Global Herring Market Overview
As per MRFR analysis, the Herring Market Size was estimated at 4.73 (USD Billion) in 2022.The Herring Market Industry is expected to grow from 4.88(USD Billion) in 2023 to 6.5 (USD Billion) by 2032. The Herring Market CAGR (growth rate) is expected to be around 3.23% during the forecast period (2024 - 2032).
Key Herring Market Trends Highlighted
The Herring Market is expected to witness notable growth in the coming years. Key market drivers include rising seafood consumption, increasing demand for omega-3 fatty acids, and growing health consciousness among consumers. The demand for Pacific herring is particularly strong due to its nutritional value and suitability for a wide range of culinary applications.
Opportunities within the herring market lie in the exploration of new product innovations and packaging solutions. Value-added products, such as smoked or marinated herring, are gaining traction as they cater to consumers seeking convenience and flavor. Additionally, sustainable fishing practices are becoming increasingly important, presenting opportunities for businesses to align with consumer values and differentiate their products.
Recent trends in the herring market include the growing popularity of herring roe as a delicacy and the emergence of new markets in Asia and Latin America. The market is also witnessing the development of plant-based herring alternatives, driven by the rising trend of flexitarianism. These trends indicate the evolving consumer preferences and the need for businesses to stay abreast of market changes to maintain competitiveness.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Herring Market Driverw
Surge in Demand for Protein-Rich Food Products
Protein is vital for building and repairing body tissues, producing enzymes and hormones, and transporting nutrients throughout the body. In this regard, the increase in the awareness of the nutritional value of herring, and particularly its high protein levels, can be seen as the first factor influencing the herring market on a global scale. Indeed, as a rule, herring contains anywhere between 18 and 20 grams of protein per 100 grams of fish.Thus, the demand for herring is likely to grow significantly in the coming years due to the existing shift toward a healthier lifestyle and the increased popularity of protein-heavy diets among athletes, bodybuilders, and similar groups of consumers.
Expansion of the Food Service Industry
Another important factor driving the Herring Market is the rapid growth of the food service industry. Herring is a versatile fish that can be used in various culinary applications and, as such, is widely popular in restaurants, hotels, and other food service establishments. The growing number of restaurants and food service outlets, especially in developing countries, is creating new opportunities for herring consumption. Moreover, the increasing popularity of seafood and the overall trend towards healthy eating habits are also promoting the growth of herring consumption in the food service industry.
Technological Advancements in Fishing and Processing
Technological advancements in fishing and processing are also boosting the Herring Market. For instance, the invention of more efficient fishing methods, including purse seines and pelagic trawls, has made it possible to catch more herring. There have also been noticeable improvements in processing and preservation, which have enabled the increase in the shelf life of herrings. Thus, herring products have become more available to a greater number of consumers. Therefore, the market has benefited from implementing new technologies, which have led to a more stable and secure supply of herring products.
Herring Market Segment Insights
Herring Market Type Insights
The market is fragmented based on type into fresh, preserved, and roe. Of these, the fresh segment is dominant in the Herring Market. Fresh herring is in great demand throughout the world because of its high nutritional content and remarkable degree of versatility. In addition, there is a substantial scope for a pay rising in the preserved segment during the forecast period because of the escalating demand for shelf-stable food items that can be consumed straight out of the packaging. The roe segment will advance at a moderate speed over the forecast period in the Herring Market by Categorization.Herring roe is a delicacy in many parts of the world and is consumed as a topping on sushi, salads, and various other food items. Rising demand for Japanese food and a taste for specious seafood in today’s youth force make it more popular than any other segment. The Herring Market is intensely competitive because of the presence of numerous well-established players in the market. These companies invest substantial capital in research and development to develop new products and expand their influence in the market. The market is also characterized by the presence of a vast number of small and medium-sized companies that cater to specific regional or niche markets.The Herring Market is projected to expand at a steady rate of growth in the near future because of the growing popularity of seafood and the escalating demand for healthy and convenient food items.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Herring Market Processing Method Insights
The Processing Method segment significantly determines the Herring Market revenue. Whole Herring, which delivers a full flavor and outstanding nutrient content, became the leading market division in 2023. Filleted Herring advances at a notable CAGR over the period under consideration since this form is utterly convenient and in rising demand in such applications as restaurants and other food service venues. Smoked Herring possesses a considerable share because of its unique smoky flavor and increased storage capacity. Marinated Herring is on the rise because of its augmented demand from customers focused on value-addition, convenience, and flavor. The variety of offerings within the Processing Method correlates with a broad spectrum of segment shares, enabling overall market expansion.
Herring Market Distribution Channel Insights
The Herring Market is segmented into supermarkets/hypermarkets, convenience stores, fishmongers, and online retailers. Supermarkets/hypermarkets held the largest market share in 2023, accounting for over 45% of the global revenue. This is because these channels offer a wide variety of herring products and have a large customer base. Convenience stores are expected to grow at the highest CAGR during the forecast period, owing to their increasing popularity and convenience. Fishmongers continue to play an important role in the Herring Market, especially in Europe. Online retailers are gaining traction, particularly for specialty and premium herring products.
Herring Market End-Use Industry Insights
The Herring Market is segmented on the basis of End-Use Industry into Food Service, Household Consumption, and Pet Food Manufacturing. The Food Service segment accounted for the largest share of the Herring Market revenue in 2023 and is projected to continue to dominate the market throughout the forecast period. The Household Consumption segment is expected to grow at the highest rate during the forecast period, owing to the increasing demand for convenience food products. The Pet Food Manufacturing segment is also expected to witness significant growth during the forecast period due to the rising popularity of pet ownership and the increasing demand for premium pet food products.
Herring Market Regional Insights
The regional segmentation of the Herring Market offers valuable insights into the market's geographical distribution and performance. North America holds a significant market share, driven by factors such as rising demand for herring in the food service industry and growing health consciousness among consumers. Europe is another prominent region, with countries like Norway and Iceland being major herring producers. The APAC region is projected to witness substantial growth, owing to the increasing popularity of herring in Asian cuisine and growing disposable income levels.South America and MEA also contribute to the Herring Market, albeit to a lesser extent compared to the other regions. These regional insights help businesses understand the market dynamics and tailor their strategies accordingly.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Herring Market Key Players And Competitive Insights
Major players in the Herring Market industry are constantly striving to gain a competitive edge through strategic initiatives. Leading Herring Market players are focusing on product innovation, expanding their global footprint, and forming strategic partnerships to cater to the evolving needs of consumers. The Herring Market is witnessing consolidation, with larger players acquiring smaller businesses to strengthen their market position and expand their product portfolio. Furthermore, the industry is characterized by intense competition, with companies vying for market share through aggressive pricing strategies and marketing campaigns. The Herring Market development is influenced by technological advancements, changing consumer preferences, and evolving regulatory landscapes.A leading company in the Herring Market is Leroy Seafood Group ASA, a Norwegian seafood company specializing in the production, processing, and distribution of seafood products. Leroy Seafood has a strong presence in the herring market and is known for its commitment to sustainability and quality. The company operates in several countries and has a wide distribution network, which allows it to reach a global customer base. Leroy Seafood is actively involved in product development and innovation, investing in research and development to enhance its product offerings and meet evolving consumer demands.A competitor company in the Herring Market is Austevoll Seafood ASA, a Norwegian seafood company focused on the catching, processing, and sales of pelagic fish species, including herring. Austevoll Seafood has a significant presence in the herring market and is recognized for its expertise in fishing and processing techniques. The company operates a modern fleet of fishing vessels and has invested in advanced processing facilities to ensure the quality and freshness of its products. Austevoll Seafood has established a strong distribution network and has developed partnerships with key customers in various markets, which contribute to its competitive advantage.
Key Companies in the Herring Market Include
- Polar Seafood AS
- Nippon Suisan Kaisha, Ltd
- Seaboard Corporation
- Skeide Fiskeindustri
- Peruvian Refrigerated Products
- Norebo Holding
- Pescanova, S.A.
- Dampskibsselskabet Norden
- Lafayette Fishing
- Russian Fishery Company
Herring Market Industry Developments
The Herring Market is projected to reach USD 6.5 billion by 2032, exhibiting a CAGR of 3.23% during the forecast period. Rising demand for herring in the food and beverage industry, particularly in the production of canned and smoked herring, is driving market growth. The increasing popularity of herring as a healthy food option due to its high content of omega-3 fatty acids and protein is further contributing to market expansion.
Additionally, growing consumer awareness about the environmental sustainability of herring fishing practices is expected to positively impact market growth. Recent news developments in the market include the launch of new herring-based products, such as herring burgers and herring jerky, in response to changing consumer preferences. Furthermore, government initiatives aimed at promoting sustainable fishing practices and supporting the herring industry are anticipated to create favorable conditions for market growth in the coming years.
Herring Market Segmentation Insights
- Herring Market Type Outlook
- Herring Market Processing Method Outlook
- Whole
- Filleted
- Smoked
- Marinated
- Herring Market Distribution Channel Outlook
- Supermarkets/Hypermarkets
- Convenience Stores
- Fishmongers
- Online Retailers
- Herring Market End-Use Industry Outlook
- Food Service
- Household Consumption
- Pet Food Manufacturing
| Report Attribute/Metric |
Details |
| Market Size 2022 |
4.73(USD Billion) |
| Market Size 2023 |
4.88(USD Billion) |
| Market Size 2032 |
6.5(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
3.23% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Polar Seafood AS, Nippon Suisan Kaisha, Ltd, Seaboard Corporation, Skeide Fiskeindustri, Peruvian Refrigerated Products, Norebo Holding, Pescanova, S.A., Dampskibsselskabet Norden, Lafayette Fishing, Russian Fishery Company |
| Segments Covered |
Type, Processing Method, Distribution Channel, End-Use Industry, Regional |
| Key Market Opportunities |
Growing demand for healthy seafood Rising popularity of ready-to-eat herring products Increasing awareness of sustainable fishing practices Expanding applications in pharmaceutical and nutraceutical industries Growing popularity of gourmet seafood dishes |
| Key Market Dynamics |
Rising demand for healthy food options Technological advancements Increasing aquaculture production Fluctuating fish stocks Growing awareness of sustainability |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Herring Market is projected to reach USD 4.88 billion in 2023, exhibiting a steady growth rate over the forecast period.
The Herring market is anticipated to register a CAGR of 3.23% during the forecast period from 2024 to 2032, reflecting a promising growth trajectory.
North America is projected to dominate the Herring Market in terms of revenue, driven by increasing demand for herring in the region's food industry.
Rising demand for herring in the food industry, growing health consciousness among consumers, and favorable government regulations are some of the key factors driving the growth of the Herring market.
Major players operating in the Herring Market include the Seafish Industry Authority, the Herring Industry Board, the Norwegian Seafood Council, and the Alaska Seafood Marketing Institute.
The COVID-19 pandemic had a short-term impact on the Herring market, disrupting supply chains and reducing demand from the hospitality sector. However, the market is expected to recover as the pandemic subsides.
Expanding applications in the food industry, increasing consumer preference for healthy and sustainable seafood options, and growing demand from emerging markets present key growth opportunities for the Herring market.
Overfishing, environmental concerns, and fluctuations in herring populations pose challenges to the sustainable growth of the Herring market.
Traceability and sustainability are emerging trends in the Herring market, with consumers becoming increasingly conscious of the origin and environmental impact of their seafood choices.
The long-term outlook for the Herring market remains positive, driven by the growing demand for seafood, increasing health consciousness, and favorable government regulations. The market is expected to witness steady growth over the next decade.
