Global Fish Paste Market Report and Forecast 2024-2032

Global Fish Paste Market Outlook

The global fish paste market is being driven by the growth of the global fish market. In 2023, the global fish production attained a volume of 186.07 million tonnes. The fish production is further expected to grow at a CAGR of about 2.5% in the forecast period of 2024-2032.

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Robust Demand from the Asia Pacific to Significantly Aid the Growth of the Fish Paste Industry

The Asia Pacific is expected to present a significant growth opportunity for the fish paste industry as a result of the rising customer per capita income and a growing understanding of a balanced dietary intake with adequate consumption of nutrients and proteins. A significant portion of the population in the region also relies on the source of seafood for their daily requirements of protein. This is expected to further add to the increasing demand for fish paste in the region. Within the Asia Pacific, Japan is expected to be a leading market for fish paste due to the country’s substantial seafood consumption. In Japan, the fish paste industry attained a value of USD 2.41 billion in 2020. The market for fish paste is also witnessing a significant growth in Japan due to the increasing focus of consumers on following a healthy lifestyle.

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Fish Paste: Market Segmentation

Fish paste refers to a soft, creamy paste or purée of fish that is produced through the chemical or physical break down of fish. A procedure known as fermentation involves the chemical treatment of fish, breaking it into fish paste. The physical method for preparing fish pastes involves the grinding, mincing, pressing, pounding, mixing, or shearing processes so that the fish is reduced to a paste consistency. The fish paste is cooked for long so that the desired degree of consistency and thickness is achieved. Seasonings or condiments for flavouring different foods and other delicacies are used for the fish paste. The paste is a rich source of vitamins and omega 3, consisting of low fat and high protein contents. In addition to this, fish is an excellent mineral source for the health of the heart and brain, for example, zinc, iron, magnesium, iodine, and potassium.

Based on fish type, the industry can be divided as follows:

• Tuna
• Salmon
• Shellfish
• Others

Fish paste finds wide applications in the following sectors:

• Food Products
  • Sauces
  • Spreads
  • Dressing
  • Soups
  • Noodles
  • Snacks
  • Others
• Food Processing

The distribution channels in the industry can be segmented as follows:

• B2B
• B2C
  • Hypermarkets/Supermarkets
  • Convenience Stores
  • Specialty Stores
  • Online
  • Others

The regional markets for fish paste can be divided into north America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Consumption of Seafood to Bolster the Market Growth of Fish Paste

Due to the increasing population, rising disposable incomes, rapid urbanisation, and a growing shift in food preferences, the demand for fish paste are expected to increase over the forecast year. The rising demand for nutritive foods is contributing to the increased seafood consumption, including fish paste. The growing industry for food processing is also boosting the market for fish paste as it is used in many culinary dishes such as snacks, sandwiches, soups, and spreads, among others.

Key Industry Players in the Global Fish Paste Market

The report gives a detailed analysis of the following key players in the global fish paste market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Hakka Pty Ltd
• LI Chuan Food Products PTE LTD
• Nishi Nihon Kibun Foods Inc.
• Mannarich Food Inc.
• Princes Limited
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report