Smoked Fish Global Market Report 2024

The smoked fish market size has grown strongly in recent years. It will grow from $12.9 billion in 2023 to $13.6 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth observed in the historic period can be linked to various factors. These include the influence of culinary traditions and heritage, preferences for local and regional flavors, trends emphasizing health and nutrition, innovations in smoking techniques within the industry, and the popularity of convenient ready-to-eat products. Each of these elements played a significant role in driving the growth of the sector during that period.

The smoked fish market size is expected to see strong growth in the next few years. It will grow to $16.98 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The anticipated growth in the forecast period is expected to be driven by several key factors. These include the continuous expansion of e-commerce and online retail, the increasing demand for clean label products and transparency in food, the adoption of climate-smart and sustainable practices within the industry, the rising trend of seafood-based snacking, and a celebration of diverse culinary experiences. Additionally, major trends projected for this period encompass a focus on flavor innovation, sustainable sourcing practices, a heightened emphasis on health and wellness, the trend towards premiumization, and the growing popularity of clean label products. These trends are likely to shape the direction of the industry and contribute to its growth in the forecast period.

The burgeoning demand for processed food is expected to propel the expansion of the smoked fish market in the foreseeable future. Processed food, including smoked fish, has gained popularity among consumers valuing convenience and health benefits, given its extended shelf life. Notably, the United States Department of Agriculture (USDA) reported a surge in the total export of U.S. processed foods, reaching $38 billion in 2022. This upsurge mirrors the increasing demand for processed foods within the United States, indicating a continuous growth trajectory for the smoked fish market fueled by the escalating demand for processed food items.

The burgeoning e-commerce landscape is poised to drive the growth of the smoked fish market. E-commerce, facilitating online buying and selling, has notably expanded the reach of smoked fish products. Bureau of the Census data from November 2023 showcases a 7.6% increase in e-commerce sales, accounting for 15.6% of total retail sales, reaching $1,825.3 billion. Notably, the third quarter of 2023 witnessed a 7.8% rise in e-commerce and a 2.0% increase in total retail sales compared to the previous year. This surge in online retail positively influences the smoked fish market's growth.

Product innovation emerges as a crucial trend in the smoked fish market, with key players focusing on unique offerings to strengthen market presence. Blue Circle, a US-based seafood company, unveiled a Salmon Sausage in April 2022, blending smoked salmon with other ingredients, targeting health-conscious consumers seeking flavorful, gluten-free, and natural alternatives to traditional pork sausage. This innovation underscores Blue Circle's commitment to diversifying and enhancing its product line.

Major players in the smoked fish market are concentrating on innovative offerings, such as boxed snack kits, to deliver dependable services to consumers. These kits, launched by Acme Smoked Fish in December 2023, introduce Sesame Crusted Smoked Yellowfin Tuna and Lox, providing convenience for preparing traditional Jewish holiday-style smoked salmon at home. This strategic initiative from Acme showcases a harmonious blend of tradition and innovation, underscoring the company's commitment to delivering diverse and novel smoked fish products that cater to evolving consumer preferences.

In January 2021, Acme Smoked Fish, a US-based manufacturer and distributor of smoked fish products, completed the acquisition of Norlax A/S, a Denmark-based smoked fish producer, to expand its global market presence. By integrating Norlax's innovative salmon farming and processing methods, leveraging cutting-edge technology and sustainable practices, Acme Smoked Fish seeks to fortify its position and augment its ability to supply premium salmon products worldwide.

Major companies operating in the smoked fish market report are Nestle SA, Unilever Plc., Kraft Heinz Company, General Mills Inc., Conagra Foods Inc., Dongwon Industries Co. Ltd., 2 Sisters Food Group Ltd., Thai Union Group Ltd., Leroy Seafood GroupMarine Harvest ASA, The Hain Celestial Group Inc., Empresas AquaChile SA, Labeyrie Fine Foods LLC, Multiexport Foods SA, Grieg Seafood ASA, Mogster Group AS, Tassal Group Limited, Icicle Seafoods, Peter Pan Seafoods Inc., Foppen Group BV, Seattle Fish Company, Findus Group Ltd., Acme Smoked Fish Corporation, Trans-Ocean Products Inc., Kasilof Seafoods, Dr. Schar AG, Gottfried Friedrichs KG, Santa Barbara Smokehouse, Ducktrap, MacKnight Food Group Inc., The Great Fish Co., Vera Foods International, Cameron's Seafood, Gerard & Dominique Seafoods, Charlie's Smokehouse, Cawoods Smoked Salmon Ltd., Fortune Fish & Gourmet, Oregon Seafoods LLC, Coastal Seafoods, Frank's Smokehouse, Global Food Group, Atlantic Aqua Farms Ltd., Fishery Products International, Ocean Beauty Seafoods Inc., Seabear Smokehouse, Honey Smoked Fish Company.

Europe was the largest region in the smoked fish market in 2023. The regions covered in the smoked fish market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the smoked fish market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Smoked fish comes in various popular types such as smoked salmon, smoked mackerel, smoked herring, smoked trout, and other varieties. Typically crafted from Atlantic or Pacific salmon, smoked salmon is a prized choice, often savored as a delicacy or appetizer in smoked fish markets. The smoking process involves both hot and cold methods, each lending distinct flavors and textures to the fish. These smoked fish varieties find application across multiple sectors including food service, retail, and department stores.

The smoked fish market research report is one of a series of new reports that provides smoked fish market statistics, including smoked fish industry global market size, regional shares, competitors with a smoked fish market share, detailed smoked fish market segments, market trends and opportunities, and any further data you may need to thrive in the smoked fish industry. This smoked fish market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The smoked fish market consists of sales of different types of whole fish and fillets. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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