The global market for herring fish is projected to grow at a CAGR of 1.8% during the forecast period 2021-2026. The nationwide lockdowns due to the spread of COVID-19 have forced developed and developing countries to halt their economies. With respect to its impact on the global food system, which also considers the fisheries sector as well as its distribution and consumption interrelationship with political, social, and environmental dimensions, this economic slowdown has greatly affected the progress of the market. High-value commodities, especially perishables such as fish, is likely to be particularly affected, resulting in massive food waste. However, the increasing popularity of fish consumption for their health benefits, protein, and minerals supply is rapidly driving the market. Europe is the leading consumer of herring fish in the world. Due to its occurrence in abundance in the North Atlantic, Baltic, and the North Sea, herring fish is increasingly caught and consumed in Europe, where it is considered a staple fish for over 2000 years.
Key Market Trends
The Emergence of Online Fish Markets is Boosting the Market
There is a steady rise in the e-commerce fish market place that has gained momentum with the rise of e-grocery and the advent of new cost-effective freezing technology. A rising number of consumers worldwide do not prefer to visit the traditional messy fish markets to buy fish and buy fish at their own convenience sitting at home. This set of customers is a lucrative market that is increasingly being targeted by online fish retailers. Led by growth in grocery delivery services such as AmazonFresh and Walmart To Go, e-commerce in 2018 represents between 3.0% - 4.0% of global food sales, however, this number is forecasted to rise significantly in the coming years. The herring fish manufacturers across the world can increasingly benefit from the online market and reach a broader circle of consumers, which will further boost the market in the forecast period.
Europe Dominates the Global Market
Europe is the leading consumer of herring fish in the world. Due to its occurrence in abundance in the North Atlantic, Baltic, and the North Sea, herring fish is increasingly caught and consumed in Europe, where it is considered a staple fish for over 2000 years. Besides being inexpensive, herring is also a rich source of omega 3 fatty acids, and owing to its relative ease of production and longer shelf life achieved through pickling and marination, it has become a popular fish in both the rich and poor households of Europe. Netherlands, Denmark, Sweden, and Germany are major herring fish markets in Europe. In Sweden, the Baltic herring is fermented to create Surstomming, which is a delicacy in northern Swedish cuisine. Overall, the market is pretty much established in this region and will grow at a steady pace in the forecast period.
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