Mackerel Market Size, Share & Trends Analysis Report By Form (Frozen, Canned), By Distribution Channel (Hypermarkets And Supermarkets, Convenience Store, Online), By Region, And Segment Forecasts, 2022 - 2028

Report Overview

The global mackerel market size was valued at USD 996.1 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.7% from 2022 to 2028. This can be credited to the rising demand for the product in the Asia Pacific. Mackerel is a rich source of omega-3 fatty acids, as they attribute largely to nutrient content. Thus, the demand for consumption is anticipated to rise over the coming years. The rising inclination of a large population toward healthy meals that are rich in protein leads to increased consumption of mackerel and is thus expected to drive market growth during the forecast period. The COVID-19 pandemic led to a situation of lockdown across various countries around the globe by the government. Citizens were asked to stay at home as a mandatory precautionary measure to restrict the further spread of SARS-CoV-2.

The ongoing lockdown disrupted the supply chain of mackerel and the distribution of mackerel was halted. These disruptions and restrictions led to a shortfall in demand, negatively impacting the global market. However, with the lift up in restrictions on the supply chain and relaxation in guidelines by the government for COVID-19, the market is expected to snap back and is expected to grow at a healthy pace during the forecast period.

A type of fish that consists of various nutrients with more than 30 diverse species is known as mackerel. It can be found in both tropical seas as well temperate seas. These fish are typically consumed in a day in fresh form. However, they are also pickled or cured with the help of vinegar and salts across multiple countries as they have a one-day shelf life, thus leading to being sold widely for consumption. Furthermore, the emergence of refrigeration, canning, and other methods of preservation are enabling mackerel perseverance and making it available around the globe for a while. The product is more economical as compared to other fishes. All these factors are expected to boost market growth during the forecast period.

Increasing awareness among consumers about the health benefits associated is the prime factor driving the growth of this market. Additionally, rising demand for the consumption of these products owing to their rich source of vitamin B-12, fatty acids, and proteins has been directly enriching the growth of this market during the forecast period. Additionally, growing consumer awareness of the health benefits of fish, including immunity boosters, and increases in bone strength, heart, and cognitive health, is expected to boost the growth of the mackerel market in the years to come.

The development and launch of new mackerel products have been growing recently. The launch of such new and innovative mackerel products leads to its rising availability and growing awareness among the consumers, which is expected to drive the market. Moreover, the increasing application of mackerel in various forms, such as its usage in pet food to enhance its nutritional value, is increasing its adoption and further driving the market growth during the forecast period.

The growing investment by key players to launch new products is further anticipated to boost the industry sales. Moreover, key players operating in the market are developing networks with various distributors to enlarge their reach and gain a larger base of consumers due to the increasing demand for mackerel. However, the unavailability of mackerel in some regions is hampering the industry's growth. Furthermore, the growing popularity and adoption of veganism by an increasing number of people across the globe are expected to slow the market's growth. In addition, the imposition of stringent regulations for catch yield and production of mackerel is expected to hinder the market growth during the forecast period. Additionally, the lack of availability or absence of cold logistics and supply chain is expected to act as a major challenge for the global mackerel market.

Form Insights

The frozen form segment contributed to the highest share of around 55% of the global market revenue in 2021. Frozen forms are widely used in fish preservation. Freezing helps in making the product available round the year for consumption. Additionally, freezing of fish leads to the stoppage of all microbiological activities causing food spoilage and poisoning. Also, frozen seafood or fish have a high-level inspection of microbiological checks, thus making it pure and hygienic for consumption. Owing to all these factors, the growth of this segment is anticipated to boost over the coming years.

The canned form segment will register the highest growth over the forecast period. The segment is growing at 5.0% from 2022 to 2028, owing to its growing demand for packaging and preservation of fish. This method of preservation involves combining fish with a hermetic container, like a can, and heating it to preserve its shape. Thus, these factors associated with the canned form are estimated to showcase lucrative growth during the forecast period.

Distribution Channel Insights

Hypermarkets and supermarkets segment contributed a share of more than 40% of the global mackerel market revenue in 2021 due to increasing demand from this distribution channel. This segment has a strong position in this mackerel market. Rising demand for canned fish from hypermarkets and supermarkets is expected to drive the growth of this segment during the forecast period.

The online distribution channel is the fastest-growing segment and is expected to witness significant gains during the forecast period. The segment is expected to grow at 6.1% from 2022 to 2028, owing to the increasing usage of this channel by the young population for purchasing activities. The online segment is gaining traction due to its numerous benefits, such as ease of product searches and a suitable shopping experience. Owing to this, the number of online shoppers is growing daily. All these factors are anticipated to propel the growth of this segment over the coming years.

The convenience store segment is expected to grow at a significant CAGR of 4.1% during the forecast period. Easy accessibility of convenience stores as they are present in places that are easily approachable at nearby places results in their increased usage for buying products and thus driving the market. In addition, products in the convenience stores are easily available and provide easy access to them, which leads to riding access to convenience stores hence contributing to the market expansion during the forecast period.

Regional Insights

Asia Pacific holds the highest industry share of over 65% in 2021 owing to the majority of fish capture and aquaculture being done. The mackerel market has gained higher traction in developing countries, owing to multiple health benefits at an economical cost. Additionally, large coastal areas along with the increasing population in this region endorse fish cultivation and fishing As a result of these factors, the market is expected to grow over the next few years in this region.

Central & South America is expected to witness significant gains during the forecast period. The segment is expected to expand at 5.5% from 2022 to 2028, owing to the increasing demand for mackerel in this region. This can be endorsed by the growing demand for healthier diets and a rise in demand for omega-3 fatty acids. Furthermore, there has been significant growth in the consumption of mackerel in this region. Europe is expected to expand with the second-fastest CAGR of 4.8% during the forecast period. The growth of the region is attributed to the high production and consumption of mackerel in the region. Frozen mackerel is also gaining massive popularity among consumers with a hectic lifestyle in the region. Frozen mackerel is easy to cook and filled with nutrition, which is increasing its consumption and thus propelling the regional market.

Key Companies & Market Share Insights

Key players are focusing on R&D and launching new innovative products to meet the increasing demand for mackerel. Furthermore, key players are investing in e-commerce to increase their profits by selling their products and focusing on online customers, along with the expansion of their presence in the market.

Players operating in the market are undertaking major business initiatives such as mergers and acquisitions, partnerships, agreements, the launch of new products, joint ventures and agreements, and others. For instance, in January 2021, Seaflower Pelagic Processing (SPP) formed a partnership with competent holders for the catching, processing, and marketing of annual catch quotas. Moreover, in August 2018, a new lineup of mackerel was launched by King Oscar in the canned form. It is rich in nutrition and has a mild taste. Some prominent players in the global mackerel market include:

• Thai Union Group Public Company Ltd

• Siam Canadian Foods Co. Ltd

• Ocean Treasure World Foods Limited

• Pinetree Vietnam Company Limited 

• Subo International Holland

• Viet Ocean Seafood Vietnam

• Ocean More Foods Co., Limited

Mackerel Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest trends and opportunities in each of the sub-segments from 2017 to 2028. For this study, Grand View Research has segmented the mackerel market based on form, distribution channel, and region.

• Form Outlook (Revenue, USD Million, 2017 - 2028)

  • Frozen

  • Canned

• Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)

  • Hypermarkets and Supermarkets

  • Convenience Store

  • Online

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2028)

  • North America

    • U.S.

  • Europe

    • Germany

    • Norway

    • France

  • Asia Pacific

    • China

    • India

  • Central & South America

    • Chile

  • Middle East & Africa

    • Egypt