Salted Fish Market Size, Share, Growth, and Industry Analysis, By Type (Dried and Wet Salted Fish), By Application (Online and Offline Sales), and Regional Insights and Forecast to 2032

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SALTED FISH MARKET OVERVIEW

The Salted Fish Market size was valued at approximately USD 24.02 billion in 2023 and is expected to reach USD 35.1 billion by 2032, growing at a compound annual growth rate (CAGR) of about 4.3% from 2023 to 2032.

On a regional level, the North American salted fish market is expected to grow significantly, as it continues to research salted fish. Likewise, Asia Pacific is seen to grow at a substantial rate within the forecast period with major market’s countries like China, Japan and South Korea adding force to the Salted Fish market. Hopes of this market can be founded on rising customer demand on dried and wet salted fish products which is believed to fuel the market growth.

Major driving forces in the Salted Fish market are product launches, mergers, and acquisitions, which will help the market’s competition pattern. Industry consists of various players that cause technological evolution and advancement which makes the Salted Fish market competitive and unique.

COVID-19 IMPACT

"Salted Fish Industry Had Negative Effect Due to supply chain disruption during COVID-19 Pandemic"

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

In the beginning of the COVID-19 situation, there were changes in the dynamics of Supply Chain and holding back the manufacturing capabilities. Some interruptions of raw materials supply and shortage of manpower due to restricted mobility in regions brought by lockdowns also led to reduced production. but as the Covid-19 measures began to ease, the market slowly began to pick up particularly by increased demand in meat such as salted fish and other kinds of preserved fish products. With this manner of recovery then offering chances for future expansion in the future years.

Latest Trends

"The Strategic Use of the Internet as Sales Channels to Drive Market Growth"

Another major channel that has been growing fast in the Salted Fish market is the factor of shifts to online channel. Owing to advancement in technology most of the customers are now buying their salted fish online due to the restriction caused by the corona virus. This change is likely to increase unit sales and generate other opportunities for producers and suppliers to expand their market shares.

SALTED FISH MARKET SEGMENTATION

By Type

• Dried Salted Fish: This type is where fish is salted and dried in order to preserve it. Dried salted fish is famous in areas where there is need for conservation of food forlongperiods.

• Wet Salted Fish: Wet salted fish is done by soaking the fish in a brine solution. This method is well embraced in places where consumers want fish to be less dehydrated with more moisture and unique texture and taste.

By Application

• Online Sales: With the gradual increase of internet usage in consumer shopping, the number of Salted Fish products sold online has increased due to accessibility.

• Offline Sales: Conventional supermarkets and fish markets it remains an important channel through which salted fish is sold especially in locations that consumers prefer fresh.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions

Driving Factors

"Increasing Consumer Pull for Processed Foods for Reasons Such as State of Preservation"

A crucial factor contributing to the growth of the Salted Fish market is the growing demand from the customers of preserved foods which have a longer life.” A type of fish that is usually preserved using salt has come into the market as being the one that takes the longest time to spoil meaning that wherever you are, you can easily be able to prepare fish. This demand is especially common in Asia-Pacific as well as North-America; people prefer preserved foods that can be consumed after they have been stored for a long time and do not require refrigeration. Therefore, application manufacturers are experiencing higher sales volume, which is the major growth driver for the Salted Fish market.

"New technologies applied to the fish processing led to high quality products"

The compounded technology used in processing fishery products has improved the quality of preserving Salted Fish products. These innovations facilitate conservation of the nutrient contents, taste, and texture of the fish, which must sell the product to more consumers. Manufacturers are also able to meet another important requirement for expanding markets through utilizing these new processing techniques, such as food safety aspects. This has led to even a higher level of reliance of consumers on the quality of Salted Fish which has also boosted the marketmanymore.

Restraining Factor

"Analysis of Effects of Environmental Regulations on Overfishing of Fish Supply"

Legalised measures intending to control excessive fishing and hunting of some fish species are hindering the extent of supply of certain types of fish affecting the Salted Fish market. These regulations are aimed at restoring and maintaining the biological Diversity of fish stocks to support sustainable fishing activities, but in the process, it hinders the necessary fish stock for salting thus might lead to crowding out of the fish market in the future.

Opportunity

"Higher Market Growth Attribution to Standardized Products in the Newly Industrialized Countries"

The Salted Fish market growth in the Asia-Pacific region as well as Latin America is expected to show good growth in the near future. Economic development in these areas is washing its way forth into better standards of living and change in eating habits from consumers moving more towards the preserved and convenient food products like Salted Fish. With increased population density, the call for convenient and convenience foods will increase creating a window for manufacturers to push their stakes in these areas.

Challenge

"Disruptions in the supply chain impact product availability"

Disruptions in the global supply chain pose serious challenges to the salted fish market. This affects raw material availability and prices. Factors such as delivery delays increase shipping costs. and product availability has decreased due to labor shortages. Especially in regions that rely on imported salted fish raw materials. Supply chain uncertainty poses risks to market growth. This is because manufacturers find it difficult to meet demand and set competitive prices.

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SALTED FISH MARKET REGIONAL INSIGHTS

• North America

The North American saltfish market is expected to continue growing. The United States salted fish market is a leader in demand for processed fish products. The U.S. market is particularly benefiting from increased consumer awareness of the nutritional benefits of seafood. And Canada's national saltfish menu is becoming more and more popular. It is also an important market. This is driven by a strong fishing industry and demand for processed seafood.

• Europe

In Europe, countries such as Norway and the United Kingdom are important players in the salted fish market. With a famous fishing industry Norway is therefore a major exporter of salted fish products to other European countries and there is also growth in the UK market due to increasing demand for traditional salted fish meal. This is especially true in areas with a strong seafood culture. Sustainable fishing is becoming an increasing focus in Europe. which affects market changes

• Asia Pacific

Asia Pacific is the largest and fastest growing region of the salted fish market. Countries such as China, Japan and South Korea are major consumers and have strong cultural ties to seafood. Especially adding media

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market Through Innovation and Market Expansion"

The market for Salted Fish is fairly concentrated global market with a few leading companies constituting a large market share. Market leaders are Seacore Seafood, Sunshine Saltfish, LSK Fishery, and Fjordlaks AS. These companies have well developed distribution channels; an ability to offer new and unique products; a key partnership. Moreover, a significant portion of them is still deciding on investing in sustainability projects and innovation of new products for the purpose of satisfying the changing customer demand and to compete with their rivals on the Singapore market.

List of Top Salted Fish Companies

• Seacore Seafood (Canada)
• Sunshine Saltfish (US)
• LSK Fishery (Norway)
• Fjordlaks AS (Norway)
• Lorentz A Lossius AS (Norway)
• Jacob Bjørge AS (Norway)
• Biscay Seafood (US)
• Norwegian Seafood Company (Norway)
• Iceland Seafood International (Iceland)
• Mowi ASA (Norway)
• Royal Greenland (Greenland)
• Cooke Seafood(Canada)

KEY INDUSTRY DEVELOPMENT

Sep 2023: Over the years, the Salted Fish market has surprised noticeable industrial changes including approval of sustainable fishing practices and innovative techniques in processing. Organizations are aiming at increasing product quality and durability to increase the product’s life on the shelves by implementing more rigid environmental standards. There are also increased cases of mergers & acquisition, where big players acquire small firms in order to cover wider markets and offer wider range of goods. Such changes are most likely to define the further trend of the Salted Fish market and contribute to its further development.

REPORT COVERAGE

This market report offers a comprehensive study of the global Salted Fish market across diverse factors affecting the market environment. It involves past data, current market size and projections, were useful in the analysis of the market growth rate. However, some of the important factors acknowledged in this report are the market players, product type, and its applications that can be very useful for the strategicplanning.

Further, the insight into the Contracts’ consequences and effects of COVID-19 and the Netherlands-Ukraine War on the Salted Fish market. It reveals the factors that contributed to the market’s performance during jams and conditions that manufacturers encounter after the COVID-19 pandemic.