USD 1.2 billion
Milkfish Market Size, Share, Growth Analysis, By Form(Frozen and Canned), By Distribution Channel(Offline and Online), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30I2150 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
59
|Figures:
75
Milkfish Market Insights
Milkfish Market size was valued at USD 1.2 billion in 2021 and is poised to grow from USD 1.2 billion in 2022 to USD 1.8 billion by 2030, growing at a CAGR of 5% in the forecast period (2023-2030).
Milkfish is a well-rounded form of animal nutrition that aids in meeting protein requirements, particularly for humans. The global demand for milkfish is rising among the health-conscious populace due to its high protein content. Protein and high levels of omega-3 fatty acids, both of which are crucial for smooth body function, are abundant in milkfish.
Regular milkfish intake helps children's memory and brain development, prevents heart disease, nourishes the eyes, manages cholesterol levels, and also aids in lowering depression. Therefore, the increasing demand for milkfish can be attributed to these nutrient-rich factors.
The milkfish market is anticipated to be propelled by a number of factors such as the products' simple accessibility, rising fish consumption due to its nutritional value, and increased smart fishing with cutting-edge equipment will boost the milkfish market. Additionally, the forecast timeline predicts that the growth and development of distribution channels as well as rising investment in aquaculture research and development activities will have a positive effect on the milkfish market.
Milkfish is referred to by its formal name, Chanos, which is a member of the Chanidae family. As these fishes mature, their silvery abdomens eventually give way to blue or olive-green sides and backs. It's a bony fish with white flesh and a mild flavor that's used in a variety of culinary dishes. The origins of this fish are in Southeast Asia, where it was one of the first fish types to be farmed.
Milkfish can breed in any season because they are very tolerant of environmental changes and disease resistance, which makes it simple for producers to grow milkfish. Due to the increase in shrimp consumption and the poor market prices for milkfish over the past ten years, demand for milkfish has been comparatively stagnant. The low-price structure is therefore restricting the growth of the milkfish industry. During the forecast period, sales are expected to rise as a result of farmers and manufacturers using the improved technologies to produce more milkfish.
US Milkfish Market is poised to grow at a sustainable CAGR for the next forcast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Frozen
Fastest Growth
Canned
Growth Rate
5% CAGR
Global Milkfish Market, 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
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Milkfish Market Segmental Analysis
The global milkfish market is categorized based on form, distribution channel, and region. In terms of form, the market is segmented into frozen and canned. Based on the distribution channel the market is grouped into offline and online. Region wise, the global milkfish market is widespread into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Form
The frozen market category held about 55% of the global market share in 2022. Frozen milkfish goods are those that have been salt-packed. The rise in customer demand for frozen milkfish is one of the key factors influencing segmental growth. The population's shifting dietary preferences and the increasing demand for fish proteins to satisfy daily nutritional needs are expected to support market growth during the forecast period.
The canned industry is expected to experience a faster CAGR of 5.6% between 2023 and 2030. Consumers' increased focus on adopting seafood products with clear labels and organic ingredients is what led to this expansion. The industry is expanding as a result of the rising demand for prepared food products. The market is growing once more as a result of government initiatives and regulations that support the demand for prepared milkfish goods.
Analysis by Distribution Channel
In 2022, the offline distribution channels provided more than 75% of the business. Manufacturers promote and advertise their goods to sell them through retail stores. There are many different retail store types that add to the market's revenue, including department stores, hypermarkets, supermarkets, convenience stores, and specialty shops. It is therefore expected that the channel will continue to dominate the industry.
Customers also have the option of physically inspecting the products through this retail channel. As a consequence, market income increased.
Global Milkfish Market By Form, 2022 (%)
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Milkfish Market Regional Insights
Asia Pacific is anticipated to continue to expand at a CAGR of 5.0% from 2023 to 2030, maintaining its market dominance of more than 65% in 2022. This region is where the product was created, and it has a sizable manufacturing capacity. Since the beginning of time, fishing has been a significant business in these regions. Among the countries that add the most to the production of fish products are China, India, and Indonesia. Fish products are being consumed more frequently in China and India due to a large population desire. States are also taking control by contributing money to the development of aquaculture. Therefore, this region produces the most market revenue.
Latin America is anticipated to expand between 2023 and 2030, with a CAGR of 6.6%. For instance, Brazil has a positive effect on market income. Due to the quick uptake of aquaculture as a method of increasing output, the industry has grown in this region. Aquaculture benefits from the favorable climatic conditions in the area. There will likely be more food processing centers and more people eating more food overall, which will boost market revenue.
Global Milkfish Market By Geography, 2022-2030
- Largest
- Fastest
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Milkfish Market Dynamics
Drivers
Growing demand for seafood
- There has been an increasing demand for seafood, including milkfish, due to its health benefits and nutritional value.
- The global population is increasing, leading to a higher demand for food, including milkfish.
Restraint
High production costs is likely to impede the market developments
- The production costs for milkfish can be high, which can limit the growth of the market, particularly in developing countries where the cost of production is a significant factor.
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Milkfish Market Competitive Landscape
The presence of numerous well-established players as well as numerous small and medium-sized players defines the milkfish industry. Vendors are concentrating on more fish breeding in order to meet customer expectations for milkfish. Vendors are also attempting to develop novel preservative methods to lengthen the product's longevity. Additionally, sellers are extending their geographic reach. Such initiatives are anticipated to increase the rate at which consumers adopt the goods. The Milkfish extractors are actively pursuing both organic and inorganic strategies to increase their geographic footprints. For instance, Nireus Aquaculture S.A. feeds the fish using a safe and economical method.
Top Player’s Company Profiles
- Aquaculture Technologies Asia Limited
- Andi's Seafood
- Hawaiian Fish Company
- Quoc Viet Seafood
- Blueyou Seafood
- Fittonia Group
- Fong Chun Formosa Fishery Company Limited
- Mjölnir Seafood
- Regal Springs Tilapia
- Stolt Sea Farm
- Tassal Group Limited
- Umami Sustainable Seafood
- Zeal Aqua
- Atlantic Capes Fisheries, Inc.
- Truong Thinh Seafood
- Haikui Seafood AG
- Crown Seafood Co., Ltd.
Recent Developments
-
In January 2022, a study published in the Journal of Aquaculture Research and Development evaluated the nutritional quality and safety of milkfish raised in organic and conventional farming systems. The study found that organic milkfish had higher nutritional value and lower levels of contaminants compared to conventionally farmed milkfish.
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In November 2021, Indonesia's Ministry of Maritime Affairs and Fisheries announced plans to develop milkfish farming in the country's eastern regions. The goal is to increase milkfish production and export to new markets, particularly in Asia.
Milkfish Key Market Trends
- Increasing demand for sustainable and organic fish: The trend towards sustainable and organic fish is gaining popularity, and milkfish is no exception. Consumers are becoming more aware of the environmental impact of fish farming, and are seeking products that are produced in an environmentally responsible way.
- Growing popularity of frozen milkfish products: Frozen milkfish products, such as filets and steaks, are becoming increasingly popular due to their longer shelf life and convenience. This trend is particularly prominent in developed countries where consumers prefer quick and easy meal options.
- Rising popularity of value-added milkfish products: Value-added milkfish products, such as fish balls, fish cakes, and fish sausages, are becoming more popular due to their convenience and versatility. These products are increasingly being used in various cuisines and food applications.
- Increasing investment in R&D and technology: The milkfish industry is investing heavily in research and development to improve production efficiency, reduce environmental impact, and enhance product quality. Technological advancements in areas such as genetics, feeding, and disease management are also driving growth in the industry.
Milkfish Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the milkfish market report analysis, factors like simple accessibility, rising fish consumption for its nutritional value, and increased smart fishing with cutting-edge equipment will boost the milkfish market. Additionally, the forecast timeline predicts that the growth and development of distribution channels as well as rising investment in aquaculture research and development activities will have a positive effect on the milkfish market. The production costs for milkfish can be high, which can limit the growth of the market, particularly in developing countries where the cost of production is a significant factor. The milkfish industry is investing heavily in research and development to improve production efficiency, reduce environmental impact, and enhance product quality. Technological advancements in areas such as genetics, feeding, and disease management are also driving growth in the industry.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.2 billion |
| Market size value in 2031 | USD 1.8 billion |
| Growth Rate | 5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Milkfish Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Milkfish Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Milkfish Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Milkfish Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Milkfish Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Milkfish Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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