lee Fishing Company, Leigh Fisheries, and Royal Greenland are attempting to increase market demand by investing in research and development operations.

Founded in 1977, Thai Union boasts a rich history marked by a steadfast commitment to seafood expertise and innovation. Originating as a canned tuna processor and exporter, the business was built on the pillars of exemplary customer service and product quality. Over time, it has transformed into an OEM international business with a diverse portfolio encompassing consumer-favorite brands. The ambitious growth plans are deeply rooted in a dedication to sustainability and forward-thinking innovations. Thai Union Group PCL received recognition at the ASEAN Risk Awards 2023 for excellence in seamlessly integrating environmental and social considerations into its risk management strategies. The company was honored with the 'Environmental & Social Management (ESRM) Pioneer Award' for demonstrating exceptional proficiency in incorporating environmental and social considerations into its risk management strategies.

Established in 1956, Phillips Seafood Restaurants and Phillips Foods, Inc. are a family-owned enterprise headquartered in Baltimore. Renowned for our 65-year-old restaurant brand specializing in crab and seafood within a relaxed, welcoming setting, we have expanded our operations to encompass retail and food service products distributed nationwide. With crab and seafood production facilities spanning Asia and the United States, Phillips stands as a truly international company.

Key companies in the Freshwater Fish Market include

• Phillips Foods, Inc.


• Trident Seafoods Corporation


• Marine Harvest ASA


• Thai Union Group PCL


• HIRO


• Lee Fishing Company


• Leigh Fisheries


• Royal Greenland

Freshwater Fish Industry Developments

November 2021: In November 2021, Maruha Nichiro and Mitsubishi joined forces to establish a joint venture for the construction of an on-land salmon farm in Japan.

February 2022: In February 2022, the premium salmon brand Mowi introduced its organic product lines on Ocado.

Freshwater Fish Market Segmentation

Freshwater Fish Market Water Temperature Outlook

• Warmwater


• Coldwater

Freshwater Fish Market Type Outlook

• Carp, Barbel, and Cyprinid


• Tilapia


• Other Freshwater Fish

Freshwater Fish Market Distribution Outlook

• Supermarkets & Hypermarkets


• Convenience Stores


• Online Retail


• Others

Freshwater Fish Market Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America