Mackerel Market Share, Size, Trends, Industry Analysis Report, By Form (Frozen and Canned); By Distribution Channel (Hypermarkets and Supermarkets, Convenience Store, Online, Others); By Region; Segment Forecast, 2023 - 2032
- Published Date:Jul-2023
- Pages: 112
- Format: PDF
- Report ID: PM3560
- Base Year: 2022
- Historical Data: 2019-2021
The global mackerel market was valued at USD 1,029.59 million in 2022 and is expected to grow at a CAGR of 4.3% during the forecast period. Increasing prevalence among the global population towards the healthier meals that are rich in nutritional components like protein and growing consumption of mackerel across the globe due to its growing emergence as a rich source of vitamin B12, fatty acids, and proteins are among the major factors influencing the demand and growth of the global market. Moreover, the growing focus of major producers of mackerel globally for the development and launch of new mackerel products, which leads to higher availability and increased awareness regarding the product benefits, is also likely to have positive impact on the global market growth.
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For instance, in September 2022, OCEAN Brands, announced the launch of its new Ocean’s line of affordable tinned seafood across the United States, in collaboration with the team behind Matiz. The company is introducing eight different varieties of mackerel fillets and succulent Brisling sardines including wild mackerel fillets in korma curry, with olive, red pepper, and herbs, and with juniper & coriander among others.
Moreover, the growing use of advanced technology in the mackerel industry can help to improve the efficiency of production processes, reduce waste, and enhance product quality. Beside this, innovations such as advanced fishing gear, aquaculture technologies, and traceability systems could also help businesses stay competitive and be ahead of their competitors, which in turn, generating huge growth potential for the market.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the mackerel market. The emergence of deadly coronavirus across the globe has resulted in the closure of restaurants and food service industries due to imposed lockdown and other stringent regulations on trade activities, in order to get control on the spread of the pandemic. Some countries have also imposed export restrictions on seafood products, including mackerel, which has impacted the global supply of mackerel and have affected prices and availability in some markets during the pandemic.
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The growing popularity and proliferation of the mackerel in the global seafood sector and emerging need for mackerel due to rising people knowledge regarding the health benefits of including seafood in their daily meals and diets coupled with the surging prevalence of mackerel as a highly economical fish, which can suffice almost all the nutrients requires for proper human body functioning, are the primary factors fueling the market growth.
The significant growth in the innovations in packaging and processing techniques, which leads to improve the shelf life and quality of mackerel products and advances in packaging technology such as vacuum-sealed packaging, can help to preserve the freshness of mackerel products and extend their shelf life, and playing a very crucial role in boosting their adoption across the world and pushing the market growth forward at significant pace.
The market is primarily segmented based on form, distribution channel, and region.
By Distribution Channel
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Frozen segment accounted for the largest market share in 2022
The frozen segment accounted for highest global market share in 2022, and is likely to retain its market position throughout the anticipated period, which is mainly driven by widespread use of the frozen forms in fish preservation and growing popularity of freezing due to its ability to make the product available all over the year for consumption. In addition, it further helps in reducing the several kinds of microbiological activities that cause food poisoning and spoilage coupled with the presence of high-level inspection of microbiological checks, which makes the product pure and hygienic for the consumption purpose, is driving the demand and growth of the segment market.
The canned segment is expected to grow at fastest growth rate over the next coming years, on account of continuous surge in the need and demand for better packaging and preservation solutions of fish along with the growth in popularity and prevalence of canned mackerel as a convenient food option as it can be easily stored, transported, and consumed, making it a popular choice for people who want a quick and easy meal or snack. Additionally, consumers across the globe are becoming increasingly concerned about the environmental impact of their food choices, thereby sustainable fishing practices and eco-friendly packaging gaining significant traction and could make canned mackerel more attractive to environmentally conscious consumers, which in turn, creating lucrative growth opportunities for the segment market.
Online distribution channel segment is expected to witness highest growth over the projected timeline
The online distribution channel segment is expected to exhibit highest growth rate throughout the projected period, mainly attributable to increasing penetration among the global population towards online shopping platforms because of its wider range of beneficial characteristics including ease of product availability, large range of options, competitive or even cheaper price, easy payment methods, and home delivery among others along with the increase in the number of online shoppers due to easy access to fast internet facilities across the world.
For instance, the total number of online shoppers were around 2.14 billion in 2021, which accounts for over 25% of the world’s total population and also shows that around half of the internet users use the internet to shop online. In America, the number of online shoppers in even more with 76% of US adults are online shoppers and 62% out of them are regular online shoppers.
The hypermarkets and supermarkets segment led the industry market with substantial revenue share in 2022, mainly due to its capabilities to offer a convenient one-stop shopping experience for consumers who want to buy everything they need in one place and is particularly more attractive for consumers who prefer buying fresh fish and seafood products like mackerel.
Asia Pacific region dominated the global market in 2022
The Asia Pacific region dominated the global market for mackerel in 2022, and is expected to maintain its dominance its dominance over the study period. The regional market growth market can be largely attributed to presence of several large coastal areas and increased population in countries like India and China, leading to higher consumption of seafood products. The demand for processed and canned mackerel has been rapidly increasing across the APAC region due to changing consumer preferences popularity of mackerel among urban consumers due to their hectic lifestyles and busy schedules, which lead to higher adoption of ready-to-eat meals like canned mackerel.
The North America region is projected to gain considerable growth rate over the coming years, owing to increased consumer awareness regarding the numerous health benefits associated with the consumption of mackerel including reducing the risk of heart diseases, reducing inflammation, and improving the brain function. Moreover, the regional governments have implemented regulations to promote sustainable fishing practices like the Magnuson-Stevens Fishery Conservation and Management Act, which can help to protect mackerel stocks and ensure that the industry remains sustainable, thereby propelling the market’s growth.
Some of the major players operating in the global market include Thai Union Group Public, Viet Ocean Seafood, Siam Canadian Foods, Pinetree Vietnam, Subo International, Euclid Fish, John Nagle, Auckland Fish, Toyota Tsusho Foods, Sinopesca Group, General Conserve, Lotana, Sarma Fish, and Seven Star Ocean Fisheries.
In May 2021, Thai Union, introduced new SEALECT skinless & bone-less mackerel fillets in the canned form. The new skinless and boneless mackerel fillets are highly rich in the EPA & omega 3, 6, and 9.
In October 2021, Camanchaca introduced the Unico. A new canned horse mackerel line is also being launches in both wholesale and retail outlets across the supermarkets on Santiago & Concepion as well as strengthen their online presence to boost the sales.
Mackerel Market Report Scope
Market size value in 2023
USD 1,072.21 million
Revenue forecast in 2032
USD 1,571.58 million
4.3% from 2023 – 2032
2019 – 2021
2023 – 2032
Revenue in USD million/billion and CAGR from 2023 to 2032
By Form, By Distribution Channel, By Region
North America, Europe, Asia Pacific, Latin America; Middle East & Africa
Thai Union Group Public Company Ltd., Siam Canadian Foods Co. Ltd., Ocean Treasure World Foods Limited, Pinetree Vietnam Company, Subo International Holland, Viet Ocean Seafood Vietnam, Ocean More Foods Co. Ltd., Euclid Fish Company, John Nagle Co., Auckland Fish Market, Toyota Tsusho Foods, Sinopesca Group, General Conserve SpA, Lotana LV Ltd., Sarma Fish Sarl, and Seven Star Ocean Fisheries Limited.
key companies in Mackerel Market are Thai Union Group Public, Viet Ocean Seafood, Siam Canadian Foods, Pinetree Vietnam, Subo International.
The global mackerel market expected to grow at a CAGR of 4.3% during the forecast period.
The Mackerel Market report covering key are form, distribution channel, and region.
key driving factors in Mackerel Market are The significant growth in the innovations in packaging and processing techniques.
The global mackerel market size is expected to reach USD 1,571.58 million by 2032.