Herring Market - Forecasts from 2023 to 2028

The herring market was valued at US$226.833 million in 2021 and is expected to grow at a CAGR of 3.32% during the forecast period

The herring market is projected to grow at a steady pace during the forecast period. Herring refers to a specific type of fish known for their silver-colored bodies and their abundance in certain regions, making them an important food source for various cultures around the globe. They are used in various culinary preparations. In addition to their culinary importance, herring holds commercial importance. Herring is also commonly canned or sold fresh as fillets or whole fish. Changing consumer preferences and food trends have influenced the herring market as consumers opt for healthier and sustainable food options.

Market Drivers:

Culinary applications owing to health benefits and versatility

Herring is used in many different culinary preparations, including pickled herring, and smoked herring, and as an essential component of meals like herring salad or herring fillets. Herring is adopted by consumers who value a variety of food options and culinary experiences because of its adaptability and distinctive flavor. Additionally, omega-3 fatty acids, which are well known for their beneficial effects on heart health, brain function, and general well-being, are abundant in herring. The herring market demand and the demand for other oily fish has grown owing to consumers' increasing awareness of the health benefits associated with omega-3.

Sustainability concerns

The herring market growth is impacted by shifting customer trends and new culinary fads as consumers demand more sustainable and healthier eating options. Additionally, consumers and businesses are increasingly looking for sustainable seafood options due to growing concerns surrounding overfishing and the sustainability of seafood supplies. Due to its relative abundance and good management in a few areas, herring is frequently regarded as a sustainable fishery alternative. This fits well with the preferences of environmentally conscious businesses and customers.

Market Restraints:

The highly competitive seafood industry 

The seafood industry as a whole is highly competitive. The demand for herrings is influenced by the availability and acceptance of substitute fish sources like salmon, mackerel, or sardines. Herrings' market share may be impacted by consumer tastes and market trends, which are important factors in determining which fish species become popular.

Stagnant growth in herring supply

Herring stock is anticipated to decline in the upcoming years, according to the International Council for the Exploration of the Sea (ICES). Although North Sea herring catches have increased recently, the recruitment in the stocks over the previous five years has been stagnant. The ICES catch recommendation for herring in 2021 is 365,792 tonnes, which is 15% less compared to 2020. Further, roughly 90% of the Norwegian quota was expected to land in 2021 due to poor landings in the North Sea herring fishery in 2021. Therefore, there may be a herring shortage for human consumption in the future.

International trade, tariffs, and regulations

  
Herring market dynamics are significantly influenced by international trade. To meet the need for both fresh and processed herring products, herring is both exported and imported by many nations. The accessibility and cost of herring vary considerably among locations depending on factors including trade agreements, tariffs, and rules governing market access. Examples of agreements that regulate the trade of fishery goods, including herrings, among member nations include the Common Fishery Policy of the European Union and the North American Free Trade Agreement (NAFTA, which has been superseded by the United States-Mexico-Canada Agreement, or USMCA).

Vendor analysis

• Orkla ASA is a Norwegian business that produces, sells, and handles distribution for a variety of consumer items, including seafood like herring. Under its many trademarks, including Abba, Beauvais, and Kalles, they sell a variety of herring-based goods.
• Marine Harvest ASA, presently known as Mowi ASA is one of the biggest fish producers worldwide. They have acquired a foothold in the herring market through their subsidiary, Marine Harvest Herring, despite their primary concentration being salmon farming.
• Olsen Fish Company is based in Norway and is renowned for its skill in herring distribution, processing, and fishing. A variety of herring items are available from them, including fresh, frozen, and cured herring.
• TLC Thai Lein Manufacturing & Trading Co. Ltd., based in Thailand, engages in the processing and trade of seafood. They provide consumers with a vast selection of marine products, including herring.
• Barsonsfood is a supplier and processor of seafood situated in the Netherlands. They offer a variety of herring products, including pickled, soused, and herring fillets.

Pickled herring to acquire a significant share

By herring type, pickled herring is the most prevalent and expected to acquire a significant share. Pickled herring is a popular culinary preparation enjoyed in many countries, particularly in Northern Europe, where it has a long-standing tradition.

Regional Insights

Europe is expected to have significant growth

Due to the cultural significance of herring and its essential role in regional cuisines and celebrations in nations like Norway, Sweden, and the Netherlands, Europe holds a significant share of the market. Herring is in high demand because of its cultural value, particularly during events and festivals. Additionally, the European Union has market access agreements that specify the conditions of the herring trade with several nations and areas. For instance, on the recommendation of the ICES, the European Union, Norway, Greenland, Faroe Islands, Iceland, the United Kingdom, and Iceland inked a deal in 2023 quotas with a quota of 511,171 metric tonnes of herring.

Asia Pacific market to acquire one of the fastest CAGR

Further, the Asia herring market is influenced by various factors, including cultural preferences, import-export dynamics, and evolving consumer trends. Herring is commonly imported by nations like Japan, South Korea, and China from European nations. These imports meet the rising domestic demand for herring products. As awareness and appreciation for herring continue to grow, the market is expected to develop further in the region. Asia's herring market is, therefore, anticipated to grow steadily.

Key developments in the herring market

According to the New England Fishery Management Council's recommendation, NOAA Fisheries is putting into effect an interim final rule that establishes the parameters for the 2023-2025 Atlantic herring fishery. By taking this move, the default 2023 OFL's overfishing limit is reduced by 35%, but the default 2023 ABC's permissible biological catch is increased by 90%.

Segmentation 

BY FOOD TYPE

• Pickled Herring
• Smoked Herring
• Others

BY TYPE

• Atlantic Herring
• Pacific Herring
• Others

BY END-USE

• Residential
• Restaurants
• Others

BY GEOGRAPHY

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others
• The Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Others