Smoked Fish Market Size, Share, Industry, Forecast and outlook (2024-2031)

Smoked Fish Market is segmented By Fish Type (Smoked Salmon, Smoked Mackerel, Smoked Herring, Smoked Trout, Others), By Product Type (Hot smoked fish, Cold-smoked fish), By Region (North America, South America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Smoked Fish Market Overview

Global Smoked Fish Market reached USD 4.8 billion in 2022 and is expected to reach USD 7.2 billion by 2031 growing with a CAGR of 5.2% during the forecast period 2024-2031. The primary driver for the smoked fish market's expansion is the increasing demand for smoked eel, hot smoked fish, cold smoked fish, smoked salmon, and some others.

Consumers are preferring smoked fishes as they are preserved for longer periods and consumes less time for preparation. In general smoking of fish is done either cold temperatures or hot temperatures depending on the purpose of preservation. The two methods of smoking fish: the traditional method and the mechanical method. They can be divided into four types according to fish type: smoked salmon, smoked mackerel, smoked herring, and smoked trout.

The growing popularity of nutritious ready-to-eat foods among consumers is fueling the global smoked fish market growth during the forecast period 2023-2030. The smoked fish market offers clients a wider range of culinary characteristics, which is also healthful. The industry expansion of the smoked fish market has been encouraged by the rising demand for smoked fish products, which in turn, is estimated to drive the smoked fish market demand.

Smoked Fish Market Scope

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Smoked Fish Market Dynamics

Rising Demand for Processed Sea Foods is Driving the Market Growth.

Globally, consumers are growing more knowledgeable about ready-to-eat foods and well-being. Smoked salmon, smoked white eel, and smoked trout are primary ingredients in the growing market for smoked fish products. Processed sea foods consume less time for preparation and have a longer shelf life. Convenience, rising capital income, increasing percentages of working people, and some other factors are driving the global smoked fish market.

Major players are working assiduously to meet this demand by expanding their product offerings and keeping consumers' health in mind, which is driving the smoked fish market growth. For instance, in August 2020, Young’s Seafood, a U.K based company launched a new product Hot Smoked Sea Bass’ in Waitrose stores under the Hooked brand. 

Rising Awareness about Health Benefits Caused by Fish is Estimated to Drive the Smoked Fish Market Growth. 

Rising awareness about the health benefits caused by fish nowadays is driving the market. Fish contain high percentages of protein, vitamins, omega-3 fatty acids, and nutrients. It helps in lowering blood pressure and reduces the risk of a heart attack or stroke. In addition to that according to American Heart Association recommends consumption of fish at least two times per week as part of a healthy diet. This helps in driving the market.

An increase in health-conscious consumers, innovative packaging, and clean-label products are gaining traction globally. In addition, they want a greater variety of fish items. As a result, manufacturers are producing smoked fish with different techniques and producing different products such as smoked white fish, smoked mackerel, smoked trout, and others to suit the changing desires of consumers, which is driving the smoked fish market growth.

High Purchasing Cost and Processing Time are Impedes to Market Growth.

Smoked fish involves additional processing steps such as curing, smoking, and packaging, as well as it is associated with specialized smoking and preservation equipment. According to oneIndia the prices for different fishes are smoked salmon 1kg is 300rs, smoked trout 1kg is 350rs, and some others.  This can make smoked fish products relatively expensive for consumers, limiting their purchasing frequency or preference. Consumers may opt for alternative seafood products or fresh fish as they are available for lesser prices compared to smoked fish.

Smoking fish is a time-consuming process as it includes several stages. The time required for each stage can vary depending on the type of fish, desired flavor, smoking method, and consumer preferences. This extended processing time can impact the production capacity of smoked fish manufacturers, leading to limited supply and potential delays in meeting market demands.

Smoked Fish Market Segment Analysis

The global smoked fish market is segmented based on fish type, product type, and region.

In the Global Market of Smoked Fish, the Smoked Salmon Segment Holds the Largest Market Share. 

The global smoked fish market has been segmented by fish type into smoked salmon, smoked mackerel, smoked herring, and smoked trout. The smoked salmon segment held the largest smoked fish market share of 35.8% in 2022 in the smoked fish market analysis report. The growth is driven by the preparation process of smoked salmon, which is mostly manual. Customers enjoy this appealing visual appearance and the freshness is maintained in the end product. 

Other significant factors influencing the growth of the smoked salmon segment as it is rich in nutrients like omega-3 fatty acids, helping to reduce inflammation, lowering triglycerides in our blood fats, improving heart health, and increasing usage of salmon fish in local varieties. These factors can help in boosting the local economy.

Source: DataM Intelligence Analysis (2023)

Global Smoked Fish Market Geographical Share

Europe Region Held the Largest Share of the Smoked Fish Market.

The global smoked fish market is segmented into five parts of the world based on geography: North America, South America, Europe, Asia Pacific, the Middle East, and Africa. The Europe smoked fish market held the largest market share of 56% in 2022 in the smoked fish market analysis. 

Additionally, in 2020, the estimated EU apparent consumption totaled 10.41 million tonnes of live weight equivalent, equal to 23.28 kg per person according to the Ocean and Fishery European report. This can be explained that the majority of European people consume fish or other seafood regularly. The high consumption and production of smoked mackerel in the region and the rising demand for frozen and ready-to-use mackerel products have contributed to regional market growth.

Source: DataM Intelligence Analysis (2023)

Smoked Fish Market Major Key Players

The major global players in the market include Croda International Plc, Oceana Group Limited, Omega Protein Corporation, Austevoll Seafood, Pioneer Fishing, Aker Biomarine Antarctic AS, Animal Feeds International Corporation, Alpha Atlantique, Novus International, and ADM Animal Nutrition.

COVID-19 Impact on Smoked Fish Market

Global Recession/Ukraine-Russia War/COVID-19, and Artificial Intelligence Impact Analysis:

Covid-19 Impact:

The unprecedented COVID-19 pandemic in 2020 had a profound effect on the smoked fish industry. Covid-19 has had a considerable impact on the phases of the global smoked fish chain that involve smoked fish production, processing, distribution, and consumption as a result of lockdowns and restrictions imposed by various governments. 

Everything has changed due to the COVID-19 epidemic. It has influenced practically every industry in the world, whether positively or negatively. The COVID-19 pandemic's effects on world economic conditions have had an influence and could have an impact on interest rates, foreign exchange rates, commodities and energy prices, and the efficient operation of financial and capital markets.

The COVID-19 pandemic issue has had an impact on the smoked fish industries as well. The COVID-19 pandemic is upending life, and the fish processing sector is seeing an increase in trends like cold smoked fish, hot smoked fish, smoked white fish, and smoked eel. The smoked fish businesses are launching innovative programs, including smoked salmon, smoked trout, smoked mackerel, smoked sadness, and others. Which are readily available and simple to consume.

By Fish Type

• Smoked Salmon 
• Smoked Mackerel 
• Smoked Herring 
• Smoked Trout
• Others

By Product Type

• Hot smoked Fish 
• Cold smoked Fish 

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • The U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In December 2022, Acme, a U.S based company launched Danish Double-Smoked Salmon under its Spence & Co. premium product line in select Whole Foods Market stores. 
• In January 2021, New York, U.S.A.-based Acme Smoked Fish acquired an equity stake in Outrup, Denmark-headquartered smoked fish producer Norlax A/S to expand its business.
• In Nov-2021, The Global Sustainable Seafood Initiative is pleased to announce that Acme Smoked Fish (Acme) has joined GSSI as a Funding Partner.

Why Purchase the Report?

• To visualize the global smoked fish market segmentation based on fish type, product type, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development. 
• Excel data sheet with numerous data points of smoked fish market-level with all segments.
• The PDF report consists of a cogently put-together market analysis after exhaustive qualitative interviews and an in-depth market study.
• Product mapping is available as Excel consists of key products of all the major market players.

The global smoked fish market report would provide approximately 54 tables, 59 figures, and 190 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies