GLOBAL FISH PROCESSING INDUSTRY

During the last few decades, the global market for fish processing has been gradually expanding. The market is expected to increase at a CAGR of 3.8 percent during the next five years. The fish processing market is being driven by factors such as the high nutritional profile and added health advantages of processed fish and fish products, growth in the aquaculture industry, and an increase in health consciousness toward value-added fish products. Fish processing is commonly used for conservation, as it helps to keep fish fresh for longer periods of time with no loss of taste, flavour, scent, or nutritional content. Fish processing refers to activities involving fish and fisheries products. The procedure starts with the capture of the fish and continues until the final product is delivered to the customer. Many people are getting interested in dried fish, such as shrimp, dried fish, octopus, dried oysters, and so on. Furthermore, well-known fish preservation techniques include hardening, salting, drying, and smoking. All aquatic species that are treated are included in this category. Because fish is a perishable food, adequate storage is required to extend its shelf life and maintain nutritional quality.

Fish and Fish Products

According to the World Health Organization, fish and fish products constitute a key source of protein consumed by nearly 1 billion people worldwide (WHO). Fishmeal and fish oil are the two most common types of fish products. Fishmeal is commonly fed to farm animals like pigs and chickens, as well as to humans. However, because of its health benefits and flavour, fish oil is used in the pharmaceutical and food industries. Fish oil is particularly high in zinc and iodine, which is fueling the global fish industry. Fish oil is also beneficial for improving brain function and lowering inflammation.

MARINE PRODUCTS INDUSTRY

The marine ingredients industry is predicted to increase at a 5.71 percent annual rate. The rise in consumer interest in marine ingredients is fueling the market’s expansion. Marine ingredients are considered healthful goods that are mostly used for human consumption and animal feed. The marine elements come from krill, algae, mussels, and fish, among other sea dwelling species. These substances are well-known for being high in vitamins and nutrients. The surge in demand for fat content and unique protein outside of their everyday routine for consumers on marine components is predicted to drive the market’s growth. Furthermore, the market for marine ingredients is expected to develop due to an increase in the acceptance of organic products over conventional ones. Furthermore, the market for marine ingredients is expected to benefit from increased demand from the food and beverage and animal feed industries.

PROCESSED SEAFOOD INDUSTRY

Because seafood is a perishable product, it must be processed to keep it fresh and fit for ingestion even after long periods of time. Processed seafood refers to any value addition to seafood that is done primarily to preserve or extend its shelf life. Processing is also done to enhance the taste, colour, and nutritional value of the seafood. Seafood preservation can be performed in a number of ways. Drying and salting are the most common methods for preparing seafood. Smoking, salting, curing, gutting, filleting, and other techniques are also used.

The global processed seafood industry is growing as a result of rising demand for processed seafood and continual innovation in fishing techniques. Other factors likely to support growth of the global processed seafood market include consumer preference for ready-to-eat seafood and technological advancements in processing equipment. The worldwide seafood market is predicted to increase at a CAGR of 5% over the next five years.

FISH PROCESSING INDUSTRY IN INDIA

India is the world’s second-largest aquaculture and fish-producing country. With exports of marine products valued close to USD 7 billion, the country is the world’s fourth largest seafood exporter. India presently exports to more than 115 nations, and the government has made it a priority to make India the world’s leading seafood exporter. India produces around 6.3 percent of the world’s total fish. The fishing industry employs almost 14.5 million people and is growing at a rate of 7% per year. The shrimp processing sector in India has been almost solely preoccupied with shrimps for the past ten years, owing to the easy market that shrimps give abroad. Shrimp export has had a negative impact because the industry has failed to diversify into other fish and fish products. Due to a lack of shrimp as a raw material in particular places or during some seasons, the freezing and canning factories have been underutilised. Surely, the processing sector in India’s future does not rest just on shrimp, which account for only approximately 12% of the country’s entire catch. As a result, all other fishes, including trash fish, should be regarded as significant by the industry first. The Central Institute of Fisheries Technology has made significant progress in the commercialization of several different fish species. These include the sale of the complete fish, as well as fish fillets and cut meat. Other items with considerable potential include fish flour, fish protein concentrate, fish hydrolysate, fish soup powder, fish flakes, and fish sausages. It’s also crucial to use lesser-known items like bacteriological peptone made from garbage fish.

TOP PLAYERS WORLDWIDE

• Charoen Pokphand Foods PCL
• Maruha Nichiro Corporation
• Pescanova S.A
• Royal Greenland A/S
• Norway Pelagic ASA
• Universal Seafood,
• China National Fishery Corporation (CNFC),
• Mowi ASA,
• Seaboard Corporation,
• Trident Seafood,
• High Liner Foods,
• Austevoll Seafood ASA,
• Aquachile,
• The Union Frozen Products,
• Sajo Industries,
• Tropical General Investments Nigeria Ltd
• Channel Fish Processing Company Inc.
• Trident Seafoods Corporation
• Whitby Seafoods Ltd.