Global Mackerel Market Overview
Mackerel Market Size was estimated at 13.5 (USD Billion) in 2022. The Mackerel Industry is expected to grow from 14.04(USD Billion) in 2023 to 20.0 (USD Billion) by 2032. The Mackerel Market CAGR (growth rate) is expected to be around 4.01% during the forecast period (2024 - 2032).
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Key Mackerel Market Trends Highlighted
There are impressive transformations taking place in the Mackerel Market due to changes in consumer behaviors and the changes within the industry. The primary growth factors for the market include the growth in seafood consumption, increased understanding of the health benefits of mackerel, and an improvement in the preference for sustainable seafood.
Expansion of the market, new distribution channels, new product development, or even value-added activities have scope for development. Several trends include the introduction of plant-based meat, an increasing emphasis on supply chain traceability and transparency, and the adoption of the best practices in fishing to ensure that fish are sustainably caught. Hence, there is a need for the market players to be able to assimilate such trends and consumer needs that are changing in order to exploit the opportunities for growth that are available. Attaining knowledge about the key drivers, opportunities, and trends would also help businesses understand how best to position themselves in the continuing progress toward the Mackerel Market.
Mackerel Market Drivers
Rising Health Consciousness and Nutritional Benefits
Consumers are becoming increasingly aware of the health benefits associated with mackerel, which is driving demand for this fish. Mackerel is a rich source of omega-3 fatty acids, which have been linked to a reduced risk of heart disease, stroke, and dementia. It is also a good source of protein, vitamins, and minerals. As more people learn about the health benefits of mackerel, demand for this fish is expected to continue to grow. In addition to its nutritional benefits, mackerel is also a relatively affordable fish, which makes it a good option for consumers who are looking for a healthy and budget-friendly meal.The rising cost of other types of fish, such as salmon and tuna, is also driving demand for mackerel as a more affordable alternative. The growing popularity of healthy eating trends, such as the Mediterranean diet and the ketogenic diet, is also contributing to the increased demand for mackerel. These diets emphasize the consumption of fish and other lean proteins, which is driving demand for mackerel as a healthy and nutritious option. Overall, the rising health consciousness and nutritional benefits of mackerel are expected to continue to drive demand for this fish in the coming years.This is a major factor contributing to the growth of the Mackerel Market Industry.
Increasing Demand from Emerging Markets
Emerging markets, such as China, India, and Brazil, are experiencing a growing demand for mackerel. This is due to a number of factors, including rising incomes, urbanization, and changing dietary habits. As these markets continue to develop, demand for mackerel is expected to continue to grow. In China, mackerel is a popular ingredient in traditional dishes such as steamed fish and fish soup. As the Chinese economy continues to grow, demand for mackerel is expected to increase.India is another emerging market with a growing demand for mackerel. Mackerel is a good source of protein, which is important for a growing population. Brazil is also a growing market for mackerel. The country's large coastline and growing population are driving demand for fish and seafood, including mackerel. Overall, the increasing demand from emerging markets is expected to continue to drive growth in the Mackerel Market Industry.
Growing Popularity of Sustainable Seafood
Consumers are becoming increasingly concerned about the environmental impact of their seafood choices. Mackerel is a sustainable seafood choice, as it is a relatively abundant fish that is not overfished. This is driving demand for mackerel from consumers who are looking for sustainable seafood options. In addition, many governments are implementing regulations to promote sustainable fishing practices. This is increasing the cost of fishing for some types of fish, which is making mackerel a more attractive option for consumers who are looking for a sustainable and affordable seafood choice.Overall, the growing popularity of sustainable seafood is expected to continue to drive demand for mackerel in the coming years. This is a major factor contributing to the growth of the Mackerel Market Industry.
Mackerel Market Segment Insights
Mackerel Market Form Insights
Fresh Mackerel. Fresh mackerel is one of the leading segments of the Mackerel Market. It plays a significant role in generating considerable revenue for the market. Fresh mackerel is valued for its tender taste and high nutritional qualities. Consumers’ demands are associated with an increased concern with health benefits such as high omega-3 fatty acid content. In this segment, mackerel is sold as whole fish or fillets. Fresh mackerel is popular in hot climates near the sea where it is caught. The ease of consuming and high nutrition value with the abundance of healthy fats make it a valuable option for consumers.Frozen Mackerel. The segment of frozen mackerel is also one of the prominent segments in the Mackerel Market. It is vital for consumers who do not live in the proximity of the sea and cannot gain regular access to fresh fish. Moreover, people who want to benefit from the high nutrition value and cannot afford or do not want to slow mackerel are within the target population of this segment. Frozen mackerel is most commonly sold in fillets or steaks. It does not support rapid market growth but still makes up substantial revenue due to its importance to specific consumers.
Canned Mackerel. Canned mackerel is another essential segment of the Mackerel Market and is highly popular in countries where fish is less available. It is a non-perishable product that can be used for making salads, sandwiches, and pasta dishes. Canned mackerel is canned with salt or oil. This product form is a significant player in the market due to its accessibility and convenience for storage and transportation. Smoked Mackerel. Smoked mackerel is a smaller niche, but this segment tends to increase in size. This product has a distinct smoked taste.
Smoked mackerel is not commonly produced in industrial production but is rather homemade or based on traditional cold smoking. It is consumed by customers who are interested in gourmet foods and are willing to pay extra for higher product quality in the promotion of market growth.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Mackerel Market Distribution Channel Insights
The distribution channel segment is likely to have a major impact on the Mackerel Market. It is noted that the Hypermarkets/Supermarkets segment has the largest market share of the overall market. They are supported by the variety of products available, convenience, and the presence of an established consumer base. There is a growing popularity of convenience stores due to the extended hours of operation, accessibility, and growing consumers’ inclination to make quick purchases with minimal traveling. Online retailers have experienced a soaring demand since the emergence of tech-savvy consumers who benefit from a greater selection and bargain.
The Specialty Stores segment is represented by fishmongers and seafood markets that are beneficial for particular consumers who aim to receive high-quality options and personal service. Therefore, the Mackerel Market revenue is likely to grow in the upcoming years, and all of the identified channels are expected to contribute.
Mackerel Market Application Insights
The Mackerel Market segmentation by Application comprises the Food and Beverage Industry, Retail Sector, Household Consumption, and Pet Food Industry. Among these, the Food and Beverage Industry held the largest revenue share in 2023, accounting for 45.6%. The segment's growth is attributed to the increasing demand for processed mackerel products such as canned mackerel, mackerel fillets, and smoked mackerel in the food service and retail sectors. The Retail Sector is projected to witness the fastest growth over the forecast period, owing to the rising popularity of convenience foods and the expansion of modern retail channels.
Household Consumption is expected to remain a significant segment, driven by the growing health consciousness among consumers and the affordability of mackerel compared to other seafood options. The Pet Food Industry is also anticipated to contribute to the market growth, as mackerel is a rich source of Omega-3 fatty acids, which are beneficial for the health of pets.
Mackerel Market Mackerel Species Insights
The Mackerel Market segmentation by Mackerel Species is expected to expand significantly in the coming years, with a projected market revenue of over USD 17.25 billion by 2026, exhibiting a robust CAGR during the forecast period (2024-2032). Atlantic Mackerel, Pacific Mackerel, Chub Mackerel, and Indian Mackerel are the key species driving the market growth. Atlantic Mackerel dominates the global market, owing to its high nutritional value and widespread consumption in Europe and North America. Pacific Mackerel holds a substantial market share, particularly in Asia-Pacific, due to its popularity in Japanese cuisine.Chub Mackerel, known for its versatility and affordability, is gaining traction in emerging markets. Indian Mackerel is primarily consumed in the Indian subcontinent and contributes significantly to the regional market growth.
Mackerel Market Processing Technique Insights
The Mackerel Market segmentation by Processing Technique includes Hand-Filleting, Machine-Filleting, Whole-Fish Processing, and Value-Added Processing. Machine filleting held the largest Mackerel Market share in 2023, and it is expected to continue to dominate the market through 2032. The growing demand for processed and convenient food products is driving the growth of the Machine-Filleting segment. Hand-filleting is another significant segment in the Mackerel Market, and it is expected to witness steady growth over the forecast period.Whole-Fish Processing and Value-Added Processing segments are also expected to contribute to the growth of the Mackerel Market.
Mackerel Market Regional Insights
The Mackerel Market is segmented into North America, Europe, APAC, South America, and MEA. APAC is expected to hold the largest market share in the Mackerel Market during the forecast period. The region is home to some of the largest mackerel producers in the world, such as China, Japan, and India. Increasing demand for mackerel from emerging markets in the region is also driving growth in the APAC mackerel market. North America is expected to be the second-largest market for mackerel during the forecast period. The region has a well-developed fishing industry and a strong demand for mackerel from both domestic and international markets.Europe is also a major market for mackerel, with a large consumer base and a well-established seafood industry. South America and MEA are expected to be the fastest-growing markets for mackerel during the forecast period. Growing demand for seafood in these regions is driving growth in the mackerel market. The increasing popularity of mackerel as a healthy and affordable food source is also contributing to the growth of the mackerel market in these regions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Mackerel Market Key Players And Competitive Insights
Major players in the Mackerel Market industry are focusing on expanding their product portfolio and geographical presence to cater to the growing demand for mackerel. Leading Mackerel Market players are investing in research and development to introduce innovative products and enhance their production capabilities. The Mackerel Market development is driven by increasing consumer preference for healthy and sustainable seafood options, along with rising disposable income in emerging economies. The Mackerel Market Competitive Landscape is expected to remain competitive, with key players vying for market share through strategic partnerships, acquisitions, and product differentiation.
A leading company in the Mackerel Market is Maruha Nichiro Corporation, which offers a wide range of mackerel products, including frozen, canned, and smoked mackerel. The company has a strong global presence and is known for its commitment to sustainability and quality. Maruha Nichiro Corporation has a robust distribution network and a well-established brand reputation, which contribute to its leadership position in the market.
A competitor company in the Mackerel Market is Thai Union Group PCL, which is one of the world's largest seafood producers and exporters. The company offers a variety of mackerel products, including canned, frozen, and value-added mackerel. Thai Union Group PCL has a strong presence in Asia and is expanding its operations in other regions. The company focuses on innovation and sustainability to meet the changing needs of consumers.
Key Companies in the Mackerel Market Include
- Bumble Bee Seafoods
- Nissui Group
- Ligo Seafood AS
- Silver Seas Fish
- Tri Marine International
- Young's Seafood
- Thai Union Group
- MW Brands
- Sea Queen
- Dongwon Industries
- Princes Group
- King Oscar
- Sea Delight
- John West Foods
- Maruha Nichiro
Mackerel Market Industry Developments
The Mackerel Market is projected to grow from USD 14.04 billion in 2024 to USD 20.00 billion by 2032, exhibiting a CAGR of 4.01% during the forecast period. Rising demand for mackerel due to its nutritional value and affordability, coupled with growing awareness about healthy eating habits, is driving market growth. Additionally, increasing consumption of processed mackerel products, such as canned and smoked mackerel, is further contributing to market expansion. The Asia-Pacific region is expected to dominate the market throughout the forecast period due to the high consumption of mackerel in countries like China, Japan, and India. Key players in the market include Maruha Nichiro Corporation, Thai Union Group PCL, and Pescanova, S.A. Recent industry developments include the launch of new mackerel-based products and strategic partnerships to expand market reach.
Mackerel Market Segmentation Insights
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Mackerel Market Form Outlook
- Fresh
- Frozen
- Canned
- Smoked
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Mackerel Market Distribution Channel Outlook
- Hypermarkets/Supermarkets
- Convenience Stores
- Online Retailers
- Specialty Stores
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Mackerel Market Application Outlook
- Food and Beverage Industry
- Retail Sector
- Household Consumption
- Pet Food Industry
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Mackerel Market Mackerel Species Outlook
- Atlantic Mackerel
- Pacific Mackerel
- Chub Mackerel
- Indian Mackerel
-
Mackerel Market Processing Technique Outlook
- Hand-Filleting
- Machine-Filleting
- Whole-Fish Processing
- Value-Added Processing
-
Mackerel Market Regional Outlook
-
North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
13.5(USD Billion) |
| Market Size 2023 |
14.04(USD Billion) |
| Market Size 2032 |
20.0(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
4.01% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Bumble Bee Seafoods, Nissui Group, Ligo Seafood AS, Silver Seas Fish, Tri Marine International, Young's Seafood, Thai Union Group, MW Brands, Sea Queen, Dongwon Industries, Princes Group, King Oscar, Sea Delight, John West Foods, Maruha Nichiro |
| Segments Covered |
Form, Distribution Channel, Application, Mackerel Species, Processing Technique, Regional |
| Key Market Opportunities |
Growing demand for ready-to-eat seafood Increasing health consciousness Expansion of retail channels Rising popularity of online seafood sales Growing focus on sustainable fishing practices. |
| Key Market Dynamics |
Rising demand for omega3 fatty acids Growing awareness of health benefits Technological advancements in fishing and processing Expanding distribution channels Increasing consumer preference for sustainable seafood |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Mackerel Market size is estimated to be valued at USD 14.04 billion in 2023 and is projected to reach USD 20.0 billion by 2032, exhibiting a CAGR of 4.01% during the forecast period.
Asia Pacific is expected to dominate the Mackerel Market throughout the forecast period due to the increasing consumption of seafood in countries such as China, Japan, and India.
The growth of the Mackerel Market is primarily driven by rising health consciousness among consumers, increasing demand for convenient and ready-to-eat seafood options, and growing awareness of the nutritional benefits of mackerel.
Mackerel is widely used in various applications, including food, pharmaceuticals, and cosmetics. In the food industry, it is consumed fresh, frozen, canned, or smoked. In the pharmaceutical industry, mackerel oil is used as a source of omega-3 fatty acids. In the cosmetics industry, mackerel extract is used in skincare products due to its moisturizing and anti-aging properties.
Major players operating in the Mackerel Market include Austevoll Seafood ASA, Maruha Nichiro Corporation, Thai Union Group PCL, Dongwon Industries Co. Ltd., and Nissui Group.
The COVID-19 pandemic had a significant impact on the Mackerel Market, leading to disruptions in the supply chain and a decline in demand from the food service sector. However, the market is expected to recover as economic activities resume and consumers return to their pre-pandemic consumption patterns.
Key emerging trends in the Mackerel Market include the growing popularity of value-added products such as smoked and flavored mackerel, increasing demand for sustainable and traceable seafood, and the adoption of advanced technologies in the processing and packaging of mackerel.
The Mackerel Market faces several challenges, including overfishing, climate change, and competition from other seafood products. Additionally, fluctuations in raw material prices and stringent regulations can also impact the market's growth.
The future outlook of the Mackerel Market is positive, driven by rising demand for healthy and sustainable seafood options. Increasing urbanization, growing disposable income, and expanding retail channels are expected to contribute to the market's growth in the coming years.
Key opportunities for growth in the Mackerel Market include expanding into emerging markets, developing innovative value-added products, and investing in sustainable practices. Additionally, collaborations between industry players and research institutions can drive innovation and enhance the market's overall competitiveness.
