Fish does provide not only nutritional benefits but also economic value to a country. It is no wonder the global fish market is set to grow tremendously. Having reached $130 billion in 2016, global seafood is projected to hit $155.32 billion mark by 2023. The growth is attributed to increasing consumer spending and rising capita seafood consumption.
Export and Imports
The fish export value in 2017 was $117 billion. According to Statistica, The European Union and China were the top fish exporter in the world with $34.8 billion and 23.1 billion, respectively. Other big exporters were Norway, Vietnam and India.
The US was the largest fish and seafood importer in 2018 with $17.9 billion. Other big importers include Japan and China. European Union is the largest market for fish and seafood, having surpassed China. The main importers of EU fish products are the US, China, Norway and Nigeria. EU also imports fish and seafood from China and India, especially frozen cuttlefish.
Frozen Fish Market
The total value of frozen fish exports in the world in 2018 was $25.4 billion. This represents a 4.9% growth from 2017. China exported a frozen fish worth $2.9 billion, which is 11.3 % of the global market. Other includes Russia, the US, and Chile. In the US alone, the Fish and Seafood market revenue totaled $3 billion in 2019, representing a 2.6% annual growth from 2014.
The fish seafood market in the United States comprises of fresh and frozen fish for human consumption, fish meal, fish oil, canned oil and animal food. Globally, the growth of fish and seafood market is also on the rise. The US is also known for seafood programs in places such as Louisiana.
The demand for fish expected to be high in developing regions. The major factors that fuel the global seafood market are:
- Global population increase
- Increased Incomes
- Technological advancement especially in transportation and packaging
- Growth of healthy eating trend
Fish is very rich in protein. Health conscious individuals are choosing fish to avoid the negative health effects of meat. Fish restaurants and specialty store are also on the rise. However, biological and environmental hazards hamper the industry.
Main Fish Species in Aquaculture
Salmon, shrimp and Crap are the main fish species that dominate organic aquaculture production today.
The largest markets in the world for processed fish and seafood are China, India and Japan. While the US has a significant market for fish, the most popular sources of protein are eggs, dairy and meat. Only 29 per cent of US consumers regard fish or seafood as a main source of protein. On average American consumer eats four pounds of shrimp in one year.
The Asia Pacific is the global leader in the fish market. To be precise, China is the leading exporter of fish in the world. Some of the factors that have necessitated this dominance are the economic growth, increased spending and high income in regions such as China and India.
The leading players’ in salmon market worldwide are Chile and Norway. Canada and Scotland follow at a far distant. European Union and Japan are the largest consumers of frozen and fresh seafood in the world. The US is also a huge consumer of frozen, fresh and canned fish.
The Biggest Fish Markets in the World
Tsukiji Fish Market
Tsukiji fish market in Japan was the largest fish market in the world before the government relocated it to Toyosu market. It used to transact over 21 million dollars worth of fresh fish daily. Toyosu has carried on the Tsukiji world famous glory with traders, including restaurant owners and wholesalers transaction millions of dollars every day. It has better sanitation facilities, earthquake resistance and enhanced refrigeration. Sometime this year, a restaurant owner by name Kiyoshi Kimura purchase 613-pound fish for a whopping $3.1 million.
Noryangjin Fish Market
It is the biggest fish market in Korea. It is located in Seoul and has over 7000 fresh and fried fish vendors.
Pike place is Seattle, US based fish market that is popular for Dungeness crab.
Billingsgate Fish Market
Billingsgate fish market is the largest inland fish market in the United Kingdom. It is located in East London. The market covers 13 acres of land comprising of 30 shops, two cafes, and 98 stands. It also has cold rooms and a 15000 tonnes freezer store. Others include:
- Tanji Fish market n Gambia
- Valparaiso Fish market in Chile
- Mercado Modelo In Brazil
- Marcat del Peix in san
The future of fish market in the world seems bright. People preference on fish products continues to grow due to their health benefits. The biggest markets in the world have also shown increase activity every day. In fact, data shows that the growth will not dwindle anytime soon.