Frozen Mackerel Market

2021 Analysis and Review: Frozen Mackerel Market by Species – Horse and Pacific for 2021 – 2031

Frozen Mackerel Snapshot

According Future Market Insights analysis, frozen mackerel market is set to expand at 5.8% CAGR between 2021 and 2031. COVID-19 spurred a surge in demand as consumers exhibited higher inclination for healthy eating.

Driven by this, frozen mackerel sales grew by 5% between 2020 and 2021. Against this backdrop, FMI projects the frozen mackerel market valuation to surpass US$ 1.05 Bn in 2021.

The demand for frozen mackerel derived from aquaculture will continue rising, propelled by its high yield at low cost. Despite this, wild catch is expected to account for over 55% of frozen mackerel sourced by 2031.

Key Points Covered in Frozen Mackerel Market Study

  • Market estimates and forecast 2015-2031
  • Key drivers and restraints impacting market growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Brand share and Market Share Analysis
  • Key Product Innovations and Regulatory Climate
  • COVID-19 Impact on Frozen Mackerel Market and How to Navigate
  • Recommendation on Key Winning Strategies

2016 – 2020 Historic Sales Vs 2021 – 2031 Frozen Mackerel Market Survey

Over the past few years, the frozen mackerel sales grew at a CAGR of 4.4%, thanks to its excellent nutritional profile. Frozen mackerel market insights reveal that the market will expand at a CAGR of 5.8% during 2021-31.

Mackerel is a rich source of omega-3 fatty acids, which offers a range of health benefits, including anti-inflammatory properties for the human body. Vitamin B12 is abundant in mackerel.

Vitamin B12 deficiency affects approximately 6% of the population in the United Kingdom and the United States, and this number jumps to 20% in the over-60 age group. The deficiency can cause anemia and neurological damage, making it one of the most important nutrients for human health.

As a result, regardless of dietary inclination, it is critical to guarantee adequate vitamin intake. A cooked mackerel fillet delivers approximately 279% of the recommended daily intake. Mackerel is also a great source of protein, with a normal fillet containing 20.8 grammes.

Triglyceride levels can be reduced by eating mackerel. Consequently, health-conscious customers are increasingly displaying interest in mackerel. However, concerns over unsustainable fishing practices will remain a matter of concern, even as manufacturers gradually take steps to incorporate sustainable business practices in their operations.

How are Health Benefits Associated with Frozen Fish Influencing Mackerel Sales?

Freezing fish and seafood ensures that they sustain the highest possible quality for year-round supply. Using frozen fish and seafood eliminates waste by allowing optimized usage, reducing wastage by around 25%.

Frozen fish are popular in the food service sector owing to a longer shelf life – usually 18 to 24 months in a commercial freezer – while also displaying consistently high quality throughout the year.

Microbiological activity, including bacteria that cause food poisoning and spoilage, is countered when fish is frozen. Frozen mackerel is subjected to extensive microbiological testing. These variables are likely to have a positive impact on the frozen mackerel market in the coming decade.

Will Veganism Pose Threat to Frozen Mackerel Market?

Growing awareness about animal welfare, coupled with increasing vegan population or number of people avoiding eating fish and meat will pose threat to the market.

Several non-governmental organizations (NGOs) are striving to prevent animal exploitation. Millennials are actively involved in such efforts. Veganism is becoming mainstream, which is negatively impacting the frozen mackerel sales.

Regulatory authorities have declared strict rules on fishing of mackerel which is identified as key factor hampering production and sales. Estimated quotas for various mackerel stocks to avoid over exploitation of different species will limit the production and catch yield.

Some regulatory bodies have also set standards for fishing months, which allows a limited time frame for processing. Such rules and regulation are likely to hold back growth prospects in the near future.

What is the Impact of the COVID-19 Crisis on the Frozen Mackerel Market?

The COVID-19 pandemic has had a considerable impact on the global frozen mackerel business. In the face of the COVID-19 pandemic, restrictions on the food service industry have adversely affected short-term demand.

However, with relaxation of restrictions through 2021, improvements in distribution networks, and the establishment of new regulations for manufacturers and workers, the market is expected to witness recovery of operations. This could lead to rapid growth in the frozen mackerel sector through 2031.

Country-wise Insights

Will the U.S. Remain a Leading Frozen Mackerel Market?

According to FMI, North America will continue to be one of the most attractive markets during the forecast period. According to the study, the U.S. is anticipated to account for over 62.4% of the North America market through 2031.

Increasing concerns about health and fast-paced lifestyles in Europe and North America are encouraging consumers to opt for seafood-related snacks on a regular basis. Traditional fish and chips shops are experiencing greater footfall on a daily basis, and this is anticipated to boost growth of the frozen mackerel market in the region, as the demand for seafood snacks is expected to increase over the forecast period.

What is Driving Frozen Mackerel Demand in GCC Countries?

The GCC countries frozen mackerel market is expected to be valued at US$ 76.4 Mn in the year 2021. Frozen mackerel is still widely available in GCC markets, aside from large producers such as Asian and African countries or large importers. Frozen mackerel is gaining popularity over other fish species in numerous locations throughout the world due to its year-round availability.

Nutritional value and lengthy shelf life (due to the fact that it is frozen), are key factors aiding the product towards slow but steady growth in retail store shelf space in most countries in the region.          

What are the Growth Prospects of Frozen Mackerel in Russia?

According to the study, Russia is anticipated to account for over 19.2% of the Europe market through 2021. Fresh and frozen seafood products account for almost three-quarters of all seafood consumed worldwide, with finfish accounting for slightly more than half of all fresh and frozen items.

Frozen seafood items, such as frozen mackerel, are becoming popular as a result of busy consumer lifestyles as they are simple, easy to cook, and nutritious. Players in the frozen mackerel market are striving to develop novel product offering for frozen ready-to-cook frozen mackerel with products like skinless and boneless fillets.

How is the Frozen Mackerel Market Set to Fare in China?

According to the FMI analysis, China is expected to grow at a CAGR of 3.7% over the forecast period of 2021-31. China among the biggest producers of mackerel in the world. Breeding through selective procedures, to pair only the healthiest fish in terms of size, health, weight, and desired color will positively influence growth prospects.

Selective breeding has evolved into a successful strategy for increasing the value of the mackerel population. The process has a great potential for improving the genetic quality of mackerel in aquaculture production, as well as improving growth rate and other phenotypes, resulting in superior fillet for the market.

Why is Demand for Frozen Mackerel Rising in Indonesia?

Indonesia is amongst the dominant markets of South Asia with a market share of more than 24% in 2021. With Asia accounting for more than 60% of global mackerel output, many significant countries in the region have identified the establishment of new farms to boost production.

Indonesia is one of the world's leading producers of mackerel, with a notable rise over the last two decades. On the other hand, production in countries like Indonesia, Japan, Vietnam and many Asian countries has developed rapidly in the last decade in terms volume.

Category-wise Insights

Which Species Type Holds the Maximum Share?

Among species, horse mackerel is the most preferred form and holds a dominant share of more than 55%. As per FMI analysis, the segment is expected to grow at a CAGR of 5.5% over the forecast period. This can be attributed to the wider global spread of the species in the wild, and easier access for consumers.

Which is the Fastest Growing Frozen Mackerel Source?

Aquaculture is the fastest growing segment. Frozen mackerel demand derived from aquaculture is expected to rise at 6.4%. The overall valuation of this category is expected to reach US$ 845.7 Mn in the year 2031. Concerns over unsustainable fishing of wild stocks and low costs for high yield in controlled conditions will drive growth in this category.

Which Frozen Mackerel Type Exhibits Maximum Sales?

Among types, whole round is the most preferred form of frozen mackerel which holds a dominant share of more than 40% and is expected to grow at a CAGR of 5.0% over the forecast period. Consumer preference, and larger meat volumes will drive sales through the assessment period.

How is E-commerce Boosting Consumer Engagement?

Recent years have seen a relentless rise in online retail owing to the ever-rising consumer expectations for convenience, cost, and experience. Owing to this, online retail is expected to grow at 7.8% CAGR in the forecast period.

Smaller players in frozen mackerel market often promote the quality of the product to gain traction. They also offer customization as per consumer demand. Digital grocery platforms help in improving and optimizing supply chains, which is why they have become highly sought-after among market players.

Why are Pet Food Applications Exhibiting Faster Growth?

Pet food applications is the fastest growing segment. It is expected to rise at a CAGR of 8.1%, and is forecast to reach a valuation of US$ 63.1 Mn in the year 2031.

Pet owners are becoming cautious about pet health and diet, due to which the demand for organic and natural feed is increasing. Moving to organic and natural food can reduce the risk of allergies. These feed offerings are free from chemical additives, toxic pesticides, and artificial components.

Natural ingredients aid a pet’s immune system to battle all kinds of infections.  Organic frozen mackerel helps to increase nutritional properties of pet food, which is likely to boost the demand of mackerel fish.

Competitive Landscape

Frozen mackerel is used extensively in the food, medicine, and feed industries. Key manufacturers are concentrating on developing their network with distributors to reach a bigger consumer base owing to the high demand and scope for applications of frozen mackerel.

They are also concentrating on acquiring smaller firms, which will help them expand their distribution network and production capacity.

In February 2021, Fishcor, based out of Namibia received an 80,000 ton quota from the government for horse mackerel, even as the company struggled financially from frozen bank accounts.

In December 2020, North Altantic Holdings, the U.K. subsidiary of Cornelis Vrojolik announced a slump in overall profits by 73%, which has been largely been influenced by reduced quotas for targeted species.

In January 2021, Seaflower Pelagic Processing (SPP), a horse mackerel fishing company entered a joint venture agreement with rights holders for catching, processing, and marketing annual catch quotas.

Scope of Report

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

USD Million for Value

Key Countries Covered

US, Canada, Germany, U.K., France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa

Key Segments Covered

Species, Source, Type, Sales Channel, Application, and Region

Key Companies Profiled

  • Ocean Treasure
  • Kihada Fisheries Co., Ltd
  • Seven Star Ocean Fisheries Limited
  • Pinetree Vietnam Company Limited
  • Subo International Holland
  • Oman Fisheries Co.S.A.O.G
  • LONGSHENG AQUATIC PRODUCTS CO.,LTD
  • Lotana LV LTD
  • DAISUI CO.,LTD
  • SARMA FISH S.A.R.L

Report Coverage

Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives

Customization & Pricing

Available upon Request

Key Questions Answered in the Report?

  • What is frozen mackerel market size?

    Driven by sustainable fishing and consumer health concerns, the global frozen mackerel market is likely to value US$ 1,054.1 Mn in 2021 and it is expected to reach US$ 1,858.0 Mn in 2031.

  • At what rate did the frozen mackerel market expand in the last five years?

    According to FMI’s analysis, frozen mackerel sales have grown at 4.4% CAGR between 2016 and 2020.The market’s valuation stood at over US$ 1 Bn in 2020.

  • What are the key trends shaping the frozen mackerel market?

    There is increasing focus on sustainable fishing and aquaculture in the market. Companies are currently focusing on the logistics for frozen foods. Besides this, marketing efforts and different cuts and flavorings are gaining traction.

  • What are the key factors driving frozen mackerel market demand?

    Key factors fuelling the demand for frozen mackerel include better yield from selective breeding programs, increasing consumption of protein-based food products, and health benefits associated with consumption of mackerel.

  • What is the North America frozen mackerel market outlook?

    Demand in North America will continue to rise, backed by increasing sales in the U.S. and Canada. As per FMI, North America market will rise at 3.2% between 2021 and 2031.

  • What is the cumulative share of top five companies in the frozen mackerel market?

    According to FMI analysis, over 5% of the market share is covered by Ocean Treasure, Kihada Fisheries Co., Ltd, Subo International Holland, Seven Star Ocean Fisheries Limited, and Pinetree Vietnam Company Limited.

  • At what rate will frozen mackerel sales increase in Europe?

    Europe is expected to account more than 18.6% of the global frozen mackerel market in 2031. The Europe market is expected to expand at 6.3% CAGR.

  • Which are the top frozen mackerel consuming countries?

    China, Japan, South Korea, Thailand, and Indonesia have emerged as leading frozen mackerel consuming countries.

  •  Which are the key exporting countries of frozen mackerel?

    China, Japan, Norway, Denmark, and Mauritania are the key exporters of frozen mackerel.

  • What are the key statistics for frozen mackerel market in Japan and South Korea?

    Japan and South Korea are estimated to hold a market value share of 35.3% and 21.8% respectively of the East Asia market in 2021.

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  • What are the sources of secondary research?

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Frozen Mackerel Market by Category

By Species

  • Horse
  • Pacific

By Source

  • Wild Catch
  • Aquaculture

By Type

  • Whole Round
  • HGT
  • Fillet
  • Others (flap,Etc)

By Sales channel

  • Direct Sales
  • Retail Sales
    • Modern Trade
    • Convenience Stores
    • Specialty Food Stores
    • Wholesale Stores
    • Discount Stores
    • Online Retail
    • Other Retail Formats

By Application

  • Food Industry
  • Pharmaceutical Industry
  • Animal Feed
  • Pet Food
  • Food Service
  • Retail

By Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East and Africa (MEA)

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